Recently, the top court in the Central African Republic blocked the government’s attempt to launch the crypto citizenship program. This brought the attention of the world to the evolving state of citizenship through investment programs. And, the Central African Republic’s move to implement such a program was quite interesting. This is the reason why I picked up the said program for our discussion today.
There has been quite a fuss about the legitimacy of cryptocurrency in business transactions. With the massive downfall in 2022, skeptics of cryptos have bolstered the call against their recognition. Amid this series of events, the announcement of the crypto citizenship program was an interesting development.
In today’s article, we shall discuss the program in detail.
- A Brief Overview
The Central African Republic is not the first country to attempt such a move but is certainly the first to successfully announce it. Keeping aside the fact that there has been judicial intervention, the scheme was aimed at attracting crypto investors into the country through myriad benefits. Upon a crypto investment, the investor will be eligible for zero taxes on cryptocurrencies, entitlement to a cryptocurrency passport, and citizenship of the Central African Republic. The investment will have to be made in SANGO coins. For those who don’t know already SANGO is the national digital currency of the nation. In April 2022, the Central African Republic became the first African country to recognize cryptocurrency as a legal tender.
- Investment in Real Estate
Through SANGO, the country is aiming to decentralize the management of property across the territory. Under the said scheme, it allows investors to obtain property by locking a fixed amount of SANGO coins. The minimum value of an investment through SANGO coins must be USD 10,000. The investment amount must be locked for a period of 10 years following which it shall be returned to the investor.
- Where to invest in real estate
The country aims to create what it calls CryptoCity and Crypto Island in the capital city of Bangui. The planned township is planned to accommodate as many as 25,000 new households and 50,000 residents. Alongside residential developments, commercial development will be encouraged. These developments are claimed to be sustainable and highly advanced towards which the country aims to attract foreign investment.
- Acquisition of citizenship
Investment amount rises if the investors aim to acquire citizenship. Citizenship by investment is available but under the condition that the investor invests and locks a minimum of USD 60,000 in terms of SANGO coins for a period of 5 years. Following the expiration of the said period, the investment amount shall be returned to the investor. On a Central African Republic passport, investors will be given visa-free access to more than 17 countries.
However, in case, residency is on the agenda, then the investment amount shoots down to USD 6,000 which needs to be locked for a period of 3 years. The said amount will also be returned to the investor.
Have you read?
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World’s Richest People (Top Billionaires, 2022).
Economy Rankings: Largest countries by GDP, 2022.
Top Citizenship and Residency by Investment Programs, 2022.
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