U.S. traders are buying 'digital residency' in Palau to skirt restrictions on the amount of cryptocurrency they can withdraw and the exchanges they can use. Major exchanges have already banned the ID, fearing abuse.
The whole point of this card is basically to bypass KYC requirements for crypto exchanges that don’t allow US customers. They are very explicit about this in their marketing.
It can technically be used to extend your stay in Palau long enough to establish tax residency since it would allow you to stay in Palau for longer than 183 days a year. Not unusual for people sitting on big crypto stashes to move abroad or buy citizenships in order to cash out their crypto without capital gains tax (or at least that’s how it goes - I imagine the IRS doesn’t go down that easily).
That us cheap. Many places charge ~$250K. But then you own a house and can sell it later…
The whole point of this card is basically to bypass KYC requirements for crypto exchanges that don’t allow US customers. They are very explicit about this in their marketing.
That’s for actual residency. This seems to be able to exist in the country digitally. Other countries, like Estonia, have the same thing.
It can technically be used to extend your stay in Palau long enough to establish tax residency since it would allow you to stay in Palau for longer than 183 days a year. Not unusual for people sitting on big crypto stashes to move abroad or buy citizenships in order to cash out their crypto without capital gains tax (or at least that’s how it goes - I imagine the IRS doesn’t go down that easily).
Ah, thank you.
Used to be the DOJ had an expansive view of USA sovereignty. Guess we will see.
And when you do that with Canada, you make a tidy profit!
Then again, if you can find a house anywhere in the country, with running water, for less than a mil, there’s a gov analyst job waiting for you too!
Is well water fine? There are some nice but small houses in northern Alberta.
I look at real estate listings a lot to avoid doom scrolling.
Edit: Correction, west of line between Calgary and Edmonton.