Good news from Antigua! The cryptocurrency and Euro are to be accepted as payment terms!
Antigua and Barbuda (referred to as Antigua) citizenship by investment program, which is a popular project for small countries’ citizenship by investment programs, is favored by many investors because of its relaxed conditions requirement and high cost effectiveness. Recently, the Antigua Citizenship by Investment Program has new good news, which is to accept cryptocurrency and the euro as a form of payment for the country's citizenship by investment program. According to a report in the Caribbean News, the country’s Prime Minister, Gaston Browne, said that the citizenship by investment program will begin to accept other forms of payment from now on, rather than only taking dollars. “We are not only accept payments in euros, but also accept payments in Bitcoin or other cryptocurrencies,” Gaston Browne said, but he also admitted that Antigua needs to be cautious when dealing with cryptocurrency payments. Policy adjustments are necessary, he said, because “it is important to drive the diversification of payments. If you don’t accept diversification, you won’t get it. So it’s critical that we introduce a payment mechanism that accepts cryptocurrencies.” Gaston Browne went on to say that the amendment would help Antigua and Barbuda's program to attract applications from less developed markets, the Bitcoin million stakes market, and he told Parliament that it would expand the market. “Because we have a lot of cryptocurrency investors, they are very willing to choose our citizenship by investment program but can only pay in cryptocurrency,” not accepting these types of payment methods will make the program "really isolated from the market" . To minimize the risk of cryptocurrencies, Gaston Browne said that any cryptocurrency payment would be converted into US dollars at a rate once a day. The jurisdiction of the Caribbean in launching their citizenship by investment programs have been suffering from so-called de-risk measures by US correspondent banks, which often results in delays in weeks or even months for payments to and from the Caribbean. The amendment to the Investment Naturalization Act will permit the Immigration Service (CIU) to open an offshore account that accepts payments of investment. The Gaston Browne cabinet hopes that this will help alleviate the problem of correspondent banks, as offshore accounts help the funds in these jurisdictions to be free from de-risk measures. What we're going to do now is to set up accounts in offshore banks, including global commercial banks, so agents can choose banks that are willing to deal with their transactions,” Gaston Browne said.