In the future, the South Pacific island of Vanuatu will accept Bitcoin for the acquisition of a citizenship.
The citizenship is worth 200,000 dollars. Currently Bitcoin is hovering around 4'579 dollars, which makes 43.67 or 44 Bitcoin necessary to become a citizen of Vanuatu, according to an official press release issued by the country.
The sale of citizenship is a highly lucrative business for a number of countries, and it is a practical way for ultra high net worth people to travel around the world. The arrangement particularly benefits wealthy people from the most «troubled» countries, such as in Eastern Europe or Asia and Latin America.
South Pacific Tax Haven
Vanuatu belongs to the Commonwealth. With a corresponding nationality visa-free entry into a total of 113 countries is possible, including the U.K., Russia and the E.U. Vanuatu also has low taxes - the country does not have either a capital gains tax or an income tax.
The use of cryptocurrency in large financial transactions may still be highly controversial to the general public. But for James Harris, managing director of the Vanuatu Information Center Network, the opposite is the case. With the use of cryptocurrency the funding can be tracked at any time, which cuts out abuses, he told «Business Insider.»
