F**k You Passports | Katie the Russian on What Bitcoin Did Podcast with Peter McCormack

Check out the What Bitcoin Did episode page and show notes

Key Takeaways

  • Flag Theory: Having multiple citizenships limits your dependency on any particular state to obtain the benefits of multiple jurisdictions for business (tax laws) or personal (security, government) reasons
    • Jurisdictional arbitrage is the concept around creating a cross-country free market for monetary, political, and legal discrepancies
  • Plan B Passport
    • Company that helps you obtain a second passport in a country that matches your values and goals
    • Designed to create an opting-out strategy from your country of citizenship if changes in policy are not advantageous to you financially or personally
    • Passports come from 5 Caribbean countries (Antigua seems to be the most advantageous) as well as more countries on the way, including Portugal
    • Tax advantages (no income tax, inheritance tax, or capital gains tax) in most of the countries offered
  • Citizenship by investment
    • Many countries like El Salvador are creating opportunities to donate Bitcoin to their country in return for residency/citizenship and more advantageous laws
    • Bitcoin makes this borderless transaction possible
    • Bitcoin allows the digital-nomad to practice business across multiple countries as a borderless currency
  • Governments operate in the customer service industry and should be treated as free market

Intro

  • Katie the Russian (@KatieTheRussian) is the founder of Plan B Passport which helps individuals obtain a second passport to become less dependent on a single nation-state and to take strategic advantage of different financial and political policies of other countries
  • Host: Peter McCormack (@PeterMcCormack)

Plan B Passports

  • Katie the Russian also coins them as “f**k you passports” and is based around her interpretation of the Flag Theory
    • Flag Theory: having multiple citizenships limits your dependency on any one particular nation-state to obtain the benefits of multiple jurisdictions for business (tax laws) or personal (security, government) reasons
      • “Jurisdictional arbitrage” – Katie the Russian
  • PLAN B Passport
    • Company that helps you obtain a second passport in a country that matches your values and goals
    • Set to design an opting-out strategy from your country of citizenship
    • Takes 90-120 days and a donation to process
    • Passports come from 5 Caribbean countries (Antigua seems to be the most advantageous) as well as more countries on the way, including Portugal
    • Costs roughly $180,000 but can be more cost-beneficial to register additional family members
    • You can become a non-taxed resident in your main occupying citizenship while only spending a small time in your alternate country to maintain citizenship and benefits
  • Why is this beneficial?
    • You obtain dual-citizenship
    • Obtain citizen rights of the designated country
    • Tax advantages (No income tax, inheritance tax, or capital gains tax) in most of the countries offered
      • The best tax opportunity is when you’re paying your business’ profits to yourself
    • Opportunity to escape any potential lockdowns or government decisions if necessary
    • Increased privacy by having multiple strategic options
      • Australia, New Zealand, UK, Canada, and the US have an agreement to share citizen and financial information with each other. As an Antiguan citizen, for example, you could opt out of sharing your info.

El Salvador – Citizenship by Investment

  • El Salvador is looking into a citizenship by investment opportunity to create more stability around their financial infrastructure
    • The first country to adopt Bitcoin as a legal tender
    • If you donate 3 BTC, you will obtain instant residency (comparable to a Visa) in El Salvador. 5 years later you will have the opportunity to become a citizen
      • Residency gives you the monetary benefits but not voting or travel benefits that residency does
    • Real estate purchases can also serve as a substitute for donation
  • With tourism shut down over the past year, a lot of countries continued to survive on the cash flow brought in by dual-citizens

Bitcoin

  • Bitcoin allows the digital-nomad to practice business across multiple countries as a borderless currency
  • Borderless money and borderless jobs (remote work) create an opportunity for personal sovereignty to fight against the specific restrictions of nation-states
  • Once we realize governments function as a service, we realize that we can find advantages in countries with the best customer service. Free markets of states work because of Bitcoin.
  • Bitcoin creates a more stable monetary infrastructure opportunity for countries that are struggling to compete
What Bitcoin Did : , ,
Notes By Drew Waterstreet

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