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, which has ambitions 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, working on this island project since 2017.
Their ambition is clear: to found the cryptocurrency capital of the world, bringing together a huge number of enthusiasts.
To do this, the founders of the project have already purchased the island of Lataro, on the territory of Vanuatu. This is currently composed only of vast virgin forests with an area of 300 hectares, everything must be built from scratch. The infrastructures and properties will be built respecting the biodiversity of the island, and will be powered by green energy, with solar panels.
Work on the buildings on the island has already begun, where small houses with futuristic decor are being built. The builders are also working on the infrastructure to allow the future inhabitants to have access to running water and electricity.
On this paradise-like island, a few features are interesting:
- all payments for goods or services will be made in cryptocurrencies;
- the purchase and sale of real estate will be done in NFTs.
This is not the first time that crypto-currency lovers have tried to come together in a world of their own: in 2020, a project for a “crypto-friendly” cruise ship, MS Satoshi, had emerged.
The conditions to join the island
The number of inhabitants on this island will be limited to 21,000, in reference to the 21 million units of BTC. But the craze of 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 conditions to obtain a visa for this small paradise are not given to everyone:
- it will be necessary to pay 130 000 dollars to obtain the Vanuatu nationality, that is to say approximately 118 000 euros ;
- It is also necessary to obtain the NFT of the nationality of the island, a kind of passport.
The island of Satoshi Island can be visited by the selected candidates in the second half of 2022, but to live there, it will be necessary to wait until the year 2023.
A very advantageous tax system
Obviously, the territory was not chosen at random to attract crypto holders: the island will benefit, like all the Vanuatu archipelago, from a very advantageous taxation on capital gains in cryptocurrencies, namely not the slightest tax.
The island will have “no tax on profits, dividends or income for companies as well as individuals, nor any taxes on capital gains or inheritance.”
A particularly poor country, this new project should give a good boost to the Vanuatu economy. The project is supported by the government of Vanuatu, 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 talked to him about it, so he was very excited about the idea of our company and a lot of bright minds coming to Vanuatu.”
Anyway, until the first inhabitants arrive on the island in 2023, such a project can make any cryptocurrency lover dream.
Previous “crypto paradise” projects have not been successful
Be careful, however, to take this island project with hindsight and not to rush in head first, when we see what similar initiatives have given in the past.
Indeed, this is not the first time that investors want to gather cryptocurrency fans in the same place, with advantageous rules and everything that goes with it. By the way, the MS Satoshi cruise ship project we mentioned at the beginning of the article never seems to have materialized. We have no further news at this time.
In Senegal, it is the idea of “crypto-city” of the famous singer Akon 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 even worse, the developer of the real estate project is accused of scamming.
A project very similar to the one on Satoshi Island also seems to be at a standstill, the one on 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 haven’t 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.
