UK tax havens aim to attract crypto investors

Crypto investor

British offshore tax havens like the islands of Guernsey and Jersey are now boosting their efforts to attract block chain and cryptocurrency investors.

Under the radar, the islands are luring investors in digital assets away from other notable tax havens like Bermuda and the Cayman Islands during a period in the market that experts refer to as the “crypto winter”.

UK savers and investors interested in cryptocurrency and blockchain assets can seek investment advice in Chester, Birmingham and other cities from wealth management firms. Experienced in a wide range of fields, wealth managers take a holistic approach to financial advice, allowing them to offer specialist guidance in many areas, from portfolio management to estate planning.

While the financial world is giving Bitcoin the cold shoulder, Britain’s Channel Islands are quietly providing incentives to cryptocurrency investors to transfer their money from more established tax havens.

Situated off the coast of France, Guernsey and Jersey are using their favourable tax laws to attract blockchain, crypto and fintech firms. The islands are attractive sites for investment companies as neither have Inheritance Tax (IHT) or Capital Gains Tax.

Back in 2011, before crypto had become mainstream, both British Overseas Territories had begun competing for the asset class.

Jersey has now attracted many crypto companies, including CoinShares, which currently manages assets worth approximately $3 billion. A Swiss-based group, the investment company used Jersey to set up its crypto-backed and exchange-traded Physical Bitcoin product in January 2021. Furthermore, the CEO of Guernsey Finance recently visited US crypto hub Miami to attract interest in its tax-free status.

Share:
Recent Posts

You may be interested in