The crypto wave has taken the world by storm. It’s becoming one of the most convenient and flexible transactions in terms of currency. In the beginning, the governments of many countries were not convinced that cryptocurrency could carry the weight of real currency and become legal tender.
However, crypto seems to break all the odds and is incorporated into various countries’ economies. While countries like Qatar, China, and Egypt have banned crypto, others like El Salvador, Vanuatu, and the Caribbean, like St. Kitts and Nevis, Grenada, St. Lucia, and Grenada, have opened the doors to crypto as a form of investment in citizenship.
In this article, we’ll learn more about cryptocurrency worldwide as a payment method in various countries. There are many crypto-friendly countries worldwide, with most of them being crypto-tax-free as well. Let’s see which countries are crypto-friendly and which are working toward implementing a cryptosystem.
Why Purchase Citizenship with Crypto?
The Caribbean countries’ citizenship by investment programs are among the most popular in the world. Nowadays, many wealthy entrepreneurs and foreign investors purchase a second passport from one of these countries.
Dual citizenship provides a sense of security and plenty of other benefits and privileges. These benefits depend on the country where you’ll obtain dual citizenship. The main advantage of purchasing a second passport is the possibility of traveling to more than a hundred countries without a visa.
Also, some countries, especially the Caribbean, allow their citizens to own and carry two passports. For instance, if you are a citizen of New Zealand and have obtained a passport from St. Lucia, you can easily travel between these two countries, regardless it’s business-related, vacation, or a family visit.
Another benefit of purchasing dual citizenship with crypto is owning property in a foreign country. Not only your crypto assets will be safe and protected, and you won’t pay any taxes on them, but you can also purchase real estate.
Crypto News Worldwide
While some countries have stricter rules and laws regarding crypto, the Caribbean countries are friendlier when it comes to regulating and taxing this type of currency. Cryptocurrency has gained legal status in many countries, including Russia. Nevertheless, according to Russian law, the residents are not allowed to make any monetary transactions and use crypto as a payment method for services, goods, and work.
On the other hand, countries like the USA have equated it to the US dollar and allow crypto to be used in trading, purchasing, or selling services and goods. With the recent rise of the taxes for the wealthiest Americans, per Joe Biden’s decision, the bitcoin price has increased tremendously in a matter of one week.
China and Turkey have banned cryptocurrency and forbid its use as a payment method. But let’s see which countries are crypto-friendly and where you can obtain dual citizenship with this currency.
And since cryptocurrency is here to stay, governments in many countries are working toward implementing blockchain technology as a payment method.
Here are the top crypto-friendly countries.
Antigua and Barbuda
Antigua and Barbuda is a Caribbean country that accepts Bitcoin, along with additional crypto values and currencies. The country incorporated blockchain technology into the economy and introduced many opportunities for investors and locals for further development.
Singapore incorporated digital currency into the economy in 2020. Since the country has laws that pertain to crypto and consider the currency as an intangible property, thus are not taxable and subject to any taxes. This means there are no taxes on capital gains, digital assets, or corporations.
St. Kitts and Nevis
The government of St. Kitts and Nevis has legalized the use of cryptocurrency, and the country allows foreign citizens to invest in citizenship with this type of currency. Which is pretty awesome, right?
El Salvador is the first country in Central America that has adopted Bitcoin as a legal payment method. This leads us to the exciting fact that all businesses in the country must accept payments done in Bitcoins.
The tactic of implementing a digital currency into the economy has inspired many other countries to move forward with crypto and accept it as a legal transaction method. However, this comes with certain limitations and restrictions.
Many foreign investors relocate their business affairs and capital gains to the country since there are no taxes on income or capital gains from crypto.
Even though El Salvador hopes to get things to the next level, at the moment, the country has a pro-crypto strategy and more than 4 million crypto users, which is 60% of the population.
Vanuatu’s CBI program allows foreign investors to make non-refundable donations to a government fund with a minimum of $130,000. A crypto investor can obtain a second passport if the crypto assets are converted to US dollars and transferred to the government.
Malta is popular for its openness to blockchain technology and has attracted foreign investors and companies into the economy, including Binance. It’s a crypto-friendly country that has no tax on capital gains and is working toward implementing crypto as a payment method for obtaining dual citizenship.
Now that you are familiar with the crypto-friendly countries worldwide and the latest news regarding digital currencies, it’s time to do your due diligence and make an informed decision. If you want to live in a country where crypto is accepted and legalized, now you know where to go!
Don’t forget to invest carefully, and always consult an authorized agent before making any investment. The industry is relatively new and continuously evolving, so you don’t want to lose all of your assets due to unpredicted circumstances. Keep yourself informed on the latest happenings and laws regarding crypto so you can make an intelligent decision.
In this article
- Best countries for crypto startups
- Citizenship by investment crypto
- Countries that love to invest in Bitcoin
- Countries with no crypto regulation
- Crypto Friendly Citizenship
- Crypto Friendly Countries
- Crypto Friendly Countries 2022
- Crypto friendly meaning
- Crypto immigration
- Crypto-friendly banks
- Crypto-friendly countries in Africa
- Crypto-friendly countries in Asia
- Crypto-friendly countries in Europe
- Crypto-friendly countries in the world
- cryptocurrency friendly 2023
- Cryptocurrency friendly countries
- cryptos friendly countries
- cryptos friendly countries 2022
- cryptos friendly countries 2023
- Grenada Citizenship by Investment
- Top crypto countries 2022
- What is the most crypto-friendly countries in the world
- Which country has the highest crypto adoption
- Which country has the lowest crypto tax
- Which European country is crypto-friendly