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How crypto is boosting investor education, dual citizenship hopes

How crypto is boosting investor education, dual citizenship hopes
Written by publishing team

Investment programs are gaining popularity in the US and internationally, as more millennials are turning their money into cryptocurrency.

The dynamic presents an opportunity for citizens to obtain a second passport, and an option to claim permanent residence in a foreign country, according to one market observer. He cited the Caribbean and Europe as prime destinations for budding crypto investors.

“We are looking specifically at Saint Kitts and Nevis, Antigua and Barbuda, as well as countries like Portugal that offer golden visas, which are residency by investment programs,” Armand Tannous, vice president of North and Latin America for Apex Capital Partners, told Yahoo Finance Live Monday.

Investors approved in the Caribbean will have to wait three to four months for citizenship, while applicants to join European countries will have to wait six to 18 months.

In addition, Tannous noted that if a citizen decides to renounce his US citizenship, even though he holds a second citizenship, he “doesn’t have access to the tax benefits offered by other countries.”

However, there was “a 36% increase in individuals who renounced their citizenship over the past year. [That’s] Tannous said.

As more countries allow foreign nationals to be invested in their country and offer them significant advantages in return, Tannous explained that citizenship-by-investment programs (CIP) do a lot of “due diligence” when it comes to screening applicants.

Successful applicants “need to present a clean criminal record,” Tannous said, as well as “demonstrate a legal source of funds or a source of wealth as well as investing in one of the government-approved investment opportunities.” This can range from real estate to government bonds, or even a donation to a specific country’s National Economic Fund.

According to data compiled by Apex Capital Partners, the pandemic has led to a 200% increase in applications from US citizens applying for citizenship and residency by investment programs, with strong growth in Canadian applications (47%).

The interest fueled by crypto comes during what has been a volatile but huge year for digital currencies. Bitcoin (BTC) – the leading cryptocurrency – surged to new highs, but has since fallen back amid concerns about the Omicron variant of COVID-19, as well as concerns about the Federal Reserve’s monetary policy.

However, the sector remains thriving amid sustained interest from smaller investors in smaller crypto units, and increased institutional buying from larger companies. Meanwhile, digital currency enthusiasts – many of whom are millennials – are paying attention to dual citizenship.

“Over the past 24 months, with the spread of the pandemic, [we have seen]You do not necessarily need to live in your country of birth in order to survive [or] actively [be] “Running your business, whether it’s crypto trading, simple trading, or even accessing various investment opportunities internationally,” Tannous said.

The investor said that the reasons why the crypto audience is so drawn to owning a second home have to do with “the opportunity cost, exposure to taxes, as well as a lot of uncertainty in this area.”

“They see this trend where you are treated better and that is when they look at being global citizens,” he added.

Danny Romero, Yahoo Finance reporter. Follow her on Twitter: @daniromerotv

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