IRS vs. Bitcoin - what is in the cards? Andrew talks about the news you need to know if you're a US citizen and a crypto investor.
New US tax laws are in the game that will regulate Bitcoin and make having an anonymous cryptocurrency account increasingly difficult.
It was only a matter of time before IRS and the US Government made their move toward making Bitcoin reportable. We will see the reality of this law starting from 2018.
According to the new rulings, anyone who has over $20,000 in Bitcoin will have to report it to the IRS. The bottom line here, of course, is the capital gains tax which will be directly imposed on all the major cryptocurrency holders.
How can you turn things around and make them work for you? One of the foolproof options is to obtain a second passport, and this is particularly valid for US citizens who are Bitcoin owners.
Living in the US and investing a lot of money into cryptocurrencies will result in huge loses due to taxes that you'll have to pay, and having a second citizenship will easily save you hundreds of thousands of dollars.
This is and will be a burning topic in the upcoming months, so if you're big into cryptocurrencies, now is the best time to come up with a strategy that will serve you best.
As IRS takes on Bitcoin, we're yet to see the moves that US-based crypto investors are going to make. Most likely, we'll be seeing a lot of citizenship renouncements in order to keep the earned money safe.
What is your plan of action? What are your thoughts on this move from IRS?
Tell us all about it in the comments!
You can read more about affordable EU citizenships right here: http://nomadcapitalist.com/2017/12/11/easiest-cheapest-second-residencies-eu/
ABOUT NOMAD CAPITALIST
Andrew Henderson travels to nearly 30 countries every year to stay up to date on the latest legal strategies for entrepreneurs and investors to pay less tax, grow their money faster, and build their personal freedom.
Andrew started Nomad Capitalist to help people like you follow his five magic words: "go where you're treated best". He has personally started foreign companies, opened offshore bank accounts, and obtained multiple second passports.
He also learned the hard way that perpetual information seeking is often the biggest barrier to getting the results you want. Many entrepreneurs spend months and even years constantly researching how to pay less in tax or live overseas, but are afraid to make the jump.
As a result, they get stuck and keep paying a fortune in taxes and never get the lifestyle they deserve.
Nomad Capitalist's Youtube channel is based on Andrew's vision that focusing on the end result, rather than the latest shiny object, is the best way to actually obtain the benefits of the Nomad Capitalist lifestyle.
About Andrew: http://www.nomadcapitalist.com/about/
Our website: http://www.nomadcapitalist.com
Our blog: http://www.nomadcapitalist.com/blog/
Work with Andrew: http://www.holanomad.com/
I will not, ever, report crypto holdings. Anyone who tries can eat hot lead. The time for killing has come. Gains, ok. I get that. But holdings? Fuck you guvthugs, come and get me. I'm more than happy to die killing as many of you as I can.
There are two classes of citizens, or maybe more. The main 2 i guess are US Citizens, and State Citizens. You can become a State Citizen no need to leave to another Country nessessarlily. a US Citizen is like McDonalds, it's a DEAD Corpse. It doesn't exist. no one is a US Citizen. You can remove yourself from that US Citizen but it's a process there is information on it on youtube. you just have to look. when one of you knows how please explain it to me. i'd like to know how you did it.
I live in Australia, but i have a dutch passport. If i want, i could also go to Brazil. I guess i'm safe for now. But the problem is, even the australian/brazilian government are trying to stop crytpo.
Back then they could get away with murdering people and make excuses for it. These days the globalists are so arrogant that they're openly saying they'll kill the president and have Antifa beating people up. In the era of the smartphones they can't really lie to people anymore and expect people to magically believe them with no resistance. And with people going online for their news instead of garbage like CNN and MSNBC their control over information is over. We didn't have the IRS from 1776 to 1913 so I think 105 years to abolish this crap is long since overdue.
I disagree, not that Trump doesn't like the irs but that he could willingly do anything about it. Look at Kennedy & Executive Order 11110 , Signed & on his desk before he was assassinated it was never implemented.
I know this a passport video but as far as im concerned , Until i can walk into a a Physical Building and Withdraw my "Coin" in Hard Currency(or Bullion) of whatever country im in at the time, i will never be interested in Bitcoin. Besides how many times has this system been hacked in the last couple of years.I have read some on Bitcoin, im nowhere near a expert, ever wonder where the algorithms being solved are coming from? In order for a person to make money, generally someone else has to loose that money. Bitcoin simple goes against the Nature of the Beast. If anything, the World Bank/Federal Reserve's of the world simply don't like competition,They control Currency, eventually they will control the Bitcoin game or shut it down.....
The Chinese exchanges just move and have already moved overseas. It's ok that you are scared of it, just don't expect anybody else here to be scared of crypto like you for your flawed reasoning. My entire business, brand and livelihood is dependent on me having Internet access and a computer... and I'm totally ok with that. You don't have to be ok with that. You can build furniture or repair lawnmowers or whatever else you see fit that can't be shutdown with the flip of a Chinese switch.
Really? Something that doesn't exist has value? No electricity = No bitcoin. No Internet = No bitcoin. No Satellite access = No bitcoin. No undersea Communication cables = No bitcoins. China is in the process of closing all forms of bitcoin exchanges, they are creating internet protocols that will stop any form of "coin" transfer. Chinese citizens who put their physical currency into bitcoin are about to be shut out of the system. China(Internet kill switch anyone?) can shut out Yahoo, Google etc... with the flip of a switch & people think their coin exchanges are safe, LOL. Now, Please say the World Government's cant do that, They can & they will. They manipulate world markets daily. Do you really think the World Bank & Countries Federal Reserves will allow this competition to go on forever? The U.S. just tore through the middle east not because of Oil or Terrorism but because the rulers wanted to bring forth the Islamic Dinar. Backed by Gold, it was supposed to replace the USD for the exchange of oil, we can see how well it worked out for them....... There is no easy money.
If you are contacted by the IRS, and they tell you that they want you to pay capital gains on your Bitcoin - I recommend transfering the money to a new wallet and saying it got stolen. Then tell them that you would like to report your capital loss for the year.
Thanks Andrew. I've been "thinking" about my second passport issue for a while, but now that my Canadian girlfriend and I are heavily invested in cryptos, I have to figure out my next move. Portugal is high on my list, but I would consider a lot of places. After having lived in Belize and Bali, I think the Caribbean is not on my list anymore. Great place to visit, but too friggin hot.
Hi Marc! It's a great question, there are several articles on the Nomad Capitalist website covering this subject. You can start here: http://nomadcapitalist.com/second-passport/panama/ and then explore further.
Hello Tracey, you are right to be thinking things through, as there will be a lot of changes going on in the US when it comes to Bitcoin investments an capital. Here's a bit help from us so that you can make an educated decision: http://nomadcapitalist.com/2017/04/21/how-choose-best-second-passport/ . Check out the article, and you'll find a great video in there, too. Good luck. :)
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