'Crypto paradise' island is a real place, citizenship costs $130,000

A cryptocurrency island is being constructed in the south pacific off the coast of Australia and Papua New Guinea.

The island is being marketed as a paradise for cryptocurrency users. All payments will be made in cryptocurrencies, and citizenship, land ownership, and more come in the form of Non-Fungible Tokens (NFT). Satoshi Island is located in Vanuatu, between Australia, Papua New Guinea, Fiji, and New Caledonia in the south pacific coast. It is a 32 million-square-foot island that aims to be "a real-world crypto economy and blockchain-based democracy," according to its website.

So far, more than 50,000 people have applied for citizenship and residency on the island, with citizenship to Satoshi Island costing $130,000. The website for the project explains that the idea has been in development for years and has recently been green-lit by the Vanuatu Ministry of Finance. Construction on the futuristic modular homes has already begun, and residents can expect to begin living there sometime in 2023.

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"For those wishing to setup blockchain projects, exchanges, banks or other crypto associated businesses, Vanuatu has no tax on profits, dividends or income for corporations or individuals. There are is no capital gains tax, no withholding tax and no death tax," writes the website.

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