Plan B Passport: Passports to avoid taxes

Her name is Katie Ananina but she is known on the networks as “Katie the Russian“. A Texas-based entrepreneur, she co-founded the company Plan B Passport to help crypto holders reduce their crypto taxes.

Thus, his company issues passports which give a new residence and a new citizenship to those who desire it. This then allows them to benefit from tax breaks from certain crypto-friendly countries.

More and more countries are legislating on cryptocurrencies and subjecting profits linked to cryptocurrencies to taxes. It is precisely to circumvent this that @KatietheRussian issues new passports.

Since the cryptocurrency boom in 2017, many crypto holders have become millionaires. This was the case of Katie the Russian who, after paying taxes on these capital gains, decided to look for alternatives. This is how she came to create her company, in order to help other people in her situation.

The concept can, of course, confuse you, which is why this little article is necessary to better understand the concept of Plan B Passport.

What is Plan B Passport?

Failing to move to a crypto tax haven, many crypto holders are obliged to follow the legislation in force in their country. For bitcoiners who have made significant gains on their crypto capital, taxes (depending on the country of residence) can be significant. This therefore allows everyone to enjoy a new and/or dual nationality. The idea is to be able to bypass the significant crypto taxes of certain countries like the USA or certain European countries…

So, Katy the Russian is riding the right wave so to speak with its Plan B Passport service. It provides 7 different types of passports from countries with attractive crypto taxation.

Thus, on the site, you can order a passport from Portugal, Saint Kitts and Nevis, Saint Lucia, Grenada, the islands of Antigua and Barbuda, the Dominican Republic and Vanuatu. Moreover, this country is also the country which hosts the crypto island currently under construction which is Satoshi Island.

Recently, Katy realized a video on Youtube where she addresses directly the president of the Salvador to form a new partnership with Plan B Passports. Remember that El Salvador was the first country to authorize the # Bitcoin as legal tender in the country.

Is it legal to buy passports from foreign countries?

Buying a nationality is not new. Moreover, this falls into what is called “Flag Theory”. It's a theory

🇰🇲 Flag Theory (or Flag Theory) is a theory specific to those seeking financial independence. It is the idea of limiting one's dependence on a State by having several nationalities. This then makes it possible to circumvent certain rules and take advantage of certain advantages offered by others. The theory of flags recommends having several nationalities, bank cards, passports, residence permits, companies based abroad, etc.

For years, many countries – like Malta, for example – have given foreigners the opportunity to buy their nationalities. Very often, a financial exchange is required as an investment immovable.

For example, in Malta, you must purchase real estate for more than 1 million euros to be able to apply for Maltese nationality. Some countries offer citizenship for an investment of $100,000 in the form of a donation like in Saint Lucia. Each country has its own conditions and some add an obligation to reside for a certain period of time.

Crypto-oriented tax optimization

(I.e. Having a secondary nationality is therefore not a new thing. People and companies that carry out tax optimization have been using it for a long time. This is part of the same logic as creating an offshore company abroad for example for crypto traders who want to escape the crypto taxes. For example, the site BuildFast offers expatriation packs in Bulgaria for €3500.

Thus, the company Plan B Passeports has its originality in facilitating the procedures for applying for a passport.

The activity of Plan B Passports is therefore completely legal. The CEO has established specific partnerships with the countries mentioned above to participate in this “citizenship by investment” program. These are countries that seek to attract entrepreneurs in the field of blockchain and even more so, individuals who own cryptocurrencies.

It is then a win-win partnership between countries which manage to attract new foreign investors. It is indeed a real financial windfall for certain countries whose economies do not have many resources. On the other hand, investors and individuals can then benefit from a significant tax reduction.

Plan B Passports offers Bitcoiners the opportunity to legally avoid taxes on their BTC profits.

How much do you have to pay to get a new citizenship?

The average cost of a passport is between $130 and $000. There are $180 in legal fees for the company Plan B Passeport. The latter has no trouble convincing its customers because after obtaining their new passports, they will make huge savings on their future earnings.

You should know that the price will depend on the passport that people are looking for. Some are more sought after than others because they offer certain advantages. Typically, Europeans appreciate the Portuguese passport because it allows them to travel freely within the Schengen area.

Here, for example, is what you have to spend to have a Portuguese passport:

Or invest in real estate worth at least €500,000.
Invest in a property worth €350 but having been built more than 000 years ago and subject to future renovations.
Buy for €280 not a passport but a residence card which authorizes people to live in the country.

In fact, the requests are numerous. The founder said that she receives so many requests that there is a wait of more than 3 weeks.

Discover Plan B Passport

Is it legal to buy a second passport?

You should know that just because you will have a second passport does not mean you will automatically be a tax resident of that country. If, for example, you spend more than 180 days in France, regardless of whether you have 1 or 3 passports, you will be considered a French tax resident.

🧳 However, it is your residence and not your nationality that will decide the country in which you will pay your taxes. However, having a second passport in order to move or for another reason is absolutely not illegal.

However, this is our ultimate advice: for all tax questions, seek assistance from tax specialists specializing in cryptocurrencies. This is not a decision to be taken lightly. Get help for better tax optimization.

🧾 Other articles on crypto taxation might interest you:

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Note: No financial advice is given in this or any other article on this blog. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.

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