Vanuatu becomes the first country to offer citizenship status in exchange for Bitcoins

Almost every corner of the planet seems to be have been gripped by the Blockchain wave. The new form of decentralized virtual peer-to-peer cryptoccurrencies like Bitcoin, Ethereum and other Altcoins are gaining the center-stage turning out to one of the most preferred choices for accepting huge and cross-border payments.

 We have earlier seen how several global companies have started accepting payments in Bitcoin and also how some countries like Dubai are progressing with the idea of a state-owned cryptocurrency. Now, in a first-of-its-kind move, the South Pacific Island nation of Vanuatu is offering a $200,000 citizenship program in exchange for Bitcoin.

This means that at the current rate of $4800 approx, you can be a Vanuatu citizen by paying around 42 Bitcoins. Being a member of the commonwealth, Vanuatu citizenship will offer a visa-free travel to 113 countries including Russia, UK and other European Union states.

 After getting the citizen status, Vanuatu will issue a second passport in the country which will benefit the buyers of the citizenship by levying no income tax or no capital gains. Moreover, any potential citizens won’t need to compulsorily live in Vanuatu or visit the country once a year.

Also Read: Swiss Government to accept payment of taxes in Bitcoin from 2018

Managing director of Vanuatu Information Centre Network, James Harris said:

 “There remains some suspicion surrounding the use of cryptocurrency in financial transactions, and some fears that it can be related to undesirable activities. In fact, the opposite is true, as cryptocurrency exists in a fully traceable ledger where the entire history of its creation and trading is visible.”

 With the increased global uncertainty over immigration and borders, the migration industry has witnessed a sharp increase in several governments offering citizenships and visas to people in exchange for making a considerable investment in the country’s property or businesses.

 Earlier this year, the Thai government was seen offering residency visas for a year of stay in the country. The other offerings included different slabs as per the choice of customers with the most premium being the “Elite Ultimate Privilege” wherein a buyer can pay $20,000 for 20 years of residency and would also be entitled to have a VIP access to government agencies dealing with driving licenses, immigration and work permits.

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Also Read:International Monetary Fund (IMF) likely to Issue an International Cryptocurrency

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