Africrypt founders and brothers Ameer and Raees Cajee have reportedly bought Vanuatuan citizenships after the firm was found to have operated a Ponzi scheme.
- The brothers were said to have purchased from the Plan B Passport, which grants citizenship to jurisdictions without capital gains tax on cryptocurrency holdings. Vanuatu does not tax donations and investments worth $100,000 to $300,000.
- The passports have gained notoriety as a quick escape card granting citizenship to seven jurisdictions with the processing averaging a month. The passports are said to be offered at $200,000.
- The brothers are behind the Africrypt fallout which led to the loss of some $3.6 billion worth of investments in cryptocurrency, one of the biggest thefts recorded so far in the crypto space.
- South African regulators say they cannot act on the case, as cryptocurrencies are not regulated in the country. It is now mulling the possibility of imposing regulation.
- This year in May Vanuatu became the first country exchanging citizenship for Bitcoin investments.
The Cajee brothers disappeared in June, with large Bitcoin holdings.
BTC is down 2.73%.