As part of its attempt to fully embrace cryptocurrencies, the Government of Antigua and Barbuda will begin accepting bitcoin as a valid payment in citizenship-by-investment applications.
The move comes after an amendment to the twin-island nation’s Citizenship-by-Investment Program Act, which is, according to various media reports, intended to make the application process “convenient for citizenship seekers who own cryptocurrencies”.
According to Prime Minister Gaston Browne, the use of bitcoin “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. [As such] if you do not accept the cryptocurrency then you would be literally locked out of that market”.
Currently, applicants using bitcoin will need to pay about 15.60 BTC, equivalent to $100,000. Assuming the current bitcoin price at the time of writing is $6400
The decision also supports the Antiguan Government’s efforts to improve its reputation of being a tax haven and of being at greater risk of money laundering than other countries in the region.
Antigua and Barbuda embracing new technologies such as crypto and blockchain and with a big ambition towards becoming blockchain and crypto island in the Caribbean.
Currently Antigua and Barbuda is the only country among CIP’s officially accepting Bitcoin for its citizenship by investment programme which requires $100K contribution or $400K real estate investment plus payment of various additional fees. Vanuatu recently announced Bitcoin is not accepted for Vanuatu DSP citizenship program and Malta clarified Bitcoin not accepted for Individual investor programme (IIP).
In 2017, the government of Antigua and Barbuda said it was drafting laws “to implement bitcoin. In July 2018, Antigua parliament approved bitcoin and other cryptocurrencies as a legal payment option for citizenship by investment program. PM Browne said To combat the notorious volatility present in the cryptocurrency market, payments will be converted into US dollars on a daily basis “to ensure that we don’t have any exposure in cryptocurrencies.”
In April, The government of Antigua and Barbuda has decided to set up a cryptocurrency exchange to generate revenue for the nation’s treasury and place the country “on the cutting edge of the new system of creating wealth” and to cash in on the global fintech wave.
In a recent Office of Prime Minister Announcement..
Mr. Calvin Ayre, one of the biggest Bitcoin cash investor will be expanding his operation when the five-storied building across from the Epicurean Supermarket is completed by March 2019. It is anticipated that 500 additional workers will be employed. He will be focusing upon crypto currencies, utilizing the blockchain technology that has made crypto currencies possible in the island.
Mr Calvin Ayre is a Canadian-Antiguan entrepreneur based in Antigua and Barbuda, and the founder of the Ayre Group and Bodog entertainment brand. He also promotes Antigua citizenship by investment programme for Bitcoin cash through his Coingeek website
The small caribbean islands of Antigua and Barbuda takes eighth place in the world among the bitcoin hodlers
Top Countries with the Most Bitcoin Hodlers
1. The United States
2. South Korea
3. Romania
4. Malta
5. The Czech Republic
6. Spain
7. Poland
8. Antigua and Barbuda
9. Japan
10. SwitzerlandWith this, we conclude our list of the countries that have the most #Bitcoin #hodlers pic.twitter.com/hZF6RMb8TA
— Fulijuntuan (@fulijuntuan) October 12, 2018
