Saint Kitts passport has become the "amulet" of global cryptocurrency investors?

What's the use of Saint Kitts passport?

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Due to the different regulatory policies of governments, high-net-worth cryptocurrency investors have become more and more "struggling", and those countries that can "cash out" cryptocurrencies have naturally become new "safe havens". So, how do cryptocurrency investors face this situation? Why can Saint Kitts become a "amulet" for global cryptocurrency investors?

First, the global "pursuit" of cryptocurrency, the disclosure of virtual assets is booming.

Cryptographic currency is not a financial product that is legalized all over the world, and the disclosure of these virtual assets is gaining momentum in most countries. In 2020, 137 countries and regions reached a consensus under the appeal of OECD and G20, and issued a long-standing regulation named "Tax Treatment of Virtual Currency and Current Hot Issues of Tax Policy". This document clearly defines the definition and scope of virtual assets and encrypted assets. At the same time, OECD also vigorously promotes the process of tax-related information exchange of global financial accounts, and is committed to bringing encrypted assets into the scope of CRS*** reporting standards, so that encrypted assets will also become an important part of global tax information exchange. This is a big framework trend. Let's take a look at how European and American countries face encrypted assets:

1, EU

2. America

The U.S. Treasury Department announced that it will invest $80 billion in the IRS in the next 10 year to support the tax system upgrade, build the most stringent real-time bank transactions, and track and report the system to the IRS. At the same time, the IRS has also been officially authorized by the federal court to obtain all the information of people who use virtual currency to trade more than 10000 dollars.

2. What is the function of the Saint Kitts passport?

With the influx of cryptocurrency investors, this young and unregulated asset class has become bigger and bigger. Due to different government regulatory policies, high-net-worth cryptocurrency investors are increasingly "struggling". So, how do these investors and the Russian rich mentioned before face this situation?

Speaking of digital currency and cryptocurrency paradise, one country has to mention it, and that is Saint Kitts. In 20021year, the government of St. Kitts passed the "Virtual Assets" bill, which created a complete legal system for cryptocurrency and made Bitcoin and virtual currency legal. With the blessing of this bill, more and more tycoons in the currency circle began to give up the United States and embrace Saint Kitts.

For example, Roger ·VER, a well-known angel investor in Bitcoin, known as "Jesus" in Bitcoin, is a citizen of this country. Pavel Durov, who founded the encrypted instant application platform (TON), is also known as Zuckerberg of Russia and a citizen of this country. The functions that the Saint Kitts passport can play mainly include:

1. Protect the privacy and security of personal accounts.

Combining assets such as cryptocurrency with the second identity can achieve the purpose of releasing financial autonomy and wealth diversity. Cryptographic currency is a valuable asset that can be sold, traded or given to others as needed. In Saint Kitts, the legalization of transactions ensures the exchange of virtual assets and legal tender, as well as the exchange between virtual assets.

2. Tax advantages

There is no capital gains tax, property tax and income tax, and the safety of local assets is strictly guaranteed by law. All income, interest, gifts, property and inheritance outside Saint Kitts are tax-free.

3, visa-free

With this Saint Kitts status, you can travel to 150 countries or regions without a visa, including Britain, Schengen, Singapore, China and Hongkong. Visa-free travel is particularly important for people like Roger Weill who gave up American citizenship, and the scope of visa-free travel under multiple identities will be wider.

The cryptocurrency market is notoriously unstable, so these tycoons spread their portfolios into more stable assets, which helps to ensure the preservation of their wealth. However, this may be a challenge for countries with strict regulatory and tax legal systems. Many financial tycoons often say that Plan B hopes you don't need it, but you must have it.