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How the Saint Lucia Citizenship By Investment Program Can Benefit Crypto Investors Seeking a Tax Haven

  Photo by yousef alfuhigi on Unsplash Cryptocurrency investors are always on the lookout for tax-efficient solutions to minimize their tax liabilities. One option that is gaining popularity among investors is the Saint Lucia Citizenship By Investment Program. In this article, we'll explore how this program can benefit cryptocurrency investors looking for a tax haven country. Saint Lucia is a sovereign island country located in the Caribbean Sea. Its Citizenship By Investment Program (CIP) was established in 2015, allowing investors to obtain a second passport by making a qualifying investment in the country. Saint Lucia's CIP has become a popular choice for high-net-worth individuals and entrepreneurs seeking a safe haven to protect their assets and minimize their tax liabilities. Saint Lucia's second passport permits travel to 145+ global countries visa-free, including the United Kingdom, Singapore, Hong Kong, as well as the European Union countries. The Saint Lucia pass

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Maintaining a business is a ton of work. So here are some assessment tips to assist you with doing that. 

  • Keep your records, lost receipts mean lost tax deductions.
  • Make sure your taxes are done on time. Self-employed people have until June 15th to submit taxes. If you owe money to the Canada revenue agency, the bill must be paid by April 30th to avoid fees. more info
  • Hiring a family member can save money for them, (i.e "Basic personal amount") and their salaries will count as tax deductions for your business.
  • Separating your personal expenses will help avoid any red flags with the CRA. If you have Kleenex as an expense, make sure you show how it relates to your business.
    • Writing off losses is important to remember even Investors/Traders can benefit from this. 
    • One of the CRA requirements is that you must calculate your home space's percentage to determine the portion you can claim.