Time to move to El Salvador?
Tax is a giant elephant in the room when it comes to crypto. Depending on where you are geographically, tax implications vary.
El Salvador is in the news again. They will be collecting zero taxes on Bitcoin gains be it profits or asset appreciation (capital gains) for foreign investors. No taxes, period.
While this is clearly an attempting to attract crypto whales into the country, it is very attractive to many in the crypto world. Not only whales, but those that don't believe in paying taxes at all.
I had a thought about this that made me feel really bullish about this news that may not be the usual thing people think about. Imagine how many billionaires that currently hide their money in all sorts of tax havens and avoidance schemes. Now they can just set up an LLC in El Salvador and move their money into Bitcoin. This could set some serious fire under Bitcoin in the coming months!
Peace & Love,