Don’t Bother Buying
Passports for Bitcoin

July 9, 2014 | Peter Yeh

Roger Ver or “Bitcoin Jesus” — no seriously, people call him that — gave up his US citizenship for citizenship in St Kitts and Nevis, the famous tax shelter in the West Indies. He has also offered to help any other Bitcoiner with “Passports for Bitcoin:”

Having a second citizenship and passport in a stable country is now a must in order to hedge against governmental intrusion and excessive taxation.

Aside from the fact that this is not how taxes work, the Citizenship by Investment Unit of St Kitts and Nevis (CIU) doesn’t appreciate his scheme. In a strongly worded statement, they fervently denied their status as a Bitcoin tax shelter:

We further emphasize that we do not accept Bitcoins, have never accepted Bitcoins, and will not accept Bitcoins.

Even worse for Passports for Bitcoin, the CIU is revoking the license of anyone that does business in Bitcoin:

Any company found to be engaged in this practice in association with our program will have its license revoked and struck from the register of Authorised Persons (Service Providers).

Looks like Passports for Bitcoin is bust.