Bitcoin Millionaire Roger Ver Arrested in Spain Over Alleged $50M Tax Debt
Legendary Bitcoin investor Roger Ver has found himself in a legal predicament. Arrested in Spain over an alleged tax debt with the U.S. IRS, Ver's situation highlights the high cost of leaving the U.S. in terms of potential tax liabilities.
Ver, who sold tens of thousands of Bitcoins privately in 2017 for $240 million, is accused by the IRS of not paying around $50 million in taxes on this income. The IRS believes the Bitcoins were part of assets Ver acquired in the U.S., making the income taxable. The pursuit of Ver is not unusual, as the U.S. has an 'Exit Tax' for citizens leaving the country, which Ver was supposed to pay in 2014 when he renounced his citizenship.
The IRS's investigation involved blockchain analysis to determine the true extent of Ver's Bitcoin (BTC) holdings. However, there are no search results providing the names of the lawyers Ver hired for calculating exit taxes and assessing his assets upon his departure. Ver allegedly kept his companies' true Bitcoin (BTC) holdings secret during his renunciation process.
Ver, who has not been a U.S. citizen since 2014, faces serious tax allegations related to income earned in 2017. His arrest in Spain underscores the IRS's commitment to pursuing tax debts, even from those who have renounced their citizenship. Ver's case serves as a reminder of the potential tax implications for U.S. citizens leaving the country.
