The Parliament of Antigua and Barbuda has amended its Citizenship by Investment Act. According to the latest changes, it is now possible to make both euro and cryptocurrency investments. According to Prime Minister Gaston Browne, the innovations are aimed at granting more opportunities for foreign investors and helping Caribbean banks breathe more freely.
Citizenship of Antigua and Barbuda in return for cryptocurrency and euro
The news on Antigua and Barbuda following the example of other countries and accepting alternative payment methods for its citizenship program in addition to US dollars was first published in the Caribbean News Now on July 25, 2018.
“Thus, we not only give the opportunity to pay in euros, but also in bitcoins and other cryptocurrencies,” Gaston Browne said. He added that Antigua will handle the processing of crypto payments with utmost care and accountability
According to Browne, the changes in the CBI program of Antigua and Barbuda were long overdue. “It is very important to be able to transfer money quickly and without delay. If money can not be transferred, it cannot be received. Thus, it is vitally important that a payment mechanism is developed that could facilitate payments in the crypto currency,” Browne explained.
Browne believes a lot of crypto-millionaires are ready to invest their crypto-savings in their second citizenship. The prime minister hopes that Antigua will experience inflow of foreign investment and revitalize its CBI program once it starts accepting bitcoins and other crypto currencies. Antigua can indeed become the first country in the Caribbean region to start taking bitcoins as payment for a second passport.
Any and all digital funds will converted into US dollars on a daily basis in order to minimize the possibility of financial losses, since the exchange rate of crypto-currency tends to be unstable.
Countries that also offer to purchase their citizenship for bitcoins or another cryptocurrency?
t is worth noting that Antigua isn’t a pioneer in this matter on a world scale. The Pacific state of Vanuatu has been exchanging its passports for bitcoins since early 2018. James Elcocke-Harris, the Managing Director of the Vanuatu Information Centre, made the announcement in the Investment Migration Insider. You can find more information about obtaining the citizenship of Vanuatu for bitcoins in our detailed Vanuatu FAQ manual.
NOTE: Vanuatu accepts cryptocurrency transfers from any account through special agents who, before transferring funds to the state, convert the currency into US dollars. Whereas the government of Antigua is going to directly accept crypto payments. It is extremely important to mind this difference. For a Vanuatu passport, the investor
is expected to transfer the full amount to the agent prior to application approval. Whereas, for an Antigua passport, the funds are only transferred once the Citizenship Commission approves the investor’s application.
Additional details: While applying for a Vanuatu passport, the investor will be working closely with a local certified and government-approved agent. The agent becomes the trusted third party that handles transaction between the seller and the buyer, and, by means of deposits and guarantees, insures both parties against unfair fulfillment of the conditions. The funds transferred to the agent are protected and, if for any reason the investor’s application is rejected, the agent returns the funds in full.
And now, a few words about how the Caribbean banks will be able to breathe more freely thanks to integration of cryptocurrency in the CBI programs. The countries of the Caribbean region suffer from the intense attention of US correspondent banks that carefully check each payment, thereby delaying the reception and transfer of funds to the Caribbean recipients for weeks or even months. So, once the Caribbean region understands how convenient and quick it is to accept payments in the crypto currency, the trend will spread to all spheres of international trade, going beyond citizenship for investment programs.