The United Arab Emirates taps Toncoin for golden visa program

Toncoin just announced a partnership with the United Arab Emirates that allows it to offer a 10-year Golden Visa to investors who can stake a specific amount of TON tokens for at least three years. 

The blockchain-based residency program, which integrates crypto investment with immigration policy, is the first of its kind in the UAE and costs less than similar investor visas.

UAE taps Toncoin for golden visa program

According to information on the official site, any investor looking to capitalize on this opportunity must stake at least $100,000 in TON tokens for three years via a decentralized smart contract on the TON blockchain.

Aside from the TON to be staked, investors will also have to pay a one-time $35,000 fee. The fee is required for the visa processing, which can reportedly be completed within seven weeks, which is significantly faster than the present traditional alternatives.

As it stands, the program is merit-based, with candidates expected to be chosen via a selective review process. There will also be no real estate or minimum income threshold, a perk that sets it apart from traditional UAE Golden Visa pathways, known to often require over $500,000 in real estate or fixed deposits.

Those who apply and get picked will receive a 10-year UAE Golden Visa, which they claim is renewable and covers spouses, children, and parents at no extra cost (only the standard government fees apply).

There are also financial incentives, including allowing stakers to earn an estimated 3-4% annual percentage yield (APY) during the staking period, though the returns may vary based on TON’s market volatility.

Also unlike current property-based visa programs, the staked TON tokens will remain under the investor’s control and they will have the option to fully withdraw it after the lock-in period.

Other countries have launched variations of golden visa programs

While Toncoin’s new partnership with the UAE to offer a golden visa is a great innovation, several countries and platforms offer similar programs that integrate cryptocurrencies.

Some accept crypto directly and indirectly in their citizenship-by-investment (CBI) or residency programs, including Vanuatu, Dominica, St. Lucia and Portugal.

Compared to the Toncoin-linked golden visa, Vanuatu’s CBI program requires a minimum investment of around $130,000 for a single applicant, and it usually comes in the form of a donation to the government’s development funds.

However, Vanuatu’s CBI program demands that all payments be converted to fiat if an investor pays in crypto, with verified proof of funds and due diligence done. Those who get it are guaranteed visa-free travel to over 130 countries, including the Schengen Area and the UK, as well as a tax-friendly environment with no income or capital gains tax.

Dominica’s version of it has similar requirements: a minimum investment of $100,000 in the form of a donation or $200,000 in real estate. Investors must also provide documentation of crypto assets to ensure legality and availability of liquidity. The visa also provides visa-free access to over 140 countries and a crypto-friendly tax regime.

The UAE’s partnership with Toincoin stands out because it offers more than free access to other countries and a crypto-friendly regime. The perks extend to family, and investors get all their staked TON back at the end of the three years.

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