Interesting things are happening around Antigua and Barbuda citizenship by investment program. Cabinet has announced the funds received under the new investment option would be spend on the future university of Antigua and Barbuda. It would be established in Five Islands Village. According to the data by coinbase.com and coingeek.com, it will be possible to use such cryptocurrency as Bitcoin Cash (BCH) to purchase passport of Antigua and Barbuda under citizenship by investment program (CIP).
Second citizenship and Bitcoin Cash: What should we expect
Let’s take a closer look at this new investment option that requires a contribution of at least $150,000. The Cabinet officials point out: “Cabinet has decided to introduce the fourth investment option under the CIP for the sum of $150,000. The innovative legislative change to the CIP law will be used to fund Antigua’s university at Five Islands Village.”
Now, after we have understood the purpose of the investment, let’s find out why someone would choose the ‘university option’ and pay extra $50,000 instead of contributing $100,000 to the National Development Fund. Keep in mind that both these options are non-refundable.
To make sure that the minimum investment amount to the National Fund of Antigua and Barbuda is still $100,000 for one applicant, we have double-checked this information on the official website, Citizenship By Investment Unit, Antigua & Barbuda. No surprises here: the amount of the one-time contribution to the fund corresponds to $100,000 plus all the additional charges. The new university option is $150,000. However, we have noticed a difference in terminology.
The contribution to the fund is made for each application, while with the ‘university option’ one pays for the file. Unfortunately, the official source does not give details about this difference and whether the wording is essential in this case.
It is stated in the press release that “Calvin Ayre, representing Bitcoin activity in Antigua and Barbuda, developed a special citizenship by investment program” and that “one can pay for the elements of this program in Bitcoin Cash (BCH)”.
It is also mentioned in the official statement that “the Government of Antigua and Barbuda accepts Bitcoin Cash as the only acceptable Bitcoin and the most scalable and flexible cryptocurrency in the world.”
Mixed reactions to the news of Antigua and Barbuda CIP accepting Bitcoin Cash cryptocurrency
The news about the new CIP option was not warmly welcomed by the local media. Antigua Observer published an article doubting the success of this variant. The following questions are raised in the material:
“What is this ‘special’ program developed by Calvin Ayre? How different is it? If it provides only for the means of payment, why can’t it be given as an option of payment? Doesn’t the government put itself at risk by confirming the option of accepting Bitcoin Cash, considering the instability of the exchange rate of this cryptocurrency? What does the government plan to do with the received Bitcoin Cash? If it plans to be carrying out the instant exchange, what is the point in presenting this as something more than just an option and describe it as a special variant? What will be the predicted response of other countries already tired of our current due diligence, when we add another option involving the anonymous cryptocurrency? Isn’t it something to increase the risks of visa-free agreements annulment with some countries?”
Another issue raised in the article is about how such a young cryptocurrency, developed less than a year ago, has received the support of the government.
NB! Bitcoin Cash is a relatively new cryptocurrency. It was developed by the persons interested in changing the Bitcoin Code, which resulted in the introduction of the so-called hard fork. On August 1, 2017, the cryptocurrency was already available for use, thus Bitcoin holders now had the same balance in Bitcoin Cash. As of the moment of BCH launch, the price of Bitcoin Cash was $300, before Christmas it exceeded $3,200; in the beginning of April it was slightly more than $600 and now it is $1,400.
There is no information about the new option of getting Antigua and Barbuda’s citizenship for Bitcoin Cash or any other cryptocurrency on the official site of the country.
Antigua and Barbuda is a crypto paradise?
The island country that dependents on tourism and gambling a lot has become something of a crypto paradise in the past years, especially after CoinGeek billionaire Calvin Ayre settled there. Ayre has recently revealed his plan to create Bitcoin Cash-related luxury tourist village that is to be opened this summer. It is worth noting that in April 2017, the Government of Antigua and Barbuda announced they were working on integrating cryptocurrency. Cabinet was ordered to “develop legislation for Bitcoin integration”.