Roblox, Finance, Cryptocurrency How To Avoid Crypto Taxes | Protect Your Cryptocurrency Gains NOW!
So that’s pretty exciting for today, so if you’ve been watching the channel for a while, you possibly got into safe moon super early on, maybe you bought some bitcoin, some ethereum, some ada, some good cryptos like that, and now you are sitting on a sweet sweet bag. This is a very important video for you, but just before we get into it. If you don’t know me already my name’s connor and i am not a financial advisor i’m, just simply a guy sitting in his room talking about different ways to make money online. So if that sort of thing interests, you smash up that, like button hit that subscribe button and let’s get straight to this video. So today, like i said, we’re going to be talking about how you can be avoiding those taxes, but first let’s just quickly check what’s happening with the old cryptocurrency market and, as you can see, we are just trading between these two lines. Here, 40. 000. 30. 000. That’S, where we’ve been for the past month, even over a month now we are below the 200 daily and the 50 daily. So because of this bouncing between 30 and 40, a lot of people are referring to this as a boring crypto market. But in my opinion, boring is good and just like i waited from 2017 to now. I will be waiting again for, in my opinion, the inevitable next ball run right, we’re, getting ever so close to that 50 day, moving average.
Hopefully we can break above it. One of the things that i’m doing to hedge my bets and also because i’m holding what i would consider a large amount of crypto – is i’m moving it over to platforms like block fi. So over. Here you can stake your crypto and you can earn passive rewards on bitcoin, gusd, ethereum, usdc and some other coins, and you can get up to 7.5 percent back per year. So that is far far better than what you would get holding your money in the bank or the zero percent return you get simply holding your money on an exchange or in cold storage. Now this is something that i do and if you do want to sign up using the link below you can you can get up to a 250 bonus when you sign up using that link so it’s, something that i would definitely consider looking into, because this gives You passive income, while we are in this boring stage in the market right so moving on from that i’m, not really going to go too much into the charts or anything like that today, because i want to talk about avoiding taxes, and that is obviously something that Is on everyone’s mind, including myself? So if you are someone like me and you fancy driving around one of these guys, let me know what your favorite car is. Would you prefer a good old lambo or a modeler modeler, a tesla model s plaid edition, because that is probably the most beautiful car i’ve ever seen in my life? I don’t know what i think about the cyber truck there behind it.
I think that’s kind of gross, but look at that. That is engineering at its finest. But maybe you want one of these big fellas. Oh maybe you just want to live the modest, easy life out on the beach. You got your hammock, you got your sea, you got a couple of palm trees or similar type of trees and a bit of sand between your toes or you want to buy yourself a massive mansion, but not really in your hometown, because that’s not really going to Quite work out in what we’re talking about today, or maybe you just want to party all of your crypto money away but that’s. What we’re talking about today and basically what is? We found? A company that sells passports to americans looking for tax breaks on their bitcoin profits, now don’t worry if you’re in the uk or any other country really. This will still apply to you and you can definitely look into this if it’s, something that you fancy. Basically, the company is called plan b passport and it offers crypto rich clients a path to a second passport in their pick of seven, mostly tropical tax haven states, all of which are exempt from capital gains taxes on your crypto holdings. Now i don’t know about you guys if you’ve looked into cryptocurrencies taxing, but it is absolutely ridiculous. I know in the states it’s taxed just like uh in capital gains the same way you would on gains on property or stocks and shares things like that in the uk is also taxed very very intensely when you make a trade you are taxed on what the Crypto was worth at the time of the trade, so if you made that trade when bitcoin was worth 64 000 and now we’re sitting at a 50 loss, you still owe the tax on what that crypto used to be worth, which is pretty intense.
There are ways to obviously mitigate taxes and get your taxes lower and things like that, but in today’s video, what we’re talking about is actually losing any liability to pay tax, and obviously you want to do this legally because it’s, not tax evasion, isn’t, something that we Want to be doing here, you want to be paying a tax that you’re due right. You want to be paying those things if you’re living in a country that needs to pay tax, they obviously go into, like you know, governmental things and funding uh things like that. You know the good stuff, the good stuff, so they have their purposes, but what we’re talking about today is what you can do to actually avoid this. So it’s pretty exciting. This company works in tandem with each government’s resident or citizenship by investment programs it’s an attractive way to draw foreign investment. The person who started it was this lady katie, and she has spent the last three years, helping people basically dodge their bitcoin taxes and, most importantly, legally so her companies called it like. We said, plan b passports and it offers people with a lot of cryptocurrency holdings. This opportunity to avoid their taxes, so she was smart enough to figure out that 200 in bitcoin would be worth a hundred thousand dollars at some point, and she doesn’t think that the government should have 40. Of that. I completely agree. I couldn’t agree more we’re, basically risking so much money and yet government banks.
Everyone around us is telling us that we’re stupid telling us that it’s dangerous that we’re going to lose our money all of that sort of stuff. But if you do make money we’re going to take 40 of that, so i think that’s absolutely nonsense, complete nonsense. Let me know down in the comment section if you agree with me that that’s total nonsense – maybe i’m, just you know a tinfoil guy sitting on a beach somewhere with a hat that’s made out of tinfoil that’s my point, but maybe that’s what i am. But i don’t think that’s right anyway, moving on so she basically decided after moving to the us that she wasn’t happy with the way you know, money, works and that’s, obviously something that a lot of us can agree with and that’s. Why we’re in the cryptocurrency space? So the way she sees it is if the government starts affecting her she’ll, take all of her assets into her hands and go elsewhere. Now, moving on let’s talk about how plan b passports actually work, so plan b passports helps hundreds of people from countries like the us, the uk, australia and canada obtain passports in one of seven countries. So you’ve got saint kitts, nevis, antigua and barbuda, dominica, vanuatu, grenada, st lucia and portugal. The company works in tandem with each of the government’s residences or citizen by investment program, for example, in st lucie. You can obtain citizenship by an investment of between 100k donation.
250K government bonds or 300k in real estate. They also said that the average check for her customers ranges between 130 000 to 180 000.. So, if you’re someone who has somewhere in this range of cryptocurrency assets, you know you got into crypto just one year ago, and you know you bought yourself a little bit of bitcoin, maybe ethereum. You know you jumped in on safe moon when we made that first video here on this channel, and now you are sitting on a pretty little penny. This is potentially something you could look into. So what these investments are they’re, basically a donation into a sustainable growth fund of a country, so the clients make a hundred thousand or 150 000 donation, plus some due diligence, fees, government fees and then 20 000 goes to her. But typically, families opt for saint kitts, while st lucia is the most popular program for single applicants, because it’s one of the cheaper donations, so it’s a very interesting prospect, but one of the drawbacks from it is actually you have to give up your u.s citizenship. So if you are a u.s citizen, you would have to give this up in order for this to work. Now in the uk it’s different, you can actually apply to be a non uk tax resident after a certain amount of time not being in the uk that’s. Something that i’ve done in the past so that’s, something that you should definitely look into now.
Obviously i am not an accountant or someone who can give you this sort of advice. This is just my opinion. Obviously some of my opinions could be wrong. So please do look into this yourself but, like i said one of the drawbacks of this is you have to give up your citizenship, so in the united states the irs treats virtual currency, which includes bitcoin and other cryptocurrencies as property. This means bitcoin, is taxed in a manner similar to stocks or real estate. So the basis of this is when you buy let’s, say bitcoin, and then you sell it. You are taxed on the difference in that price, so let’s say the taxpayer purchases ten thousand dollars of bitcoin and sells it for fifty thousand dollars. The individual would face forty 000 of taxable capital gains, so that would be at around 40, depending on which tax bracket you’re in but remember a second passport doesn’t automatically solve that problem. You would actually have to give up your u.s citizenship, so that’s, something that potentially a lot of people wouldn’t want to do, but you could definitely look into that if you wanted to because as a us citizen, you owe tax on all of your income worldwide, which Is absolutely crazy in my opinion, imagine you go to another country. You work hard. You then bring that money from that country back into the u.s and they want you to pay tax on that now, maybe i’m confused or something.
But i see that as bringing money into the country, you would then invest that money into real estate, let’s, say or spend the money. Is that not a good thing? I’M? Definitely missing something here, but that sounds like a good thing to me, but hey moving on, for example, that one of the plan b passport customers said that they basically spent around 180 000 because that only made up one percent of his net worth now. Obviously, most of us watching this video me of course included in that do not have millions and millions of dollars in cryptocurrency, but potentially, if you do or that’s something that you plan to have in the future. This is definitely something that you should look into or consider that’s only one percent of his net worth so the taxes he would have paid on the cryptocurrency would be far far higher than that. So he opted to live outside of the us and renounce his us citizenship. So there is one more thing you have to take into consideration. It does take several months to process a lot of paperwork. A lot of police checks, a lot of medical checks, things like that and also the us charges citizens a fee to cut loose. Absolutely ridiculous again. Imagine charging people to leave. How ridiculous is that just constant constant tax on pretty much everything you want to do, and that is one of the issues with the system: let’s call it again i’m putting on my tinfoil hat.
So just ignore me on that, but it is technically legal. What we’re talking about here, it’s, not tax evasion so, like i said, i think, it’s important to pay tax when your taxes are due. You don’t want to be avoiding tax, because that is, of course illegal and can get you in a lot of trouble. So don’t do that, but this is definitely a thing to look into if you want to avoid paying these super super high taxes. So if you didn’t know something that you should be definitely aware of, is governments have access to these centralized exchanges so exchanges, for example, i’m, not sure exactly which ones but, for example, finance, bittrex, coinbase or exchanges like that. You know there’s loads there’s, hundreds out there. A lot of these different exchanges have agreements with different countries and governments, so they can actually share the information. Basically, i’ve spoken to a lot of people and what they seem to think is that the money on the exchanges can’t be seen by the government. You know they bought bitcoin let’s, say four years ago and they’ve made. You know three four hundred percent gains, but what they don’t realize is if they had made any transactions in that time. So let’s say you bought ada. You then sold it when it peaked. You are liable to pay tax on that transaction and do not forget that these exchanges can and will share your information with your local government.
So unless you have a wallet that is completely decentralized that’s where decentralized finance comes in, but if, unless you have a wallet based on a decentralized finance network, you will be. You know potentially tracked down by the us government. If you are trying to hide anything, so that is basically the whole video here pretty exciting stuff right, so you could potentially give up your citizenship move to one of these sunny countries and never have to pay cryptocurrency tax ever again. Let me know down in the comment section if that’s something that you would consider it’s, definitely something that i would consider with all of that said. Hopefully, today i provided you with a little bit of value. Sorry, i can’t film because i’m again in a different hotel room here in greece, so i will be back to you with my annoyingly annoying face one day very soon. So thank you for watching this whole video. Hopefully i provided you with a little bit of value.