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Buy citizenship with Bitcoin

The South Pacific island of Vanuatu will in future also accept the crypto currency Bitcoin for the acquisition of a citizenship worth 200,000 dollars.

The Bitcoin currently costs 4,579 dollars, which makes 43.67 and 44 Bitcoin respectively necessary to become citizens of Vanuatu, according to an official press release from the country.

The sale of citizenships is a highly lucrative business for a number of countries and a practical way for wealthy individuals from troubled countries such as Eastern Europe, Asia and Latin America to travel around the world with an “unencumbered” passport.

Tax haven in the South Pacific

Vanuatu belongs to the Commonwealth. With a corresponding citizenship, visa-free entry to a total of 113 countries is possible, including Great Britain, Russia and the EU. Vanuatu also distinguishes itself with low taxes – the country has neither a capital gains tax nor an income tax.

The use of crypto currencies in large financial transactions may still be highly controversial among the general public. But for James Harris, Managing Director of the Vanuatu Information Centre Network, exactly the opposite is the case. When crypto currencies are used, the financing can be traced back at any time, which rules out abuses, he told the business portal “Business Insider”.

About Vanuatu

The Republic of Vanuatu (formerly: New Hebrides) is located in the South Pacific. The island state comprises the group of New Hebrides with a total of 82 islands, which extend about 800 km in a north-south direction. The largest islands are Espiritu Santo (3 626 km²), Malékoula (2 033 km²), Éfaté (915 km²), Erromango (897 km²) and Tanna (550 km²). The total land area of Vanuatu is 12 190 km².

The islands of the Republic are located in the border area of the Indian-Australian and the Pacific Plate, a tectonically unstable region. The volcanic origin of the islands can be seen in the strongly jagged peaks of the mountains and the stepped plateaus. Nine of Vanuatu’s volcanoes are still active, located on the islands of Ambrym, Tanna and Lopévi, and three submarine volcanoes. The highest elevation is the Tabwemasana on the island Espiritu Santo with 1 879 m.

Political System

Vanuatu is a parliamentary republic in the British Commonwealth of Nations under the 1980 Constitution. The head of state is the president elected for a term of five years by the Parliament and the chairmen of the provincial parliaments (since September 2014 Baldwin Lonsdale). The National Council of Chiefs has an advisory function. The executive power is exercised by the Council of Ministers under the leadership of the Prime Minister as head of government (since May 2014 Joe Natuman). He is usually the leader of the ruling party.

The legislative power lies with the parliament, whose 52 deputies are elected by the people for four years. Vanuatu is divided into six provinces.

Economy

Agriculture accounts for 25 % of gross domestic product (GDP) and employs two thirds of the labour force. The most important crops are copra, coconuts, cocoa, coffee, taro, jams, vegetables and tropical fruits. Cattle farming, fishing and forestry are also important.

Industry (11% of GDP) is limited to the production and processing of food. Wood processing and handicrafts are also important.

At 64%, the service sector accounts for the largest share of the gross domestic product (GDP). The exemption from taxes and duties has made Vanuatu one of the leading financial centres in the Pacific, and numerous banks and credit institutions have now settled here.

An increasingly important economic sector is tourism, which has contributed to the country’s great prosperity by regional standards. Especially on the main island of Efate, new (luxury) hotels have been built.

The most important trading partners for exports (copra, cocoa, coffee, wood, beef) are Thailand, the Ivory Coast and Japan. The main imports are machinery and vehicles, fuels and food from China, Singapore, the USA, Japan and Australia.

The road network covers a total of almost 1,100 km, of which about a quarter is paved. Port-Vila on the island of Éfaté and Luganville on Espiritu Santo each have a deep-sea port and an international airport, another international airport is located on Tanna. Currency is the Vatu.

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