According to Antigua and Barbuda’s Citizenship by Investment Program Act which was amended by the country’s parliament, payments can be also made by using bitcoin along with other cryptocurrencies.
Antigua News Room reported that the country’s Prime Minister and Minister of Finance & Corporate Governance & Public-Private Partnerships, Hon. Gaston Browne made the announcement regarding the resolution.
Holders Can Make Investments in Antigua and Barbuda
Browne stated that the decision was made to make things more convenient for citizenship pursuers that hold cryptocurrencies. The program supports this method of payment so that it will attract a wider sector of investors which are looking for citizenship.
“And the truth is too, it 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,” Browne told the country’s parliament. “If you do not accept the cryptocurrency then you would be literally locked out of that market.”
The payments that will be made in cryptocurrencies will be converted daily to US dollars to prevent any losses that may result from volatility.
To be suitable to receive citizenship from Antigua and Barbuda’s Citizenship by Investment Program Act, applicants can opt to make an investment in the country with sums ranging between US$400,000 and US$1.5 million, or they can contribute US$100,000 to its National Development Fund. Additional sums need to be paid according to the number of dependents the person has.
As the island state has introduced several efforts intended to stimulate the growth of a crypto-friendly environment. Last year in April, the country’s cabinet told its attorney general to create a draft for a legislation that would support bitcoin payments for government services.
At the time the country’s Minister of Foreign Affairs, Everly Paul Chet Greene maintained that blockchain’s immutability permits the tracing of transactions and would thus lessen the reputation of tax haven of the island state.
Its prosperous financial sector and its developed internet gaming industry has made the state seem quite prone to money laundering and other fiscal criminalities. Greene also reasoned that allowing bitcoin payment for government services would reinforce Antigua & Barbuda’s reputation as an innovator in its area.
“Here in Antigua & Barbuda we know we are always very much front and center of new developments; we are leaders, trendsetters in the Caribbean,” Greene stated at that time.