Increasing Number of Cryptocurrency Investors Pursue Citizenship By Investment/
Citizenship by investment has long been a favorable venture for the globe's wealthy. Getting a second citizenship for an economic contribution not only enhances their global standing but affords them elevated global mobility and greater financial security.
It is no surprise, then, that crypto investors have followed suit, as increasing numbers of crypto millionaires apply for various citizenship by investment programs throughout the world.
However, when it comes to cryptocurrency investors, the surge in applications for citizenship by investment makes even more logical sense if one ponders the similarities between what makes cryptocurrency so attractive, and the basis of citizenship by investment.
Based on blockchain technology, cryptocurrency led the way in emancipating its investors from the shackles of "normal" fiat currency restrictions and legislation. The idea of owning "free money" is a fundamental attraction for cryptocurrency and one that crypto investors believe in full-heartedly.
The idea of self-sovereignty is something all free thinkers eventually end up pursuing. And this idea translates from cryptocurrency and blockchain, which focus on financial sovereignty, to citizenship by investment, which awards investors with physical and governmental sovereignty. Combine both, and one can reach the upper limits of freedom, living their lives with as few governmental or financial restraints as possible.
This freedom-based mindset of cryptocurrency investors is what leads them to citizenship by investment, and we have had the pleasure of dealing with numerous crypto investors from all over the world and seeing that thirst for freedom first hand. However, greater autonomy is not the only reason crypto investors are flocking to acquire citizenship by investment, as there are other drivers that entice them to do so.
Finding a crypto-haven
Another reason crypto investors look to second citizenship is their desire to find a crypto-friendly country to set up a base in.
Recent regulations in the US, for example, have continued to restrain cryptocurrency profits and mining, which have led many to look for another base of operations to do their trading.
The US currently taxes cryptocurrency profits as capital gains, and any profit of USD 10,000 or more is taxed as traditional capital gains would. The new Infrastructure Investment and Jobs Act President Biden recently signed also means that businesses that accept cryptocurrency payments will need to file a form for transactions above the USD 10,000 threshold.
It doesn't stop there, as the new legislation will require cryptocurrency brokers in the US to disclose who their clients are through submitting a form. And a new bill introduced at Congress aims to tax any cryptocurrency transactions with a value above USD 200.
It isn't just a US problem; however, as in India, the crypto community has been hampered by taxes (reaching 30%) and proposed bills, making the country a cryptocurrency burial ground.
Hence, cryptocurrency investors are searching for a crypto haven, and they are using citizenship by investment to do so, not just because having a second passport opens more doors, but because many of the countries that offer citizenship by investment programs happen to be some of the most crypto-friendly in the world.
Antigua & Barbuda, for example, is one of the most crypto-friendly places on Earth, housing a multitude of businesses that accept cryptocurrency and even having six different crypto-exchange companies operating throughout the twin-island nation's borders.
Another important point is that Antigua & Barbuda does not tax gains on crypto trading since it does not levy any global income or capital gains tax.
What is more important is that Antigua & Barbuda is one among five countries in the Caribbean that offer citizenship by investment, with the four others being Dominica, Grenada, St Kitts & Nevis, and St Lucia.
All of these countries are extremely crypto-friendly, with St Kitts & Nevis known for its widespread use of Bitcoin on the island, and it also has a Bitcoin ATM. These "Caribbean Five" are also all part of the Eastern Caribbean Currency Union, an entity that is so crypto-positive that it even launched its own digital currency dubbed DCash.
Those looking to obtain greater freedom, whether financial, physical, or even mental, can get exactly what they need in the Caribbean, as combining citizenship by investment with cryptocurrency in a welcoming environment ticks the box of self-sovereignty, and it has never been this easy to be free.
The numbers show that cryptocurrency investors are continuing to pursue citizenship by investment in increasing numbers, and there is no indication that this trend is anywhere near finished.