With our crypto bags steadily increasing in value it is always a good idea to check where you are welcome around the world living as a digital nomad. This was not something I had considered until I saw my crypto value the last time we saw the all time highs.
Being able to earn online means as long as we have access to the internet then we can call anywhere home as long as we are welcome.
Thankfully I have two passports already and qualify for an EU passport as well via Ireland. This is something my brother and I will follow up on over the next 6 months. I am not exactly sure what the UK passport allows you to do any more with regard to travel and need to have a look with especially the travelling in the EU.
Estonia started this E-Residency Program way back in 2014 and slowly other countries have copied their blueprint to some degree. Basically it allows someone to reside in a country that offers this E-Residency Program legally as if you were a resident. The idea is you stay long term using the local services paying taxes and social security.
Estonia has been active for a decade already with an estimated 100K digital nomads on this scheme. The only requirement is you pass their background checks so no criminal records will be accepted. The police and immigration services are in charge of this and sounds fairly straight forward.
Being on a platform like Hive our accounts are in some ways like a business and should be treated as such. The more you have staked the more chances you have of earning via the various earning methods we have available.
At some point whether we like it or not taxes will have to be paid and why finding a crypto friendly low tax country should be in everyone's thoughts. I see South Africa is on the E-Residency list, but would not be a country I would suggest due to the 40% taxation on crypto.
Portugal is a country I have taken more and more interest of late mainly down to the low taxes on crypto.
Basically if you sell your crypto before holding it for a year you pay 28% tax on all gains. Hold it longer than 12 months then you are tax free which is a good deal considering what other countries are doing.
Over the coming years many of us can expect to be holding millions of dollars in crypto and this is a real concern especially when it comes to taxes. I do not mind paying taxes as you are benefitting from the system they are offering including healthcare etc. Then again if you are making so much out of crypto which I think we are all planning to de we could afford private health care anyway.
Finding a safe haven for your hard earned gains is crucial and why places like South Africa are not even worth thinking about. For every million dollars I could not contemplate handing over $400K. Places like the UK which is my other passport has capital gains taxation at between 10 and 20% which is still far better than SA.
I think more and more countries will be added to this list with places like Japan having this under consideration. Places like Malta I would've expected to see some movement on a similar scheme already, but nothing. Many countries will gladly give you citizenship if you purchase property ,but then you are no longer nomadic. This may still be the best option if you have a large dollar value crypto wallet involving many millions. The savings on taxes would buy you the property and also citizenship so definitely food for thought and there us no reason if you reside in a country with high crypto taxes to feel as though you have no choices, but to pay.
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I saw someone on here bought some land in Portugal a while ago. I think they ended up moving back to the UK. I wish I could remember who it was so you could talk to them before you make a final decision.
It was @revisesociology who you remember bought land. Yes I think this would be different circumstances entirely.
Ah yep, that sounds right.
You can travel within the EEA as a tourist usually for up to 90 days but true ‘free movement’ ended with Brexit therefore British passport holders have no automatic right to live, work and study in the EU. Instead we’d need to apply for the relevant immigration permission to do so.
However, if you’ve got an Irish passport then you’re golden. The Irish have the best of both worlds because they benefit from all the perks of free movement in the EU but also because the ‘common travel area’ of the UK and Ireland existed prior to the formation of the EU and was unaffected by Brexit, an Irish passport holder can also live, work and study in the UK without the need to get a visa (unlike every other EU National)
Yes hence me getting an Irish passport real soon..
Just like that the market is going up so it is very important for all of us to have knowledge of all such things and you and some people like you provide us with such knowledge on this platform. Our knowledge increases a lot.
I want to pay 0% on my crypto earnings. what country allows that? :P
Portugal if you keep it for 12 months.
seriously? wow. Time to check me out some Portugal!