50,000 people want to join the island of cryptocurrency enthusiasts

What is Satoshi Island?

Satoshi Island is an island in the Vanuatu archipelago, located in the Pacific, which aims to become the future paradise of all cryptocurrency enthusiasts. This island was named in honor of Satoshi Nakamotopseudonym of the mysterious creator of the 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, and have been working on this island project since 2017.

Their ambition is clear: found the world capital of cryptocurrencies, by bringing together many enthusiasts.

To do this, the founders of the project have already purchased Lataro Islandin the territory of Vanuatu. This is currently composed only vast virgin forests with an area of ​​300 hectaresyou have to build everything from scratch. The infrastructures and properties will be built respecting the biodiversity of the island, and will be powered in particular by green energy, with solar panels.

Satoshi Island

The works of the buildings on the island have already startedwhere small houses with futuristic decor are emerging. Builders are also busy with infrastructure work to allow future residents to have access to running water and electricity.

On this paradise-like island, some features are interesting:

  • all payments for goods or services will be made in cryptocurrencies ;
  • buying and selling real estate will be made in NFTs.

This is not the first time that cryptocurrency lovers have tried to come together in a universe of their own: in 2020, a cruise ship project “crypto friendly”, Mrs Satoshihad emerged.

The conditions to reach the island

The number of inhabitants on this island will be limited to 21,000in reference to the 21 million units of BTC. But the enthusiasm of cryptocurrency enthusiasts was not long in coming: 50,000 applications to be officially a citizen of this island were counted as of March 23, 2022.

And yet, the conditions for obtaining a visa for this little paradise are not given to everyone:

  • you will have to pay $130,000 to obtain Vanuatu nationalityi.e. around 118,000 euros;
  • you will also need to get the NFT of the nationality of the islanda sort 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 the year 2023.

A very advantageous tax

Obviously, the territory was not chosen at random to attract crypto holders: the island will benefitlike the whole Vanuatu archipelago, very advantageous taxation on capital gains in cryptocurrencies, i.e. not the slightest tax.

Satoshi Island officials confirm this:

The island will not have “tax on profits, dividends or income for companies as well as individuals, no taxes on capital gains or on inheritance either. »

A particularly poor country, this new project should give a good dynamic to the economy of Vanuatu. This project is also supported by the country’s governmentwho sees in it a perfect opportunity to bring brilliant people to its territory, and thus create jobs.

The investors behind the project say so :

“The Minister of Finance was already interested in the idea of ​​a digital economy and the use of blockchain technology when we spoke to him about it, so he was very excited that our company and many bright minds can settle in Vanuatu. »

Anyway, until the first inhabitants arrive on the island in 2023, such a project can make any cryptocurrency lover dream.

👉 On the same subject – Taxation of gains in cryptocurrencies: the situation in 2022

Previous ‘crypto haven’ projects failed

Be careful all the same to take this island project with a step back and not to rush in head first, when you see what similar initiatives in the past.

In effect, this is not the first time that investors have wanted to bring together cryptocurrency fans in one placewith advantageous rules and all that goes with it. Besides, the MS Satoshi cruise ship project that we mentioned at the beginning of the article never seems to have materialized. We don’t have any more news at the moment.

In Senegal, it’s the idea of ​​”crypto-city” of the famous singer Akon which seems to have stalled almost 2 years after the initial announcement. The first building was to come out of the ground entirely in 2024, but no construction has started on site. And even worse, the promoter of the real estate project is accused of scam.

A project very similar to that of Satoshi Island also seems to be on hold, that of Cryptoland. Investors wanted to buy an island in the Fiji archipelago to create a community of cryptocurrency enthusiasts. But they failed to buy the island, and they haven’t given any news on their social networks since mid-February, as shown by their Twitter.

Knowing that, it might be better to have other guarantees, even if in the Satoshi Island project, the island has been purchased, and construction has begun. Which should be a positive sign for the rest of this initiative. To be continued.

👉 Find out more – Akon’s crypto-city: an unrealistic project?

Source: Satoshi Island

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About the Author : Timothy Bernines

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Passionate about the world of investment, cryptocurrencies have been attracting my attention for a few years now. Having a major interest in the fields of new technologies and Web 3, this is why I naturally wanted to write articles on Cryptoast, in order to contribute to the democratization of this universe in society.
All articles by Timothé Bernines.

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