The first news about a possibility to purchase a second citizenship by investment with cryptocurrency appeared in October 2017. It was the Government of Vanuatu that made this announcement. However, in about 2 weeks after the announcement, the news appeared to be untrue.
The second time we heard that citizenship can be bought with bitcoins or other cryptocurrency was in July 2018. This time prime minister of Antigua and Barbuda stated that it would be possible to pay for its citizenship by investment (CBI) program not only in US dollars but also in cryptocurrency. The resolution was signed and put into action at the same time.
It’s worth to mention that there is no government that accepts direct payments in cryptocurrency for CBI programs.
Why did crypto investors begin to show interest in second citizenship?
After the news about cryptocurrency and second citizenship spread, the demand for a second passport began to grow rapidly among crypto investors. The reason is simple, second citizenship is a tool that helps to solve tax problems. Majority of countries still don’t have clear laws regulating cryptocurrency. And it’s almost impossible to predict what the future holds for cryptocurrency holders. It’s possible that cryptocurrency would be taxed high and those who would avoid being taxed might face unpleasant consequences. So, second citizenship is in high demand in the sphere of cryptocurrency.
Countries with CBI programs don’t have tax on cryptocurrency income, thus, a big amount of crypto investors chose to become citizens of these jurisdictions. One of the great examples is internationally famous crypto millionaire Roger Ver, who as well as poker player Adam Bilzerian and Russian entrepreneur Pavel Durov has obtained a passport of Saint Kitts and Nevis.
Why do high net worth individuals purchase passports of Caribbean countries and Vanuatu?
These countries have no world income, inheritance, gift, capital gain tax. They also have visa-free access to the EU countries and Great Britain.
So, is it possible to purchase a second passport with cryptocurrency right now?
You can’t directly transfer bitcoins to the government account at the moment. That is why Migronis Citizenship, the company that helps people to obtain second citizenship by investment, and block-platform BankEx, has developed several successful blockchain projects, have launched a project together with a government agency of Vanuatu. The project helps to solve 2 tasks.
- First, the platform allows you to pay for citizenship in cryptocurrency by converting assets in fiat money.
- Second, the money are transferred to an escrow account that keeps it safe till the passport is obtained.
Interesting to know! BANKEX is one of top 50 international fintech companies that helps to modernise banking system and banking sector. BankEx main task is to make assets liquid, in other words, unvitrualise it. In 2016, BankEx won a $120,000 grant from Microsoft Azure. BankEx is a partner of several leading vaults of traditional assets that are ready to store and maintain cryptocurrency assets (Hyperledger and Consensys).
How does it work?
Investor transfers cryptocurrency to an escrow account, the cryptocurrency is being converted in US dollars and is stored till the government decides to approve the investor’s application. The money are transferred to the government only after the application is fully approved.
Thus, for the first time in the second citizenship market, it is possible to pay for a second passport with cryptocurrency. The investor is fully protected as the assets are under the supervision of an escrow agent. The price for obtaining a citizenship of Vanuatu under CBI program starts at $178,000 (additional fees included).
Apart from Vanuatu, such Caribbean countries as St. Kitts and Nevis and Antigua and Barbuda are going to start accepting cryptocurrency as payment for their citizenships under the platform mentioned above in Autumn 2018. The escrow system would be implemented there as well.
Interested in more detailed information about how to buy Vanuatu citizenship with bitcoin? Contact us!
- We offer free consultations, understanding how important it is for the client to make the only correct decision.
- We work only in the field of investment immigration, integrating gained experience into the investor’s goal.
- We work only with official programs of the European Union and Caribbean countries.
- Before signing the contract, we inform our clients about all additional fees and expenses.
- We conduct a screening to assess the investor’s chances of obtaining the desired citizenship.
- We oversee the process at each stage and work exclusively towards the result.
- We are in touch 24/7.