Crypto Millionaires Flock to Singapore for Tax-Friendly Haven

September 8, 2023

By Anjali Kochhar

In a rapidly changing financial landscape, crypto millionaires worldwide are seeking refuge in countries that offer friendly tax policies for cryptocurrency-related activities. According to the Crypto Wealth Report by Henley & Partners, there are currently 88,200 crypto millionaires globally, with nearly half of them holding their wealth in Bitcoin. The combined market value of cryptocurrencies has reached a staggering $1,180 billion, and approximately 425 million people around the world own cryptocurrencies.

These crypto enthusiasts, including traders, miners, investors, and entrepreneurs, are increasingly exploring investment migration strategies to safeguard their assets. Dr. Juerg Steffen, the CEO of Henley & Partners, revealed that they’ve witnessed a significant surge in inquiries from crypto millionaires over the past six months. These individuals are looking to protect themselves from potential bans on cryptocurrency trading or usage in their home countries and shield themselves from aggressive taxation of digital assets at the source.

Singapore and the United Arab Emirates (UAE) have emerged as top choices for these crypto millionaires due to their perfect scores of 10 in tax-friendliness. Henley & Partners’ new Crypto Adoption Index evaluates and ranks countries based on their adoption and integration of cryptocurrencies and blockchain technology. Singapore takes the lead with a score of 50.2 out of 60, followed by Switzerland, UAE, Hong Kong, the United States, Australia, and the United Kingdom in the top ranks.

The index also highlights the attractiveness of countries that offer residence and citizenship through investment programs, allowing crypto investors to obtain residency or citizenship by making significant investments. Cryptocurrencies have gained prominence in the portfolios of high-net-worth individuals, offering them new avenues for returns and diversification.

In the global elite, there are now 182 crypto centi-millionaires, individuals holding $100 million or more in cryptocurrencies, with 78 of them being Bitcoin holders. Additionally, six individuals have joined the exclusive club of crypto billionaires.

Global investment experts, like Jeff D. Opdyke, view cryptocurrencies as the most significant trade and technology of the past three decades, emphasising that now is an excellent opportunity to invest.

As the world of cryptocurrencies continues to evolve, individuals with substantial crypto holdings are actively seeking safe havens that provide tax-friendly environments and protection for their digital assets. With Singapore leading the way, these crypto millionaires are making strategic moves to ensure the security and longevity of their fortunes in this ever-changing landscape.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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