Roger Ver’s Alleged Tax Issues
Roger Ver, a prominent figure in the cryptocurrency world also known as “Bitcoin Jesus”, has recently come under fire for alleged tax fraud. According to an indictment unsealed by the U.S. Department of Justice, Ver faces charges of mail fraud, tax evasion, and filing false tax returns. This has led to his arrest in Spain over the weekend.
The allegations suggest that Ver, originally from Santa Clara, California, caused a substantial loss to the Internal Revenue Service (IRS) totaling at least $48 million. Despite renouncing his U.S. citizenship and becoming a citizen of St. Kitts and Nevis, Ver is accused of failing to comply with U.S. tax laws regarding his financial activities.
The Legal Consequences
The situation further complicates when it was revealed that Ver allegedly sold a significant amount of Bitcoins in 2017 for approximately $240 million, after giving up his U.S. citizenship. Even though he was no longer a U.S. citizen, he was still required to report his capital gains and pay taxes on such income according to the U.S. tax regulations.
The U.S. Department of Justice emphasized that Ver needed to file tax returns detailing the sale of his assets, including Bitcoins, and fulfill his tax obligations, which included paying an “exit tax” on capital gains. The investigation is still ongoing, particularly focusing on his intricate financial dealings across borders.
This case not only sheds light on the complexities surrounding taxation in the digital asset space but also serves as a reminder of the legal responsibilities that individuals, even those with international interests, must adhere to under U.S. law.
