Vanuatu, world’s first county to accept bitcoin for its citizenship program

[krishnapramod]

The Pacific island nation of Vanuatu has become the world’s first county to accept the virtual currency bitcoin for its citizenship program.

The Vanuatu Information Centre (VIC) announced that its Development Support Program (DSP) will allow foreigners to qualify for Vanuatuan citizenship through a one-time payment of $200,000 or currently 44 Bitcoins.

Vanuatu is a member of the Commonwealth of Nations and citizenship allows visa-free travel to 113 countries, including EU states, Russia and the United Kingdom.

Vanuatu also advertises its low taxes for citizenship buyers, offering a second passport in a country that levies no capital gains or income taxes. Potential citizens don't need to live in Vanuatu, or even visit the country once.

“Many early investors in bitcoin would like to realize some of their earnings without incurring large capital gains taxes. Ideally, then, they would convert their cryptocurrency into tangible assets in a low-tax jurisdiction… As Vanuatu will now be the only country to offer citizenship for bitcoins, I think the program will see a surge in interest more or less immediately.”

http://www.newsweek.com/bitcoin-now-buys-you-citizenship-pacific-nation-vanuatu-680443

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[merchantofzeny]

The Pacific island nation of Vanuatu has become the world’s first county to accept the virtual currency bitcoin for its citizenship program.

The Vanuatu Information Centre (VIC) announced that its Development Support Program (DSP) will allow foreigners to qualify for Vanuatuan citizenship through a one-time payment of $200,000 or currently 44 Bitcoins.

Vanuatu is a member of the Commonwealth of Nations and citizenship allows visa-free travel to 113 countries, including EU states, Russia and the United Kingdom.

Vanuatu also advertises its low taxes for citizenship buyers, offering a second passport in a country that levies no capital gains or income taxes. Potential citizens don't need to live in Vanuatu, or even visit the country once.

“Many early investors in bitcoin would like to realize some of their earnings without incurring large capital gains taxes. Ideally, then, they would convert their cryptocurrency into tangible assets in a low-tax jurisdiction… As Vanuatu will now be the only country to offer citizenship for bitcoins, I think the program will see a surge in interest more or less immediately.”

http://www.newsweek.com/bitcoin-now-buys-you-citizenship-pacific-nation-vanuatu-680443

I've heard that there are many island-nations selling citizenship for money. Glad that one is already accepting bitcoins. I wonder how they plan to use the bitcoins though.

Any benefits to becoming a citizen of this country? It's not really a big country to begin with. Tax loopholes?

[pitham1]

The Pacific island nation of Vanuatu has become the world’s first county to accept the virtual currency bitcoin for its citizenship program.

The Vanuatu Information Centre (VIC) announced that its Development Support Program (DSP) will allow foreigners to qualify for Vanuatuan citizenship through a one-time payment of $200,000 or currently 44 Bitcoins.

Vanuatu is a member of the Commonwealth of Nations and citizenship allows visa-free travel to 113 countries, including EU states, Russia and the United Kingdom.

Vanuatu also advertises its low taxes for citizenship buyers, offering a second passport in a country that levies no capital gains or income taxes. Potential citizens don't need to live in Vanuatu, or even visit the country once.

“Many early investors in bitcoin would like to realize some of their earnings without incurring large capital gains taxes. Ideally, then, they would convert their cryptocurrency into tangible assets in a low-tax jurisdiction… As Vanuatu will now be the only country to offer citizenship for bitcoins, I think the program will see a surge in interest more or less immediately.”

http://www.newsweek.com/bitcoin-now-buys-you-citizenship-pacific-nation-vanuatu-680443

I've heard that there are many island-nations selling citizenship for money. Glad that one is already accepting bitcoins. I wonder how they plan to use the bitcoins though.

Any benefits to becoming a citizen of this country? It's not really a big country to begin with. Tax loopholes?

There are benefits. It is a member of the Commonwealth (not that it amounts to much). With a Vanuatu passport,you can travel visa free to 113 countries. Definitely beats having a developing country passport.

[amaral1977]

Next goal. 44 BTC to enjoy an island life:) I´ll google vanuatu to see if it worth leaving there or just a nice place to go for a week vacation.
In portugal they are selling visas for 500.000 euros in real estate:) maybe they shift to BTC as well:)

[gentlemand]

Well, if I was going to buy citizenship I'd go the extra mile and get an EU one. That's far more useful. The most brazen ones are Malta and Cyprus, but there'll be an ever increasing number from places like Bulgaria in the years to come.

[merchantofzeny]

The Pacific island nation of Vanuatu has become the world’s first county to accept the virtual currency bitcoin for its citizenship program.

The Vanuatu Information Centre (VIC) announced that its Development Support Program (DSP) will allow foreigners to qualify for Vanuatuan citizenship through a one-time payment of $200,000 or currently 44 Bitcoins.

Vanuatu is a member of the Commonwealth of Nations and citizenship allows visa-free travel to 113 countries, including EU states, Russia and the United Kingdom.

Vanuatu also advertises its low taxes for citizenship buyers, offering a second passport in a country that levies no capital gains or income taxes. Potential citizens don't need to live in Vanuatu, or even visit the country once.

“Many early investors in bitcoin would like to realize some of their earnings without incurring large capital gains taxes. Ideally, then, they would convert their cryptocurrency into tangible assets in a low-tax jurisdiction… As Vanuatu will now be the only country to offer citizenship for bitcoins, I think the program will see a surge in interest more or less immediately.”

http://www.newsweek.com/bitcoin-now-buys-you-citizenship-pacific-nation-vanuatu-680443

I've heard that there are many island-nations selling citizenship for money. Glad that one is already accepting bitcoins. I wonder how they plan to use the bitcoins though.

Any benefits to becoming a citizen of this country? It's not really a big country to begin with. Tax loopholes?

There are benefits. It is a member of the Commonwealth (not that it amounts to much). With a Vanuatu passport,you can travel visa free to 113 countries. Definitely beats having a developing country passport.

Whoa, that looks cool. 113 countries is definitely many. Our country only have visa free to other countries in our bloc. I'm not sure if there are also arrangements for countries outside it.

[Sithara007]

Visa free travel to more than 100 nations is like a lottery. And the price tag is not that expensive as well. Imagine what will happen if the Bitcoin exchange rates rise to $100,000 per coin. The Vanuatu passport will be all yours for just 2 Bitcoins. And do you know the best thing about getting a Vanuatu citizenship? There is no income tax in Vanuatu!!!!

[merchantofzeny]

Visa free travel to more than 100 nations is like a lottery. And the price tag is not that expensive as well. Imagine what will happen if the Bitcoin exchange rates rise to $100,000 per coin. The Vanuatu passport will be all yours for just 2 Bitcoins. And do you know the best thing about getting a Vanuatu citizenship? There is no income tax in Vanuatu!!!!

Does Vanuatu allow dual-citizenship? Coz the issue is that your other country might still want money, haha.

[BelieveInBitcoin]

I've heard that there are many island-nations selling citizenship for money. Glad that one is already accepting bitcoins. I wonder how they plan to use the bitcoins though.

The way things are going with climate change the last place I'd pay to live would be an island nation!

[squatz1]

This isn't even news, Vanuatu? I don't even think most people in that country can put them on a map, let alone people from first world / developed nations that are fully educated. This isn't news, this is propaganda by the bTC community to make them feel better, and while I am also part of this community and a user of bitcoin i don't think this is something which should really be spoken about as we end up looking bad.

[kimochidesh]

The Pacific island nation of Vanuatu has become the world’s first county to accept the virtual currency bitcoin for its citizenship program.

The Vanuatu Information Centre (VIC) announced that its Development Support Program (DSP) will allow foreigners to qualify for Vanuatuan citizenship through a one-time payment of $200,000 or currently 44 Bitcoins.

Vanuatu is a member of the Commonwealth of Nations and citizenship allows visa-free travel to 113 countries, including EU states, Russia and the United Kingdom.

Vanuatu also advertises its low taxes for citizenship buyers, offering a second passport in a country that levies no capital gains or income taxes. Potential citizens don't need to live in Vanuatu, or even visit the country once.

“Many early investors in bitcoin would like to realize some of their earnings without incurring large capital gains taxes. Ideally, then, they would convert their cryptocurrency into tangible assets in a low-tax jurisdiction… As Vanuatu will now be the only country to offer citizenship for bitcoins, I think the program will see a surge in interest more or less immediately.”

http://www.newsweek.com/bitcoin-now-buys-you-citizenship-pacific-nation-vanuatu-680443

This is really a nice news that a nation, although small, recognize and accept the BTC payment to give citizenship. It will at least create a news at global level and other small countries will also be encouraged to take positive steps towards acceptance of BTC as legal payment.

[SixOfFive]

Small Island nation like VANUATU are accepting BTC because not much people are interested to purchase their citizenship for hard cash. Acceptance of BTC will create a opportunity for such countries to raise more fund and make their economy strong.

[Hydrogen]

Does Vanuatu allow dual-citizenship? Coz the issue is that your other country might still want money, haha.

There's a legal process to renounce citizenship of ones native country.

The united states in particular is reported having record numbers of citizens renouncing citizenship in 2016.

Number of Americans renouncing citizenship reaches record high in 2016

A record number of Americans abandoned their US citizenship last year, according to official figures.

Statistics published by the US Federal Register showed that 5,411 people gave up their nationality, an increase of 26 per cent on 2015.

For many  the main motivation is tax.

Americans are liable for US tax even if they live abroad. Although in most cases they are unlikely to face a bill because they can offset what they pay to the taxman in their country of residence.

However high earners can face a bill from the US Internal Revenue Service even after they have paid substantial taxes to the Government in their adopted country.

In addition they are expected to file a US tax return every year, irrespective of what they earn.

Americans living abroad are also taxed on any profit they make on selling their home when they live abroad, even if they have no intention of ever living in the United States.

New laws passed in 2010 made life even more difficult for American expatriates.

The Foreign Account Tax Compliance Act - or Fatca for short - requires banks to declare savings held by US citizens to the American tax authorities. This requirement, which applies to Americans living abroad, has led some banks to refuse to open accounts for US expats or threaten to close them down.

Those giving up their US nationality include “accidental Americans” who were deemed to be citizens because they were born in the United States, even if they lived their entire life elsewhere.

Boris Johnson, the Foreign Secretary who was born in New York, is among those to have renounced their US citizenship.

http://www.telegraph.co.uk/news/2017/02/11/number-americans-renouncing-citizenship-reaches-record-high/

I would guess that citizens of Vanuatu could renounce their native citizenship to avoid paying taxes, although I think they have made it more difficult in recent times for people to do this.

[malikusama]

Check the latest news about this, Vanuatu denies to accept bitcoins for its $200,000 citizenship program.
http://uk.businessinsider.com/vanuatu-accepts-bitcoin-for-citizenship-payment-2017-10
First they have made a very wise decision but soon after some days they take it back. The reason stated by acting General Secretary of Vanuatu is not appealing, i don't know what would be the real reason behind this denial.

[darkangel11]

That's interesting, I might even be interested in buying a citizenship there.
I mean it offers a lot of advantages to a bored guy like me. Warm climate makes it a great place to go on holidays, you can live on a boat and sail around the island the whole time. And best of all: citizenship allows visa-free travel to 113 countries, including EU states, Russia and the United Kingdom. Many countries don't have it that easy.

[Altas]

Holding citizenship of a new country is simply expensive. That too in small countries it's very big, because they consider it an investment platform to raise the economy of the country. Only very few grown countries provide way for dual citizenship and such a move of bitcoin acceptance easily makes it popular.

[pixie85]

Even if it has been denied by the authorities a price of 200k USD for a citizenship is very high. I wouldn't pay that much unless I were running away from something in my own country. It's simply not worth it. You can get that basically for free in Germany, where you don't have to pay taxes on Bitcoin at all and for $200k you can buy an apartment in Berlin and have some fun while you're waiting for your papers to be done.

[Gozie51]

This isn't even news, Vanuatu? I don't even think most people in that country can put them on a map, let alone people from first world / developed nations that are fully educated. This isn't news, this is propaganda by the bTC community to make them feel better, and while I am also part of this community and a user of bitcoin i don't think this is something which should really be spoken about as we end up looking bad.

This is just a small island that is trying to draw attention to themselves and thereby making there community popularly because they understand that people will start looking for a way to visit the place being that tourism is a big business.

The motive for me is not encouraging. This is just a media hype.

[warrior333]

Lol. 200000 dollars to obtain citizenship of the island nation. I don't know what idiot will pay this amount. I think this advertising campaign in order to let people know about the existence of Vanuatu. Easier this amount to invest in business in America and obtain the right of permanent residence in this country. But the fact that Bitcoin lately does not leave the line of the news is good.

[Virtual miner]

The Pacific island nation of Vanuatu has become the world’s first county to accept the virtual currency bitcoin for its citizenship program.

The Vanuatu Information Centre (VIC) announced that its Development Support Program (DSP) will allow foreigners to qualify for Vanuatuan citizenship through a one-time payment of $200,000 or currently 44 Bitcoins.

Vanuatu is a member of the Commonwealth of Nations and citizenship allows visa-free travel to 113 countries, including EU states, Russia and the United Kingdom.

Vanuatu also advertises its low taxes for citizenship buyers, offering a second passport in a country that levies no capital gains or income taxes. Potential citizens don't need to live in Vanuatu, or even visit the country once.

“Many early investors in bitcoin would like to realize some of their earnings without incurring large capital gains taxes. Ideally, then, they would convert their cryptocurrency into tangible assets in a low-tax jurisdiction… As Vanuatu will now be the only country to offer citizenship for bitcoins, I think the program will see a surge in interest more or less immediately.”

http://www.newsweek.com/bitcoin-now-buys-you-citizenship-pacific-nation-vanuatu-680443

I think its quite weird because these countries just dont have any sorts of security from any authority. What is the advantage of taking citizenship in such a country? Its good that this is increasing the use of bitcoin but these nations can be easily annexed tomorrow by any big country.
I've heard that there are many island-nations selling citizenship for money. Glad that one is already accepting bitcoins. I wonder how they plan to use the bitcoins though.

Any benefits to becoming a citizen of this country? It's not really a big country to begin with. Tax loopholes?