A new crypto city project is in development in the South Pacific. Anthony Welch, a retired British property investor, has announced his plan to turn the island of Lataro into a safe haven for crypto investors. According to Welch, the 300-hectare island, which is located between Australia and Fiji, could fit 21,000 crypto entrepreneurs. “Yes, we already own the island. Yes, we can develop as advertised. Yes, the government supports our plan. Yes, our team has relevant expertise,” the project’s Twitter account advertised.
The island, soon to be renamed Satoshi after bitcoin’s creator Satoshi Nakamoto, is set to be open for business in the first quarter of 2023. Anthony Welch’s team has stated they are cooperating with Vanuatu’s financial and land regulators. This would allow crypto investors to operate with a certain degree of autonomy. The South Pacific nation has no taxes on profits, dividends, or income.
Applicants wanting to live on the island would receive a non-fungible token (NFT) granting them citizenship of the island. Furthermore, they would be required to acquire Vanuatu citizenship, which costs $130,000.
Earlier, the British investor tried to sell the island for £9 million ($12 million), advertising it as a “wildlife reserve” inhabited by rare coconut crabs.
