Vanuatu has become the first nation to accept payment for its citizenship in the form of cryptocurrency. The current price for residency is 41.5 BTC which is equivalent to approximately 203,300 USD.
Vanuatu is a small South Pacific nation made up of roughly 80 islands that stretch over 1,300 kilometres. As a member of the Commonwealth of Nations, owning a passport would allow you free travel over 100 countries, including most of Europe.
Geoffrey Bond, the chairman of Vanuatu Information Center has stated that the government of Vanuatu has explicitly expressed desire to adopt new technologies. The investment migration specialist Christian Nesheim has described their daring decision as competitive advantage towards the citizenship market.
Christian Nesheim also described that the majority of early Bitcoin investors would like to realize some of their earnings without paying large capital taxes, thus the program for citizenship will raise high interest.
CryptoConan
Sources:
1. https://news.bitcoin.com/vanuatu-becomes-first-nation-to-accept-bitcoin-as-citizenship-payment/
2. https://www.ethnews.com/vanuatu-accepting-bitcoin-for-citizenship-passports