Got some bitcoin burning a hole in your digital wallet? And paradise on the mind? You could use it to buy a second passport.<\/p>\n
Vanuatu, a South Pacific archipelago of some 80 islands, will now let outsiders use the volatile cryptocurrency to apply for so-called investment citizenship.<\/p>\n
Fork over the equivalent of about $280,000, and your family of up to four can receive passports from what the New Economics Foundation, a UK-based think tank, calls the fourth-happiest country in the world.<\/p>\n
It ranked No. 1 when the list was first published in 2006, but like the vagaries of the market, happiness can be\u00a0a fleeting thing.<\/p>\n
With bitcoin reaching a record price of $5,209 on Thursday, more than five times its value at the start of the year, passports for the whole clan cost\u00a0about 53.8 bitcoin.<\/p>\n
Vanuatu isn\u2019t the only island that offers citizenship for a price\u2014the list includes Antigua, Grenada, Malta, and St. Kitts and Nevis\u2014but it\u2019s the first to allow payments via bitcoin.<\/p>\n
The development was announced in a press release on Investment Migration Insider, a website focused on investment citizenry.<\/p>\n
Vanuatu citizenship offers several advantages. The country has the 34th-most-\u201cpowerful\u201d passport in the world, providing visa-free visits to 116 other countries, according to the Passport Index, a list of rankings maintained by Arton Capital, a company that facilitates foreign residence and citizenship applications.<\/p>\n
Vanuatu falls right below Panama and Paraguay (tied) and above Dominica; the UK is in a tie at third place, the US at fourth, and Russia at 40th.<\/p>\n
The country\u00a0also has no income, inheritance, or corporate tax. It\u2019s not even customary to tip there, according to the Vanuatu Tourism Office. The archipelago is relatively accessible: about a three and-a-half-hour\u00a0flight from Sydney to Port Vila, the capital.<\/p>\n
And scuba aficionados will appreciate that it\u2019s home to the world\u2019s largest diveable wreck\u2014the SS President Coolidge, a luxury liner-turned-troop ship that sank during World War II.<\/p>\n
Should you really want a place to escape, Vanuatu\u2019s abundance of islands and relatively small population (about 290,000) mean\u00a0that your own private island may be within reach.<\/p>\n
The least expensive one currently on the market, according to real estate website Private Islands Online, is Lenur, priced at about $645,000.<\/p>\n
For that you get 84 acres including three sandy beaches, a handful of sleeping bungalows, and an open-plan kitchen. Most of the property is covered in coconut, fruit, and nut trees.<\/p>\n
Still, like investing in cryptocurrency in the first place, tropical life doesn\u2019t come without risks. Earlier this month, residents had to be evacuated from the northern island of Ambae because its volcano, Manaro Voui, had rumbled to life and was spewing steam and rocks.<\/p>\n