I don’t know who would benefit from interacting with this.
Going from a Kraken fee of 0.16% to a Binance fee of 0.075% after discounts (while assuming that depositing money one has in a bank account will still work well and that there is no risk from legal liability or of an account being closed) would let one recoup a $250 fee after trading a value of at least $294,117 ($250/((0.16-0.075)/100)). If one is Canadian and would otherwise have to suffer a 0.5% fee, one could recoup a USD 250 fee after trading a value of at least USD 58,823.
Someone that has about $300,000 in a bank account that wanted to use all of it to buy cryptocurrency would probably be able to afford to become a citizen of Saint Kitts and Nevis or Saint Lucia or even Malta, so Palau is probably not actually targeting rich people.
Someone that is making about $300,000 worth of trades but isn’t rich is someone who trades a small value many times each year, and “the vast majority of day traders lose money”. This suggests that, for most people, this will be the final meaningful purchase they make before their net worth declines rapidly. However, anyone that does end up profiting might be inclined to spend more money in Palau (whereas people who go broke won’t even be able to afford to stay in Palau and so probably won’t be able to cause problems in Palau), so Palau might end up profiting from people who lose money and people who gain money.
I happen to have been asked about this many months ago, since at least one person was visiting cryptocurrency meetup events in order to advertise this “residency card”.
The “substantial presence test” is more complicated than you might have thought: https://www.irs.gov/individuals/international-taxpayers/substantial-presence-test
If you spent a full 210 days (30 days from a visa on arrival followed by 2 consecutive 90-day extensions) each year in Palau, but spent the remainder of every year in the USA, you would be physically present in the United States (U.S.) on at least “183 days during the 3-year period that includes the current year and the 2 years immediately before that”. Specifically, the “count” would be 232.5 (instead of 465 since days in earlier years are counted as 1/3 or 1/6), which is at least 183.
It seems the easiest way to avoid being considered a United States resident for tax purposes from meeting the substantial presence test is to not be physically present in the United States (U.S.) on at least 31 days during the current year. If you wanted to do that, there are many places where most United States citizens are already allowed to stay for “365 days” or “1 year” or “Unlimited”, notably including Palau, as well as Marshall Islands and Albania and other countries: https://en.wikipedia.org/wiki/Visa_requirements_for_United_States_citizens
This reminds me of how “civil marriages” started happening in France: https://youtu.be/xD7MJcxQzKU?si=gRfdgFoeRvDEQ658&t=973 https://youtu.be/xD7MJcxQzKU?si=32-fXp928SdiGq0e&t=718
Regarding “restrictions”:
In at least some jurisdictions, the process of getting married involves “a marriage license”, and I think of a license as something that provides a privilege to and imposes an obligation upon someone, and potentially multiple privileges and/or obligations.
A license is “Freedom to deviate deliberately from normally applicable rules or practices (especially in behaviour or speech)”, so if there are any “restrictions” then they just apply by default, and people with a marriage license get to ignore some of them (in exchange for having some additional obligations/restrictions).
Note that might have legal consequences: if they expressed that in a court session it might be considered perjury or contempt of court. In general, people don’t like being mislead, so using sentences that are easy to misinterpret when you could have used a more straightforward sentence will probably lead to trouble.
Some consequences of “represent[ing] to others that the parties are married” can be considered quite negative: https://nationalpost.com/news/canada/no-home-or-kids-together-but-couple-still-spouses-appeal-court-rules https://en.wikipedia.org/wiki/Common-law_marriage_in_the_United_States
I doubt that Joe Exotic has been married at any time in 2025
It seems they were not married as of 1st November 2024
The Constitution of the Italian Republic and The Constitution Of The Republic of Poland have been interesting to read. Reading about the ways the Knesset and Parliament of the United Kingdom and the Riksdag work has also been interesting. I’m sure the constitution of Germany is interesting too, but it uses a structure that is less similar to the others I’ve researched recently (elected representatives of the states are involved in choosing federal representatives, whereas in other places local representatives have much less influence on country-wide elections).
It’s also interesting to see who is the commander in chief of the armed forces: https://en.wikipedia.org/wiki/Commander-in-chief
In general, I find it hard to design fundamental social institutions (constitutions), but I expect that someone will find a way to improve those that we already have.
In particular, I would not have come up with the Constitution of the Italian Republic if I was working in isolation, but I haven’t noticed any major flaws with it (at least for periods of peace: the election of the president requires participation from every region, so if one was occupied by a foreign power such that it could not participate in an election it might be impossible to elect a president). One thought I had is that it might be good to limit the president’s ability to dissolve parliament, like limiting that power to cases where the parliament has had a significant amount of time to produce a budget but hasn’t actually done so (as is the situation for Poland), to avoid situations where the president says they dissolved the parliament but the parliament says they impeached the president before being dissolved.
Some similarities I’ve found
Of the states I referred to, there are some interesting similarities I’ve noticed.