The
Pacific nation of Vanuatu
Juancat
/ Shutterstock
LONDON – The South Pacific island nation of Vanuatu will accept
payments in Bitcoin for its $200,000 citizenship program,
becoming the first country to accept the cryptocurrency in return
for citizen status.
Bitcoin is trading at $4,581 at current market rates,
meaning Vanuatu’s citizenship by investment program would
cost around 43.64 bitcoin.
Vanuatu is a member of the Commonwealth and citizenship
provides visa-free travel to 113 countries including the UK,
Russia and European Union states.
Vanuatu also advertises its low taxes for citizenship
buyers, offering a second passport in a country that levies no
capital gains or income taxes. Potential citizens don’t need to
live in Vanuatu, or even visit the country once.
James Harris, managing director of the Vanuatu Information
Centre Network said: “There remains some suspicion
surrounding the use of crypto-currency in
financial transactions, and some fears that it can be
related to undesirable activities.
“In fact, the opposite is true, as crypto-currency exists
in a fully traceable ledger where the entire history of its
creation and trading is visible,” he said.
The multi-billion dollar investment migration industry,
which sees governments offering visas and citizenship
to people in return for investments in local businesses and
property,
has boomed amid increased global uncertainty over borders
and immigration.
Earlier this year, the Thai government started offering “elite”
residency visas for wealthy foreign citizens, allowing them to
live in the country for around $3,000 (£2,403) a
year.
There are seven different packages, with the most expensive being
the “Elite Ultimate Privilege” scheme. It costs $60,000 for 20
years residency, along with a $600 a year membership fee.
Included in the price is a state-sponsored concierge programme,
entitling members to VIP access to government agencies
dealing with immigration, driving licences, and work permits.
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