The brothers behind the Africrypt scam reportedly bought citizenship in tax haven Vanuatu and this is not good

As AZCoin News reported, two brothers behind the South African investment platform Africrypt, have disappeared along with $3.6 billion in BTC and denied the allegations they made against the client. In the latest updates, the two brothers are said to have purchased Vanuatu citizen passports. For the most part, the people who buy a passport in this country often have a shady background and prepare an exit scam.

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Raees and Ameer Cajee, the founders of Africrypt allegedly disappearing with Bitcoin valued at roughly $3.6 billion

South African crypto scam brothers behind Africrypt allegedly purchase Vanuatu citizenship

Vanuatu is an island in the Pacific Ocean and its passport is a product of the company Plan B Passport. Reportedly, the company is offering customers seven options for nations to become citizens, including Antigua, Barbuda, Dominica, Grenada, Nevis, Portugal, Saint Kitts, Saint Lucia, and Vanuatu. The donations scheme allows for assets to be protected from taxation for donations and/or investments worth between $100,000 and $300,000.

Usually, individuals who buy passports to Vanuatu are mostly people with shady backgrounds. Moreover, the Vanuatu passport allows the holder visa-free access to Europe, UK, Hong Kong, Singapore, and Russia without a visa. If you want to apply for Vanuatu citizenship, you will have to pay more than $150,000.

However, many Vanuatu people are not agreeing with this approach of the government because they think it reduces the value of Vanuatu citizenship. They oppose the government’s policy of selling passports because many people come to this service with illegal intentions. The whole process took about a month to process, all without ever setting foot in the country.

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Who’s buying Vanuatu’s passports? Crypto moguls and most people have shady backgrounds

Security experts warn that the ease with which people can buy passports from the country, as well as the travel it permits, could make it an attractive scheme for members of transnational criminal syndicates, allowing them a legitimate base in the Pacific.

According to the Guardian, some Vanuatu applicants are heavily implicated in a complex web of offshore business, with some owning shell companies with no discernible business activity. They also published a list of other people granted passports by Vanuatu. Most have allegations, pending investigations, and ongoing court proceedings.

Vanuatu also operates as a tax haven, with no income, corporate or wealth tax. And with this passport, two brothers Ameer and Raees Cajee will be able to escape the crime. However, even if it wasn’t, there was nothing anyone could do about them as the South African financial regulator said there was nothing they could do about the case, as cryptocurrencies are not regulated.

The two brothers have achieved notoriety for the scam, but it’s unsure as to if they’ll ever face their day in court. It is not yet clear whether the government will implement the new changes immediately. Like many other countries, they are struggling to implement an expansive framework. But it seems that governments around the world will sooner or later start squeezing the crypto market.

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