Although the project is worthy of the best Hollywood movies, it is real: an island in Vanuatu, named Satoshi Island, is going to be entirely dedicated to cryptocurrency holders. The first citizens should arrive on the island in 2023. But they will have to show their credentials, as the entry ticket is $130,000.
What is Satoshi Island?
Satoshi Island is an island in the Vanuatu archipelago, located in the Pacific Ocean, which aims to become the future paradise for all cryptocurrency enthusiasts. The island was named after Satoshi Nakamoto, the pseudonym of the mysterious creator of Bitcoin (BTC).
The 4 investors behind the project are James Law, Denys Troyak, Taras Filatov and Benjamin Nero. They have all been in the cryptocurrency business for many years, and have been working on this island project since 2017.
Their ambition is clear: to found the cryptocurrency capital of the world, by bringing together a huge number of enthusiasts.
To achieve this, the founders of the project have already purchased the island of Lataro, on the territory of Vanuatu. The island is currently made up of only 300 hectares of vast virgin forests, so everything has to be built from scratch. The infrastructure and properties will be built in a way that respects the island’s biodiversity, and will be powered by green energy, including solar panels.
Satoshi Island
Building work on the island has already begun, with small houses with futuristic decor being built. The builders are also working on the infrastructure to provide the future inhabitants with access to running water and electricity.
On this paradise-like island, a few features are of interest:
- all payments for goods or services will be made in cryptocurrencies;
- the purchase and sale of real estate will be done in NFTs.
This isn’t the first time cryptocurrency lovers have tried to come together in a world of their own: in 2020, a proposed “crypto-friendly” cruise ship, MS Satoshi, was born.
The requirements for joining the island
The number of inhabitants on the island will be limited to 21,000, referring to the 21 million units of BTC. But the craze among cryptocurrency enthusiasts was not long in coming: 50,000 applications to be an official citizen of this island were counted as of March 23, 2022.
And yet, the requirements to obtain a visa for this little paradise are not given to everyone:
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In order to obtain Vanuatu citizenship, you will have to pay $130,000, or about 118,000 euros;
- you will also need to obtain the NFT of the island’s nationality, a kind of passport.
118,000;
Satoshi Island can be visited by selected applicants in the second half of 2022, but living there will have to wait until 2023.
Very favourable tax treatment
Obviously, the territory was not chosen at random to attract crypto holders: the island will benefit, like the entire Vanuatu archipelago, from a very advantageous taxation on capital gains in cryptocurrencies, namely no tax at all.
Satoshi Island officials confirm this:
The island will have “no taxes on profits, dividends or income for companies or individuals, nor will there be any taxes on capital gains or inheritance. “
As a particularly poor country, this new project should give a good boost to the Vanuatu economy. The project is supported by the government, which sees it as a great opportunity to bring bright people to the country and create jobs.
The investors behind the project say: “
“.
The Minister of Finance was already interested in the idea of a digital economy and the use of blockchain technology when we spoke to him about it, so he was very excited about our company and a lot of bright minds coming to Vanuatu.
Whatever the case, until the first residents arrive on the island in 2023, such a project can make any cryptocurrency enthusiast dream.
Previous “crypto paradise” projects have failed
But beware of taking this island project with hindsight and not rushing in head first, when you see what similar initiatives have done in the past.
Indeed, this is not the first time that investors want to gather cryptocurrency fans in one place, with advantageous rules and all that goes with it. Incidentally, the MS Satoshi cruise ship project we mentioned at the beginning of this article never seems to have materialised. We have no further news at the moment.
In Senegal, it is the idea of the famous singer Akon for a “crypto-city” that seems to have stalled almost 2 years after the initial announcement. The first building was supposed to be completed in 2024, but no construction has started on site. And what’s worse, the developer of the real estate project is accused of scamming.
A project very similar to Satoshi Island also seems to be at a standstill, that of Cryptoland. Investors wanted to buy an island in the Fiji archipelago to create a community for cryptocurrency enthusiasts. But they failed to buy the island, and they have not given any news on their social networks since mid-February, as their Twitter shows.
Knowing this, it might be better to have other guarantees, even though in the Satoshi Island project, the island has been purchased, and construction has started. This should be a positive sign for the rest of this initiative. To be continued.
