(MENAFN- Neda Miles)
Without a doubt, digital currencies have skyrocketed ever since their first appearance on the market. Many crypto investors have made fortunes by investing in cryptocurrencies in the last couple of years.
Many countries have Citizenship by Investment programs that allow foreign citizens to invest a certain amount of money in exchange for dual citizenship. However, the terms and conditions in each country differ and depend on the investment the investor makes. Some of these countries accept cryptocurrency, while others require the investors to exchange the crypto into dollars and then apply for a passport.
In this brief guide, we’ll learn more about the common passport benefits that investors enjoy once obtaining a second passport and the best CBI programs where you can apply for one. Also, we’ll discuss the possibility of investing in citizenship with crypto and which countries are crypto-friendly.
So, follow along to learn more about the CBI programs, crypto, and the benefits of owning a passport from a foreign country.
Countries Where You Can Obtain Citizenship through Crypto
The Caribbean countries are known worldwide for being crypto-friendly and allowing citizens to pay for the application process through crypto. Nevertheless, the Citizenship by Investment Programs that implement this payment structure convert the crypto into dollars and pay the amount to the government in tangible currency.
With the possibility to use crypto as a payment method, the investors can pay in crypto, and the CBI programs take it from there. This makes the whole process easier for investors and Citizenship by Investment Programs. Let’s see which countries are crypto-friendly and which are considering digital currencies for future transactions.
St. Lucia
Citizen by Investment St. Lucia program allows citizens to apply for a second passport in this country by investing in one of the following options:
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$100,000 donation to the Government Development Fund;
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Minimal investment of $300,000 in real estate;
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$250,000 investment in government bonds;
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Minimum of 3.5 million in an enterprise project;
The total fees for investing in a passport in St. Lucia are $109,500, excluding agency fees. These fees will be the same regardless of the CBI program you choose. The CBI program brings 4% of the GDP to the country, which makes it one of the most stable ones in the region compared to the rest of the countries.
At the moment, the country doesn’t have laws regarding crypto that can allow citizens to invest in a second citizenship. However, the country is working towards implementing such a system, so hopefully, we will see St. Lucia on the list of countries where you can apply for a passport with crypto.
Antigua and Barbuda
Antigua and Barbuda is one of the crypto-friendly countries in the Caribbean that work toward implementing blockchain and crypto assets. Even though the country announced in 2018 that they will be accepting Bitcoin as a legal currency to pay for alternative citizenship, the currency still needs to be converted to actual money and then transferred to the government’s account.
In 2019, a contract was issued between the Eastern Caribbean Central Bank and the Barbados fintech company, Britt, to issue a digital currency in the Eastern Caribbean region.
Vanuatu
According to some reports, in 2017, Vanuatu implemented crypto as a payment method in its Citizenship by Investment Program. Nevertheless, the government has issued a statement on the official website that crypto is not recognized or accepted as a direct payment method in citizenship.
The good news is that investors can still apply for second citizenship and make their payments in the CBI programs with crypto, which later these agencies can convert the money to US dollars and make the investment. Investors can still use digital assets to apply for citizenship as long as they prove the legality and source of income for the investment.
Benefits of Dual Citizenship
The second passport gives access to a wider range of opportunities and markets. So, as a citizen of a certain country, you can invest your assets more freely, get higher interest and take advantage of many benefits. Here are some of the common benefits of obtaining dual citizenship:
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Greater freedom - to live, work and study in a foreign country;
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Social benefits - access to better healthcare or education;
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Residence privileges - you can retire in a country of your choosing;
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Ease of travel - travel without a visa or with a visa on arrival to more than 100 countries (depending on the country where you’ve obtained dual citizenship);
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No taxes on capital gains, wealth, inheritance, or income earned offshore;
Invest Now
A second passport is always a smart choice that comes with a lot of perks. But, before you start the application process, make sure to contact a legal entity to guide you through it and inform you about your rights, privileges, and obligations.
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