What you need to know about the Crypto Citizenship Program in the Central African Republic – CEOWORLD magazine

Recently, the highest court in the Central African Republic blocked the government’s attempt to launch the crypto-citizenship scheme. This brought the world’s attention to the evolution of citizenship through investment programs. And the decision of the Central African Republic to implement such a program was quite interesting. This is why I have taken up the said program for our discussion today.

There has been a lot of noise around the legitimacy of cryptocurrency in business transactions. With the massive fall of 2022, crypto skeptics have strengthened 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 will discuss the program in detail.

1. A brief overview
   The Central African Republic is not the first country to attempt such a step but is certainly the first to announce it successfully. Aside from the fact that there was legal intervention, the scheme aimed to attract crypto investors to the country through a myriad of benefits. When investing in crypto, the investor will be eligible for zero cryptocurrency tax, the right 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 already know, SANGO is the nation’s national digital currency. In April 2022, the Central African Republic became the first African country to recognize cryptocurrency as legal tender.
2. Investment in real estate
   Through SANGO, the country aims to decentralize the management of goods throughout the territory. Under the said program, it allows investors to obtain ownership by locking up a fixed amount of SANGO coins. The minimum value of an investment through SANGO coins must be 10,000 USD. The investment amount must be blocked for a period of 10 years, after which it will be returned to the investor.
3. Where to invest in real estate
   The country aims to create what it calls CryptoCity and Crypto Island in the capital Bangui. The planned township is expected to accommodate up to 25,000 new households and 50,000 residents. Along with residential developments, commercial development will be encouraged. These developments are claimed as long-lasting and highly advanced towards which the country aims to attract foreign investment.
4. Acquisition of nationality
   The amount of investment increases if investors aim to acquire citizenship. Citizenship by investment is available but on the condition that the investor invests and locks in a minimum of 60,000 USD in SANGO coins for a period of 5 years. After the expiry of the said period, the investment amount will be returned to the investor. With a Central African passport, investors will have visa-free access to more than 17 countries.

However, if residency is on the agenda, the investment amount drops to USD 6,000, which must be locked in for a period of 3 years. This amount will also be returned to the investor.

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