The Open Network (TON), a blockchain venture springing from Telegram, recently launched an innovative route to obtaining UAE residency. The scheme promises a 10-year Golden Visa to those willing to stake $100,000 in Toncoin (TON) for three years and pay a one-time $35,000 processing fee.
“Get your Golden Visa in less than 7 weeks following document submission to the Visa Office,” stated TON on Saturday. The company also assured that UAE-based associates would handle the visa processing and residency status verification. It’s worth noting that applicants will maintain control of their stakes via a decentralized smart contract that can be verified on the TON blockchain.
In addition to the visa, the program also offers an estimated annual yield of 3% to 4% on the staked assets, providing added motivation for crypto investors. Their Golden Visa includes coverage for immediate family members like spouses, children, and parents, with no extra charges other than standard government fees.
The usual UAE Golden Visa routes require a minimum investment of $540,000 in non-liquid assets. TON’s scheme, on the other hand, brings down this entry point by 80%, requiring only $100,000 in staked TON.
Following TON’s announcement, Toncoin’s price saw a surge of over 10%. However, despite the recent increase, the token’s value remains down by over 60% compared to the previous year, as per CoinMarketCap data.
This crypto-based residency program is a reflection of UAE’s ambition to become a leading destination for blockchain innovation. The country has seen a surge in crypto companies setting up shop, thus strengthening its position as a digital finance leader.
