Antigua and Barbuda have decided to accept BTC and other cryptos from wealthy investors who apply for Caribbean citizenship. The cost varies from 400 thousand to 5 million dollars.
Small Caribbean islands can also survive through investment citizenship programmes.
In practice, the passport is granted to those who can afford to invest large sums of money in the country, often in specific sectors. For example, Pavel Durov, co-founder of Telegram, is a citizen of St. Kitts and Nevis, after investing in the local sugar cane industry.
Clearly, the new crypto-rich are very sensitive to the tax benefits provided by these island countries. Thus Antigua and Barbuda have decided to favour these possible new citizens.
An amendment to the law on the Citizenship Investment Program (CIP) has been tabled in Parliament, which will make it possible to invest in virtual currencies.
Finance Minister Browne explains: “So not only are we providing the capacity for payment in Euros, but we are also proving for payments using bitcoin and other cryptocurrencies. And the truth is too, it expands your market because we have a number of cryptocurrency investors who may be quite willing to take up our citizenship but would only pay in cryptocurrencies. If you do not accept the cryptocurrency then you would be literally locked out of that market.“
Caribbean citizenship requires between 400,000 and 5 million dollars, depending on the type of investment you intend to make. To this must be added a substantial acceptance fee, which starts from a minimum of 25 thousand dollars.
The procedures are handled by agents of the Antigua and Barbuda governments, who receive the figures on authorised accounts and then process the files.
Some agents have had problems with transactions through the American banking system, so the use of cryptocurrencies will also facilitate the entire process of transfer of capital to the Caribbean island.