分类: cryptocurrencies

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After Historic Legal Tender Move, Bukele Aims to Open BTC-Denominated Golden Visa in El Salvador

 

In a landmark decision expected since plans were first announced during the Bitcoin 2021 Conference in Miami on Saturday, a supermajority in El Salvador’s parliament today approved the bill that makes Bitcoin – alongside the US Dollar – legal tender in the Central-American country with immediate effect.

The adoption of the law that makes El Salvador the world’s first country to have BTC as a legal tender has the following immediate effects:

  • Vendors in El Salvador must accept payments in either US$ or BTC*;
  • There will be no capital gains tax applicable to the realization of BTC gains;
  • Tax contributions may now be paid in BTC;
  • Prices may be expressed in BTC terms.

For those unable to accept BTC payments due to lack of familiarity with technology, the government promises to provide “alternatives that allow the user to carry out transactions in bitcoin and have automatic and instant convertibility from bitcoin to USD if they wish,” the law states. “Furthermore, the State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.”

Bukele has said that Salvadorians “have to take the bitcoin, but not the risk,” to which end he plans to set up a BTC-denominated trust fund equivalent in value to US$150 million through which Salvadorians could exchange their BTCs for US$, should they prefer not to hold BTC. Such conversions, according to BTC Times, would be conducted through a government-issued wallet, which Bukele plans to build together with crypto-payment app-developer Strike, the same company that assisted in the formulation of the new law.

The president also clarified that there would be a 90-day adaptation-period from the bill’s taking effect to allow for the implementation of the necessary infrastructure.

In a Twitter Spaces conversation early this morning (late last night in El Salvador), President Nayib Bukele promised to sign off on the new law no later than “first thing in the morning,” according to CoinTelegraph.

Permanent residency for US$106,000 (at today’s rates)

The promise of a jurisdiction that will not tax crypto transactions, that will bring millions of unbanked citizens into the formal economy, and that is actively promoting a private sector-driven ecosystem for crypto development has generated instant interest in relocation to the country. In the same Twitter Spaces conversation, Bukele revealed he would now turn his attention to preparing another bill, one which would enable El Salvador to grant permanent residence permits to those who would invest ฿3 in the country, some US$106,000 at current rates.

Such investments, reportedly, may take the form of real estate, business capitalization, and a number of still-undefined investment types to be defined by the government. The minimum amount, according to BTC Times, would be denominated in BTC rather than dollars. It was not immediately clear whether or how those minimum investment amounts would change with the fluctuation of BTC’s price.

Permanent residency status in El Salvador can also lead to citizenship through naturalization, on a time-frame of 1-5 years. Those eligible include:

  • Persons who are nationals of Spain or Latin American countries, who have established a one-year residency;
  • Foreigners from anywhere who have established a five-year residence in the territory;
  • Foreigners who are married to Salvadoran spouses and have established a two-year residency; or
  • Persons who have rendered exceptional service to the nation. (Available only by legislative decree).

Salvadorian citizenship provides for a great deal of mobility; according to the Henley & Partners Passport Index, holders of Salvadorian passports are welcome without a visa in 134 destinations worldwide, including the Schengen Area, the UK, Hong Kong, South Korea, Japan, Singapore, the UAE, Brazil, and a host of other desirable countries.

More Policy Updates

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Having made Bitcoin legal tender in a sovereign state for the first time, Salvadorian President Bukele now promises permanent residency to those who invest BTC 3.

An amendment to the country’s Immigration Act would allow the Bahamian government to specify investment amounts and types starting next month.

Malta becomes the latest country to capitalize on the growing trend of remote-workers by aiming for consumption rather than taxation.

 

The post After Historic Legal Tender Move, Bukele Aims to Open BTC-Denominated Golden Visa in El Salvador appeared first on Investment Migration Insider.

CIP Turkey Takes the Term “Full-Service Provider” Literally


Managing partner of CIP Turkey, Taymour Polding, said that there is an increasing number of US citizens applying for a Turkish passport through the citizenship by investment program. 

He also highlighted the fact that many of their new clients represent the growing number of people around the world who have generated significant wealth through investments in cryptocurrency and are now using some of those profits to invest in real estate and second citizenships.


See also: You Can Use Crypto to Invest in a Turkish Citizenship


“It is quite simple” as Taymour puts it. “Cryptocurrency provides freedom of mobility for your money, so it makes sense that people are also deciding to invest in the freedom of mobility for themselves and for their families through investment migration.”

CIP Turkey believes in providing a full scope of services for its clients and often go above and beyond to assist them in any way possible. This was evident when their most recent American client, Mr. Kyle Van Cure, had a special request. Although he and his partner, Wawa, had a wedding ceremony in her hometown in Thailand, it was not an officially recognized marriage, and it would need to be if Wawa is to qualify for Turkish citizenship under Kyle’s application.

Although it only required signatures at the local courthouse to make it official, the CIP Turkey team thought it would be fitting gesture to organize another small ceremony in Bodrum, the city the Van Cure’s have decided to settle in, to celebrate their official union and the fact that they are well on the path to becoming Turkish citizens. 


See also: Turkey Moves Closer to Visa-Free Schengen Travel Following High-Level Talks


Kyle and Wawa said that although they had only known Taymour and the rest of the CIP Turkey team up until that point, they were made to feel at home at the wedding as CIP Turkey invited a few of the big names in the Turkish crypto community, while respecting the Covid regulations, to welcome Kyle and his family to Turkey. Those names included Vidal Arditi, founder of BiLira – the Turkish Lira stable coin, Deniz Yazar, founder of CoinPanel.com – an advanced crypto trading platform, and Eren Caner from Krypto Sozluk, who broadcasts the latest crypto news to over 200,000 subscribers on YouTube. 

Aran Hawker, who is also a managing partner of CIP Turkey, said that he discovered Bodrum over 20 years ago when he decided to relocate his family from London to Turkey, and that it comes as no surprise that Bodrum is now becoming popular among the crypto community from around the world. Aran said that “these investors have the ability to work remotely, and given that fewer people are working in offices these days, can you think of a better setting to do your work than from your yacht, or perhaps on one of Bodrum’s spectacular beaches?

To learn more, visit us at CIPTurkey.net, email us on info@cipturkey.net, or call us on +90 555305 32 93.

Interested in contributing a sponsored feature? Email us on cn@imidaily.com and see all our promotional options here.

The post CIP Turkey Takes the Term “Full-Service Provider” Literally appeared first on Investment Migration Insider.

An Interview With Roger “Bitcoin Jesus” Ver on RCBI, Crypto, and Flag Theory


Anatoliy’s Analysis
With Anatoliy Lyetayev

Anatoliy Lyetayev covers topics that help industry professionals be more efficient, do more business, and make more money.


I recently sat down with the one and only Roger Ver, one of the biggest advocates of cryptocurrency and a Bitcoin legend, and discussed how RCBI and cryptocurrency have transformed his life.

Roger is a citizen of St. Kitts & Nevis, a passport he obtained through investment, and is officially a former citizen of the US. Having renounced his American citizenship after getting his St. Kitts & Nevis passport, Roger completely understands the benefits of RCBI, and he highlights how cryptocurrency and RCBI complement each other perfectly to grant investors unhindered mobility and financial freedom. We covered many topics throughout our interview, and here are the highlights.

Number of Americans renouncing citizenship likely far greater than reported

I kick things off by questioning Roger’s decision to renounce a citizenship that millions of people dream of. Even highlighting that investors put in huge amounts of money just to get the Green Card through the EB5, and then wait years for the passport. 

Roger’s response highlights one thing; the American dream is not what it used to be. “Millions of people thought the world was flat but that doesn’t make it true, and millions of people think the US passport is the best or the US is the best place to live but that’s not necessarily true either” said Roger. He continued to say that large numbers of US citizens are renouncing their citizenship each year, and when I asked ‘do you have numbers?’, Roger responded with an estimate of 100,000 a year. 

Roger went on to say he believes that the US government is not completely truthful in their announcement of the number of people renouncing their American citizenship, using his own case, along with some of his friends who followed suit, as examples of renunciations not officially announced by the US government. 

When he renounced his citizenship, the US government reminded Roger that he would not be able to vote, serve in the armed forces, or claim social security tax benefits anymore. “They don’t remind you that you don’t have to pay social security tax either” exclaimed Roger.

Replacing something I dread with something I love

One great point of allure of a St. Kitts & Nevis citizenship, to Roger, is that the Caribbean nation does not impose income, inheritance, or capital gains tax on its citizens. He continued to say that not needing to file a tax return at the end of each year “is heaven to him”. Considering his tax returns in the US consisted of thousands of pages, everyone can understand where he is coming from.

Roger says that, instead of having to spend huge amounts of time doing something he dreads, St. Kitts & Nevis has allowed him to do what he loves instead. He is currently residing in St. Kitts & Nevis and travels regularly, having to renew his passport almost every year because it keeps filling up with stamps, and says he has no issues traveling the globe.

Cryptocurrency a key element in financial freedom

I then asked Roger about his view on cryptocurrency and how it plays into flag theory and financial autonomy. Being one of the leading figures in the world of cryptocurrency, Roger’s response was as emphatic as it was comprehensive.

“I’m a voluntarist and I think each individual owns their own life, and they should have complete control of their own life. They shouldn’t need permission from governments to do anything that’s peaceful. Cryptocurrencies enable individuals to do exactly that, so that’s why I’m so in love with digital currencies.”

Roger believes that each individual should own and have complete control over their lives and that cryptocurrency allows them to do so. When I asked him if governments won’t be so enthusiastic about cryptocurrency, Roger simply answered “that’s why I like it”.  

Roger further explained that, in the cryptocurrency world, you can conduct business without the hurdles of traditional currency, such as fighting for a bank loan or begging for credit. It is all instant and simple. 

He then went into more detail on cryptocurrency, highlighting that not all digital currencies are made equal, and for him to believe in one “it has to be fast, cheap, reliable, and easy to use”. He highlighted that, since cryptocurrency differed from traditional currency, it came in a limited supply, so the more people that use it the higher its value becomes. Roger went on calling out governments for not adopting it yet. Using his new home as an example, he explained that if a country like St. Kitts & Nevis formally adopted cryptocurrency, such as Bitcoin cash, and then other countries began jumping on the bandwagon, the Caribbean nation could see itself become one of the wealthiest countries in the world.

I then became the first person ever to ask Roger what the first principle of cryptocurrency is. Roger responded with “self-sovereignty or self-responsibility” and went on to expound that each individual can be in complete control over it themselves. 

I then asked Roger what his mission in cryptocurrency is, and he responded that “my mission with cryptocurrency is to provide the tools and the infrastructure to allow people to engage in more commerce with each other and do more free trade. More economic freedom leads to more economic growth and more economic growth leads to a higher standard of living for everybody; with better medical technology, better computer technology, better spaceships, cars, and everything (…) so it’s a tool to make the world a better place for everybody and it’s the world I’m living in too and that’s why I’m doing this day in and day out.”

No one knows when a government will go berserk

Asked about what he knew about flag theory, Roger responded simply: “You have your citizenship in one country, you live in another, and do your business somewhere else.” And that is exactly what he is doing. When quizzed on how many flags he currently has, Roger said four, with St. Kitts & Nevis and Japan being the two public ones.

I then asked him if cryptocurrency can be considered an additional flag. Roger responded by saying it actually replaces an existing one. This is a clear indication that cryptocurrency is no longer in the future, but very much in the present.

“Everyone in the world should have a second passport” was Roger’s response to the question of who should get a second citizenship. “Having a second passport gives you the opportunity to flee to somewhere else when the government goes crazy, and if you don’t have a second passport you are at the complete mercy of the government that controls the passport that you have.”

Roger astutely highlights that “you never know when a government goes crazy” and drew on post-world war Germany and the sudden shift to the Nazi regime as an example. I chimed in with my own experience, having been born in a country that no longer exists (the Soviet Union). 

Roger highlighted that putting all your trust in one government leaves you vulnerable while having a second passport gives you the support of another government in case one decides to go haywire. 

Roger believes that by combining cryptocurrency, second passports, and a libertarian mindset, you can truly free yourself from the shackles and work towards total freedom and prosperity. Roger went on to state that “libertarianism and free markets lead to a more prosperous world for everybody. If you take a look at the countries with more freedom, they have a higher standard of living and higher economic growth. Just look at North Korea and South Korea.”

Roger believes that everybody in the world should be advocating for more economic freedom because it directly leads to a better life for everyone.

More From Anatoliy’s Analysis

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In his interview with Anatoliy Lyetayev, Roger Ver says the US government is lying about how many Americans are renouncing their citizenship.

HNWI-population growth shows Kenya is on the path to creating large pools of potential clients. Now, all they need is awareness of RCBI.

Anatoliy Lyetayev offers three reasons you might think twice before sending the next email from a Nigerian prince to your spam folder.

 

The post An Interview With Roger “Bitcoin Jesus” Ver on RCBI, Crypto, and Flag Theory appeared first on Investment Migration Insider.

The Crypto-HNWI Frontier Market: 144,000 Overnight Millionaires Need New Tax Residencies

Opinion of the editor


Imagine it’s 2015.

You’re a 20-something recent graduate, just starting out in your professional career with barely a nickel to your name and a starting salary of $30,000. Listening to a podcast on your lunch-break, you hear about something called cryptocurrency, a new technology that promises to liberate humanity from the yoke of central banking and fiat money. “Tall order,” you sardonically conclude at first. But maybe – just maybe – it could work if enough people bought into the idea. You decide to look into it.

Over the course of two weeks of research, you gradually come to the realization that this new technology really is revolutionary. Some luminary has created a new form of reserve currency that is more limited, durable, portable, and fungible than even gold. You learn that there will never be more than 21 million bitcoin.

Having only recently started your career, your savings account has only a modest balance of $5,000. In a few years, you reflect, that won’t seem like such a big amount. Furthermore, you reason, the only way to create a large fortune in a single generation is to take large risks. You have nothing to lose except $5,000. You are young; you’ll make it back.

So, you cast the proverbial die.

You convert the entirety of your savings account to bitcoin. 20 of them, to be precise, as that’s all your pitiful account balance will permit.

For the next six years, you do nothing about your bitcoins. Instead, you focus on building a career, the contributor to your net worth over which you have the most control. The price movements of virtual money, after all, have an external locus of control; no use focusing on what you can’t influence.

Windfall
One Sunday morning in February 2021, as you’re browsing Twitter from your bed, a headline catches your eye: “Bitcoin Price Hits Historic $50,000”. At this moment, it dawns on you.

You are a millionaire. You are a High Net Worth Individual. You are the 1%.

More importantly, you were right. The series of letters and digits that the “experts” said was “based on nothing” and of utility mainly for money launderers and drug dealers have catapulted the value of your portfolio by 19,900%. Your banker uncle, who in 2015 disabused you of your youthful naïveté and sophomoric ideas of the future of currency by patiently explaining “how money works in the real world” now has to sit through company-mandated crypto seminars.

The politicians, at first, ignored crypto. Then they laughingly dismissed it as not being “real” money. Then they tried to fight it with laws. But now, finally, crypto is winning. The very same institutions that financed the politicians’ campaigns are converting parts of their cash-equivalents to bitcoin and ether. The “power behind the power” now has skin in the crypto game, which means the politicians they sponsored (the public face of power) will not try to kill the technology.

Now that politicians, despite their best efforts, must begrudgingly acknowledge that crypto is real, valuable, and here to stay, they want their “fair share”. They took no risks with their savings accounts but they want a sizable chunk of your gains nonetheless, usually in the form of capital gains tax and sometimes even VAT.

Prior to 2017, your net worth had never exceeded $20,000. Now, you could sell your crypto for a million dollars but, if you do that, you’ll have to part with several hundred thousand dollars (depending on where you are a tax resident), more money than you have ever made in your day job. If the price of bitcoin grows ten-fold again within the next five years, you’ll have to part with millions of dollars in capital gains tax.

Salvation
But there is, you learn, an alternative. The tax authorities of many countries around the world, including some large and advanced ones like Germany, Portugal, Switzerland, and Malaysia have decided to treat cryptocurrency as, well, currency, rather than as a commodity or security, which means you can buy and sell it without paying taxes.

To enjoy those tax benefits, you come to understand, it will be necessary for you to actually move to another country and become a tax resident there. If you’re an American (which many of the newly minted crypto-millionaires doubtless are) you’ll additionally have to give up your citizenship to fully extricate yourself from tax obligations on your crypto earnings, and you must do it before the balance of your account exceeds $2 million as, otherwise, you’d need to pay an exit tax upon tax emigration.

In brief, you’ll need a residence permit in a country that doesn’t tax crypto earnings and (if you’re an American) another citizenship as well. And you need it yesterday.

In many cases, that means you’ll need the services offered by the fast-growing investment migration industry.

How many crypto-millionaires are there?
Just like the price of cryptocurrencies, the number of crypto-millionaires swells and contracts with astonishing volatility but, over time, it is going up.

At the moment, there is no way to precisely measure the number of crypto-millionaires. But there is at least one decent metric by which it can be roughly estimated: The number of crypto-addresses with a balance exceeding US$1 million.

In February last year, there were about 11,000 million-dollar-plus bitcoin-addresses. That isn’t the same as saying there were 11,000 bitcoin millionaires; several of the million-dollar addresses may belong to a single person and therefore reduce the number of millionaires but, vice versa, one person may have four accounts with $250,000 in each and thus not be counted as a millionaire. In any case, the number of crypto-accounts worth more than a million is an acceptable shorthand for the number of crypto millionaires.

As of Feb 20th, 2021, more than 103,000 bitcoin addresses have a balance in excess of $1 million. That’s an almost ten-fold increase in a single year.

And that only counts bitcoin addresses. We don’t know exactly how many alt-coin addresses are worth a million or more but, for the last few years, BTC has made up between 50 and 70 percent of aggregate cryptocurrency market capitalization. If we assume BTC dominance at 60%, then, using bitcoin as a proxy, we can estimate that the number of alt-coin accounts worth a million or more is about 40% of the equivalent number for BTC. That would imply that there are roughly 144,000 million-dollar-or-more crypto accounts overall.

One crucial metric that investment migration executives consider when deciding on which markets to focus their marketing and expansion plans is the number of HNWI residents. If Crypto were a country, its HNWI population would rank 29th in the world, just behind Saudi Arabia and ahead of Israel.

And that is just today. If the price of bitcoin goes up by another order of magnitude in the next few years, we’ll have million-and-a-half crypto millionaires, a HNWI population greater than India, the UAE, and Hong Kong combined.

Many of these crypto-millionaires will have a story similar to the one described above: For the first time in their lives, they have some serious shekels, and they’re not about to just hand over a quarter of it if there are alternatives. Thanks to investment migration, there are alternatives. These overnight millionaires have upwards of 80% of their portfolios allocated to crypto and can trade it from anywhere. They’re not tied to any particular geographic location.

Investment migration firms that can provide viable solutions for this demographic stand to benefit tremendously, especially if they can structure products that resolve the typical challenges these crypto-millionaires have.

The challenges idiosyncratic to crypto-millionaires include:

  • How do I relocate to a country that doesn’t impose capital gains tax or VAT on crypto-sales?
  • How do I document my source of funds?
  • How do I pay for my qualifying investment with cryptocurrency?
  • How do I conclusively cut the tax-ties with my current country of residence?

The crypto-millionaire segment will become an enormous market unto itself. Start preparing today.

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You Can Use Crypto to Invest in a Turkish Citizenship

At CIP Turkey, we place a very high value on our clients and their desire to save time and money. That is why we are always striving to find new and better ways to improve our efficiency and performance when it comes to helping them acquire Turkish citizenship.

We already pride ourselves on providing some of the fastest processing times in the industry, but now we can offer even more speed, and cost savings, by facilitating money transfers in digital (crypto) currency.

Digital currency has already had a decade to embed itself into our daily lives, and there is now widespread adoption from major institutions, retailers and service providers throughout the world. 

The main advantage to facilitating transactions in digital currency is the time and money saved in comparison to using the traditional SWIFT transfer system – which incurs high transaction fees and can take up to several business days to arrive at its intended destination.

Once the digital currency is received, it is immediately converted back into fiat currency (such as USD), allowing us to immediately get started on preparing our clients’ applications.

According to an IMI article published in 2019, the investment migration industry had steadily increased to a conservative estimate of $21.4 billion of revenue during that year. The article also went on to project an annual revenue of $100 billion by 2025, as long as the 23% CAGR rate would persist, which in our opinion is a fairly safe bet considering recent world events. 

Banking institutions have been a bedrock within our society for hundreds of years. However, their monopolization of the world of financial transactions during that time has virtually given them free rein when it comes to attaching high costs for cross-border transactions.

Most banks have also infamously acquired a knack of charging slightly higher rates when converting currencies, adding yet another layer of stealth charges, and amassing hundreds of millions of dollars a year in the process.

It is estimated that SMEs make approximately $10 trillion in international bank transfers annually, costing a whopping $200 billion in exorbitant bank fees. This is particularly prevalent within the global investment migration industry, in which international fund transfers are a major component.

More people than ever are voicing their grievances about the outdated and unfair world of excessive bank fees, which is a large part of the reason why digital currency is beginning to take centre stage.

One of the directors of CIP Turkey is also a partner in an advanced cryptocurrency trading platform, based in Sweden. This important connection provides CIP Turkey with the expertise to seamlessly integrate the use of digital currencies, such as Bitcoin and a host of other altcoins, when facilitating cross-border fund transfers on behalf of investors.

It is worth mentioning that this is not just a concept, as we know that some of the Caribbean programs are already accepting digital currencies from investors. Additionally, CIP Turkey have recently enabled one of our CIP investors to transfer funds via digital currency – which arrived in less than a minute, and we have many more investors showing a strong interest in following suit.

We would also be willing to extend such a facility to other RCBI providers who would like to take advantage of the many benefits that digital currency transactions would provide.

Please feel free to get in touch with us to discuss this opportunity in more detail. Visit us at CIPTurkey.net, email us on info@cipturkey.net, or call us on +90 555305 32 93.

Interested in contributing a sponsored feature? Email us on cn@imidaily.com and see all our promotional options here.

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