Citizenship by Investment in CAR: Price, Terms, and Alternatives

CAR authorities are about to perk up the global investment immigration market with the most affordable citizenship by investment opportunity ever. Whether it is a worthy investment option, remains a controversial issue, especially with low CAR passport strength in mind. Let’s consider investment immigration alternatives, consult industry pros, and drive at a definite conclusion.

Following in footsteps of their Salvadorian colleagues, who announced the bitcoin as their lawful currency in September 2022, the government of the Central African Republic (CAR) officially wagered on a cryptocurrency nationwide in 2022.

Being among the world’s poorest and least developed states (ranked 188 out of 189 on the UN Human Development Index), CAR sorely lacks brand new economic strategies. In August 2022, the country’s government officially came up with a new economic recovery program that took wind as Sango.

The project sets ambitions goals, with national cryptocurrency and investment immigration scheme establishment among them. The latter was developed and introduced for well-off foreign nationals to obtain CAR citizenship by investment.

Sovereign digital currency Sango Coin

“Formal economy is not an option for us any longer”, – Faustin-Archange Touadéra, President of the Central African Republic (pictured below) claimed while announcing the Sango crypto initiative, devised to improve the country’s economic situation on the financial exclusion background and drastically enhance CAR business prospects.

The official website of the Central African Republic claims the Sango initiative to have been “implemented by CAR to create an environment favorable for establishing a digital blockchain-powered economy”.

“Sango is not your regular crypto. It is the first attempt to produce a sovereign national digital currency”, – the head of the state announced. He remarked that the project blanketed the introduction of the Sango Coin national cryptocurrency to be backed by bitcoin and used as the mainstream means to transact with CAR.

Citizenship by investment in CAR as a way to spur demand for Sango Coin

Several strategies will be simultaneously used within the project to spur demand for Sango Coin and promote the cryptocurrency popularization, with plans to create a “crypto island” not far from the country’s capital and a special economic zone within the metauniverse to help turn CAR into “the first crypto hub in Africa with zero taxation”.

The CAR government employs an intriguing strategy to spur interest in its cryptocurrency. It is about to develop and implement citizenship and residency by investment programs in the country. The above investment immigration schemes will make it possible for foreign applicants to acquire residency or citizenship by investment in CAR via purchasing Sango Coin and “freezing investment” for a number of years.

Prices and other terms

To get their residency by investment in CAR, the applicant will first “freeze” the equivalent of USD 6000 for 3 years. The potential applicant for CAR citizenship by investment shall invest at least USD 60,000 in Sango Coin for 5 years. In either case, the invested cryptocurrency will be pledged as collateral to the CAR authorities.  When the legally provided for holding period expires, the above Sango Coin amount is paid back to the investor. The latter may use it as they please down the road.

According to the CAR government, the investment immigration project is to be implemented in 12 separate stages, or sales cycles, within the year ending on August 25, 2023.

In the first cycle, Sango Coin overseas buyers pledging their crypto assets will obtain CAR citizenship by investment, e-residency, and title to land plots. The pledge of USD 40 per square meter is set in case of a land plot purchase. Potential investors will enjoy an opportunity to get their land parcels in the new Crypto City residential neighborhood.

Is the project viable and will investors obtain citizenship by investment in CAR?

Investment immigration experts rightly point out that the very first question for the authorities of any country announcing its citizenship by investment program should be this: “Is it possible to study citizenship by investment provisions of the local legislation?”

As of now, the corresponding CAR national laws do not provide for CAR citizenship to be granted to Sango Coin buyers directly. The legislation allows expedited naturalization for foreigners, who provide “exceptional services” to CAR.

The local government plans to apply the above provision to foreign investors supporting the Sango project. Relying on the project’s website, in Q3, 2022, the CAR legal framework will be updated by implementing cryptocurrency provisions therein as well as procedures to grant citizenship, e-residency, and land purchase opportunities”.

The initiative is most likely to be limited to ambitious announcements and colorful 3D presentations. It is not the Crypto City in CAR that does not even exist in reality yet that crypto enthusiasts are attracted by. The already tried-and-trusted well-established crypto-friendly jurisdictions, with Portugal and Puerto-Rico among them, boasting superb restaurants, thrilling nightlife, and affordable residential real estate you may either rent or purchase, appeal to them a lot more in investment terms.

With the CAR passport being not particularly powerful, industry experts feel skeptical about CAR citizenship by investment potential compared to rival CBI schemes globally. Even more so that the corresponding legal framework hasn’t been developed yet. 

CAR citizens enjoy visa-free access to 49 states only, predominantly in Africa. Likewise, they may obtain e-visas or visas on arrival thereto (refer to the above picture, where they are marked green, pale green, and turquoise). The USD 40,000 paid extra will grant you access to a much more valuable product.

Available alternatives

In the table below, you will find a dozen of much more appealing time-honored investment immigration alternatives:

The amounts in the above table are only true and valid for unmarried investors. Where you add your spouse, children, parents, or siblings as co-applicants (if this option is provided for) you will pay much more.

Administrative charges (for the investor’s background check, application processing, and passport issuance) and the fee of a licensed immigration agent whose services you use to submit your application (it is prohibited to do it yourself) are not included in the above table and shall be paid extra.

Expert assistance from International Wealth with choosing and obtaining premium quality citizenship by investment 

Are you about to get citizenship by investment abroad? Or maybe considering your options and studying opportunities available on the global investment immigration market? If this is the case, you are welcome to consult the International Wealth industry pros on the matter to select the investment immigration route best suited for you.

You can contact the best International Wealth experts about a free initial consultation on investment immigration or any other issues important to you via our online chat on your right or using any contact phones above.