Lark Davis grew up in a small former coal-mining town in western Pennsylvania tucked away in the Appalachian Mountains. Most of the townsfolk were poor, with many families living below the poverty line, and even today, not much has changed.

“There’s an old asbestos plant down the railroad tracks,” Davis explains in a podcast interview. “We used to go play there as kids, which is probably not the best place to play, but anyway, that’s what we did.”

At some point in the 1990s, Davis’s mother got hit by a bus, won a $60,000 settlement, and booked a one-way flight to New Zealand after finding love on the web.

“She started looking at Internet dating and all that sort of stuff and she met some guy in New Zealand,” Davis explains. “Then we moved to New Zealand and that’s where I lived most of my life from the age of 16 until, well, quite recently.”

(Lark Davis is a popular crypto influencer who has acquired multiple citizenships since becoming wealthy. / Lark Davis on X)

Moving to New Zealand, as it turns out, set Davis on a positive trajectory. After graduating from the University of Auckland, he bought his first bitcoin in 2017. Today, he’s rumored to be worth around $3 million. He has multiple citizenships and recently relocated his family from Wellington, New Zealand to Dubai, United Arab Emirates (UAE). Davis is now part of a growing cohort of crypto millionaires relocating from high tax jurisdictions to crypto-friendly countries.

“More than 80% of our clients are crypto right now,” says Rafael Cintron, CEO of Wealthy Expat, a relocation assistance firm based in Dubai. “We are getting more institutional investors, people that have sold their business; but our bread and butter is crypto.”

Like Davis, Cintron is also a wealthy crypto investor. He launched his company after going through the rigmarole of acquiring multiple passports. He even renounced his American citizenship in 2023 and now splits his time between Dubai and Eastern Europe, helping other crypto investors relocate.

(Rafael Cintron is the CEO of Wealthy Expat. He founded the company to help affluent investors, mostly in crypto, obtain citizenship status in multiple jurisdictions. / wealthyexpat.com)

The 28-year-old former American, born and raised in Puerto Rico, says most of his clients are simply seeking relief from high taxes. “They’ve invested into an extremely volatile asset, an extremely risky endeavor,” Cintron explains. “And now when they make $10 million, they need to give $4 million to the government.”

Given this backdrop, he usually advises investors to seek residency in the UAE. The country doesn’t impose personal income taxes, nor does it tax crypto held as a personal investment even after capital gains. But the key point Cintron stresses is obtaining that residency before striking it rich.

“The problem is that when you make the money, you can’t just magically leave and pay taxes somewhere else,” he explains. “You have to leave before you make the money.”

Although many wealthy crypto investors may have two passports, Cintron says an increasing number of his clients acquire citizenship in three or more countries. He calls them “purpose-driven” jurisdictions. Using the UAE as an initial launchpad, an expat can then branch out to other crypto-friendly countries like El Salvador or even Switzerland.

Indeed, Davis left Wellington for Dubai last year, but he also splurged $250,000 on Grenadian citizenship for his entire family. Grenada doesn’t have any crypto-specific regulations, and several sources indicate capital gains on crypto assets are taxable. But for Davis, Grenada is a strategic country he can relocate to if an unlikely but highly disruptive event, like a war, suddenly breaks out.

“If, for example, New Zealand wants to draft my children into a war, hello Grenada, we’re coming,” Davis says with a bit of a smirk. “My kids are not going to go off and die in a bankers’ war,” he adds; referencing a 2016 documentary that explores ties between banking practices and global conflict.

(“All Wars Are Bankers’ Wars” is a 2016 documentary that explores ties between banking practices and global conflict. / rottentomatoes.com)

Once a suitable tax haven, such as the UAE, has been established, and a primary purpose-driven destination like Grenada, Saint Kitts and Nevis, or El Salvador has been selected, other countries with more stringent requirements, like Singapore and Switzerland, can be explored. Cintron says he reserves these higher friction jurisdictions for his wealthier clients, given how cumbersome the residency requirements are.

“Switzerland is going to be a solid choice to convert crypto to a bank account, with a lot of hassle in the beginning,” Cintron explains. The country has long been a destination for the ultra-wealthy, but crypto moguls are different. They lean libertarian, with some even bordering on anarchist. Naturally, they abhor invasive procedures such as know-your-client (KYC) checks and having bureaucrats comb through the most intimate details of their financial lives.

“Switzerland’s going to check where every single cent of your crypto comes from,” Cintron warns.

There are many other great jurisdictions that are crypto-friendly, yet not as strict as Switzerland. Eastern European countries such as Serbia, Montenegro, and Albania are all great options according to Cintron.

Interestingly, he also mentions that many people consult with him, yet never pull the trigger. His advice is that, regardless of net worth, every crypto investor who believes that they may strike it rich in the future should, at the very least, have a second passport. Even if a fortune remains elusive, a second citizenship will still be a good investment in case, as Davis puts it, a “bankers’ war” erupts.

“Just start with one country,” Cintron exhorts. “If you’re from the U.S., just go to Mexico, go to Panama, go to El Salvador…go to some other country. Get at least a card that says that you can live there with your crypto.”

• Why are crypto millionaires relocating abroad?
  Many are fleeing high-tax countries to protect profits from bitcoin and other crypto gains.
• Which destinations are most popular for crypto expats?
  UAE, El Salvador, and Eastern Europe top the list for their low taxes and crypto-friendly policies.
• Who’s driving this relocation trend?
  Firms like Wealthy Expat in Dubai specialize in helping investors secure second passports and tax-free residency.
• What advice do relocation experts give?
  Move before your crypto skyrockets. Once you’ve made millions, it’s too late to dodge the tax bill.

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