Bitcoin Payments and BlockChain due diligence for Vanuatu Citizenship Program

PUBLICATIONS / Articles / 2018 / Bitcoin Payments and BlockChain due diligence for Vanuatu Citizenship Program

Going forward with the technological advancement, citizenship programs are becoming easily manageable. The pilot project of the Vanuatu Information Centre is getting popular with the possibility for applicants to make payments in cryptocurrency, bitcoin.

 

The Government of Vanuatu in the official letter on an entity handling applications to the Vanuatu DSP Citizenship Program confirmed that the Government supports the initiative in taking payment in Bitcoin. This marks the first time citizenship by investment program obtains official confirmation to make payments in a cryptocurrency.
 

Chairman of the Vanuatu Information Centre, Geoffrey Bond mentioned that “While attempts have been made in the past to effect payments for citizenship by investment programs via Bitcoin, these efforts never had the political stamp of approval, and were shut down as a consequence. However, in this case, the Government of Vanuatu has explicitly expressed a desire to be at the forefront of adopting new technologies, officially encouraging the VIC to receive payments in Bitcoin.”  He also stated, “In addition to the normal due diligence probity checks that are required to obtain Vanuatu Citizenship, all Bitcoin transactions will be run through our partner’s Australian Exchange and meet with the normal compliance requirements imposed by the Australian Financial Regulator.”

 

According to migration specialist, Christian Nesheim, the initiative provides a competitive benefit in the citizenship market. He added that “Many early investors in Bitcoin would like to realise 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. So far, the asset classes available to this type of investor have been limited, but we are now seeing an increasing number of crypto-to-real-assets type investments on offer. 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.”

 

In addition to the cryptocurrency payments, the blockchain-based digital identity system – SelfKey will be the new due diligence accepting applications without intermediaries with the SelfKey native token. The applicants can easily send applications, documents, and make payment securely.

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