I currently have dual citizenship meaning I carry 2 passports and actually qualify for a third with the EU option available via Ireland.
Over the coming years I do see crypto holders having more than one passport and this is purely for financial reasons. I say this as I am in the fortunate position of having 2 passports already and if and when I have to pay taxes will choose the lesser of the two evils. Currently the UK is my best option and will save me tens of thousands of dollars. Then again there may be better options still to appear.
I calculated today if for instance I had $50 000 which is not much and I do in South Africa I could kiss $20 000 good bye compared to the UK where I would only be in for around $7000. That is a 26% swing and being smart using certain loop holes this could even be reduced further. Taxes for some maybe a worry but I am comfortable where I stand as not having a footprint into crypto from FIAT would take tracking.
There was a news story regarding South Africa last year where the Government wanted you to choose what passport you carried hoping you would give up one. In that case I would simply move and hand there one back as the SA one is useless.
I am sure we have all seen the news regarding Portugal where the latest Crypto tax bill was rejected by their Parliament. Rejected for now that is as they expect it to change within the next 2 years so there is still hope.
Fortunately there are still so many unknowns and grey areas that we can hop through and unless you are stuck somewhere then there are choices. Stuck is maybe the wrong word as crypto can be moved anywhere and carried on you via a cold wallet so no one is really stuck.
In the past carrying currency through the anything to declare section would bring cold sweats, but not anymore. In 1994 I had a nerve wracking trip for what seems like a paltry amount today and that is something that never has to happen again. Crypto has simplified things in so many ways as carrying bundles of cash will be a thing of the past as everything is turning digital.
When the value of crypto rises over the next few years this will mean many of our portfolios will have some extra zero's which actually is not a burden. I do believe this will simplify the choices we have to make as instead of worrying about a few thousand in taxes you are worrying about a few 100 000 or possibly much more.
Suddenly the urgency to have multiple passports will be really beneficial and it could be simply buying a property elsewhere that could take the problem away for good. Luckily we are still early and with that in mind have to pay close attention as to what will transpire over the next 5 or 10 years.
Crypto and digital currency will only keep on growing in demand as this is the future of payments. Governments will tell you otherwise, but they know exactly where they are heading and are all strategizing and discussing their own digital currency. This in theory will make it far easier to on and off ramp into and out of your crypto.