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

Cryptocurrency enthusiasts will be able to live together in harmony on Satoshi Island, that's designed to be a 'crypto paradise.'

@JakConnorTT
Published Mon, Mar 28 2022 1:03 AM CDT   |   Updated Thu, Apr 21 2022 11:09 PM CDT

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.

'Crypto paradise' island is a real place, citizenship costs $130,000 03 | TweakTown.com
'Crypto paradise' island is a real place, citizenship costs $130,000 04 | TweakTown.com
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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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