Now you can become a citizen of Antigua with a reasonable price of 12 BTC according to the new amendment which brought this change to the country’s existing Citizenship by Investment Program Act of Antigua and Barbuda. Previously, one could become a citizen by investing at least 100,000 USD in the country with more payments for the number of dependents an individual has.
According to the country’s Prime Minister and Minister of Finance Hon. Gaston Browne, it will open up a new avenue for the investors to participate and utilise this opportunity. The scenic Caribbean island already has a proportion of crypto investors who would prefer to acquire citizenship by paying in cryptocurrencies, this extension of accepting cryptocurrencies including Bitcoin will boost the country’s outreach in the growing market where crypto transactions are gaining traction, While not accepting them would only limit Antigua’s market participation according to Mr. Browne. The cryptocurrencies will be converted to US dollar daily to prevent losses due to volatility.
Antigua has a controversial reputation of being a tax haven, with the presence of a vibrant service sector and a sizable gaming industry, the country is sometimes perceived as a hub for money laundering and other associated criminal acts.
With the introduction of Bitcoin and other cryptocurrency-based transactions, which is based on the relatively transparent blockchain technology, the country wants to clean up its reputation according to the Minister of Foreign Affairs, International Trade & Immigration, Everly Paul Chet Greene. He further argued that allowing cryptocurrencies to be utilised to pay for government services would promote its reputation as a leader of innovation in the Caribbean as well as promote transparency and reduce corruption.
Until now, in order to become a citizen of Antigua and Barbuda, an individual needed to invest anywhere from 400,000 USD to 1.5 million USD in the country or invest a total of 100,000 USD in the country’s National Development Fund with 12 BTC investment being the newest addition.