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Vauatu Denies Citizenship Offer In Exchange Of Bitcoin

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Vanuatu denies cryptocurrency powered citizenship promises

Vanuatu, a tiny island nation settled in the South Pacific which had previously created a huge stir by declaring that Vanuatu shall offer citizenship in exchange of Bitcoins to those who wish to lead a life surrounded by sun, sea and sand , have denied the same according to a report published in the Vila Times.

“The Citizenship Office, representing the Citizenship Commission, is presenting to the media and other agencies in Vanuatu, that the Citizenship Office has not got any legal confirmation on any so called Bitcoin payments as stated in the media outlets,” revealed the Acting General Secretary Samuel Garae according to the Vila Times.

“The Office of the Citizenship is giving an assurance to all the Citizenship Designated Agents, that all the payments concerning the DSP program will still be in US dollars as prescribed by the Citizenship Regulations. Any other arrangement made by any sub-agent will not be considered by the Citizenship Office” he added.

Vanuatu, which provides visa-free travel to 113 countries around the globe like that of Russia, UK and European Union states is also an active member of the Commonwealth. It has also advertised for its considerably low tax rate on citizenship purchases and offering a second passport in a country which does not levy any income tax or capital gain tax. However, for gaining the citizenship, the potential citizens need not be staying in Vanuatu. It can be processed even if they had never visited this place. A group known as Vanuatu Information Centre Network had earlier revealed that the country is accepting cryptocurrency in exchange of its citizenship program. The investment migration industry worth multi-billion dollars which overlooks the government’s offering of citizenship and visa to people in exchange of investments in property and local businesses has experienced a rapid boom given the global uncertainty pertaining to immigration and borders.

Also Read: Kazakhstan To Launch It’s Own Fiat Backed Cryptocurrency

The Thai government had made an announcement earlier this year of offering “elite” residency visas targeted at wealthy foreign citizens which will allow them to live in the country for a year by shelling out $3,000 (£2,403). The concerned government has come up with seven different types of packages with the top end one named as “Elite Ultimate Privilege” scheme costing 60,000 for 20 years residency and a yearly membership fee of $600. The price tag of this state-sponsored concierge programme brings under its wings certain special grants such as VIP access to government agencies dealing with immigration, work permits and driving licenses.

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