Hello Hive Fam!
UAE is a great country without any doubt, and a lot of people choose this country to live in. The reason why people tour this country because the country has fantastic infrastructure and the tax policies are very simple and user-friendly. generally, we hear horrible stories of taxation from different countries, but the UAE is one of the countries where taxation is very simple, and in most of it the it's tough; there is no tax, which is what makes the country a great choice for people to move. Lately, the country has also been working on building a favourable infrastructure for the crypto ecosystem. Because of that, a lot of companies and people who are part of crypto have moved to the UAE.
This week, we saw news coming from the town foundation that having a stake of $100k worth of TON coins can get you a golden visa in the UAE, which is for 10 years. A lot of social media handles reported this news, and even many crypto influencers covered this news and shared their thoughts that this is going to be a massive programme for crypto. I think that it is true because having such a stake in the crypto form is a great idea, where not just projects but the overall crypto community will benefit. 100K US dollars is a big amount, and if a lot of people choose to go with the option, then the project will get a lot of funding this way. After a lot of discussion on social media, this news went viral, and the UAE government has given clarification about this visa news.
The UAE Government has denied that they have any collaboration with the Tonne foundation, and they are not aware of any such visa offering to the token holders. It was shocking. Because of this clarification, the price of the coin also dropped. Now the Ton Foundation has come forward and shared an update about this news; however, they do not have any connection with the government, but they have collaborated with one of the visa partners, and they have not disclosed the name. The foundation has also mentioned that there is no guarantee of visa issuance for anyone, and each application will go through the standard process. So the eligibility is completely dependent upon the government guidelines and on their discretion.
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Now it's clear that the crypto project does not have any such collaboration with the UAE government, but they tried to play well because in the earlier advertisement, they did not mention anything like this. No, because the UAE government is aware of this, so they're trying to be politically correct and saying that the kind of collaboration they have is with the visa licensing partner and not with the government, which makes sense, but in that case also there is no surety of the visa issuance for anyone.
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