In 2017, Vanuatu became the world’s first CBI program to accept cryptocurrency as payment. The Vanuatu passport cryptocurrency payment option is indeed a distinct advantage of the Vanuatu passport program. As a result, applicants enjoy the privacy and reduced cost of using cryptocurrency in exchange for the most valuable tangible asset – second citizenship.
To clarify, qualified applicants for Vanuatu citizenship do not pay the Vanuatu government directly. However, the Vanuatu government has given permission for approved agents such as iGlobal to accept cryptocurrency on their behalf. The three types of cryptocurrency accepted are BTC, USDT and ETH.
What is the Vanuatu Passport Cryptocurrency Payment Process?
We work with a trusted partner operating an over-the-counter (OTC) desk in order to process cryptocurrency payments. The OTC receives payment from the main applicant and converts it to fiat currency. Afterwards, the fiat is transferred to our account on the client’s behalf. For the service, there is a 3% “cryptocurrency convenience fee”.
This is the step by step process we have used to facilitate cryptocurrency payments for the last three years:
- A mutually agreed time is arranged and the live trade is conducted via SKYPE or Telegram with the client, OTC desk and agent all present on the call.
- At that time the OTC desk will provide a quote which includes the 3% convenience fee.
- If accepted, the client replies “Done” within the allotted time frame.
- Or if the client does not accept the quoted rate they may wait for another time to do the trade.
- However, if the rates are confirmed according to #3 above, the OTC desk will provide their cryptocurrency payment address and the client sends payment.
- Once the OTC desk receives payment with minimum 2 confirmations on the blockchain, payment is converted to fiat and transferred to our account.
Alternatively, the client can do their own Vanuatu passport cryptocurrency conversion. This is possible using a cryptocurrency exchange such as Coinbase. Afterwards, they can transfer the fiat funds to their affiliated bank account. From there, it can be transferred directly to our account and credited to the Vanuatu government on their behalf.
Client Funds Verification Requirement
As part of the Vanuatu passport application process the client must demonstrate that they hold assets of at least USD$250,000 (plus the application fee), this can be made up of cash in the bank, shares, property etc.
Additionally, the client must confirm in writing that the cryptocurrency that is being converted into $USD is their property and is acquired legally.
Vanuatu Passport Cost Categories
Vanuatu citizenship by investment provides a simple low cost process for applicants. The Vanuatu passport cost is collected in two stages.
First, all of the application forms are filled out and the supporting documents are collected. The complete application package along with the USD$5,000 due diligence fee is then submitted to the Vanuatu financial intelligence unit (FIU).
Second, the letter of acceptance is received from the FIU. The full investment amount is then collected from the main applicant which is submitted to the Vanuatu government.
Essentially, the full investment amount is not submitted until we are assured the application will be approved. As a result, the applicant(s) is never exposed to any material risk. Indeed, our approval rate after the letter of acceptance is received is 100%.
|Applicant Categories||Selling Price (USD)|
|Married with One Child (under 18 years of age)||$165,000|
|Married with Two Children (under 18 years of age)||$180,000|
|FIU Due Diligence Fee (main applicant only)||$5,000|
*Note: Family members on the application can include the spouse, children below 18, dependent children to age 25 and dependent parents.
Cryptocurrency Investors Face Biased Government Scrutiny
Unfortunately, cryptocurrency is still considered controversial by the establishment. However, this could not be farther from the truth. Indeed, all cryptocurrency transactions are recorded on an indelible blockchain ledger. The transparency of the blockchain is there for all to see.
Nonetheless, cryptocurrency investors would be wise to heed the negative sentiment being expressed by government officials.
Most recently, the US Federal Reserve Chairman Jerome Powell criticized cryptocurrency when he said it “was a little bit like gold” in that it is used more for speculation than making payments.
Additionally, European Central Bank President Christine Lagarde said in January 2021 that cryptocurrency was facilitating the “funny business” of criminal activity. She also expressed serious doubt regarding the assumption cryptocurrency “might turn into a currency” that was legitimized by the government.
The veracity of their insinuations is unsubstantiated, however it will not stop them from impeding the acceptance of cryptocurrency. Indeed, if the US government can criminalize private ownership of gold as they did in 1933, they can certainly ban cryptocurrencies.
As a result, investors should make hay while the sun still shines. Indeed, it would be wise to hedge your cryptocurrency holdings with a tangible asset such as Vanuatu second citizenship.