Changpeng Zhao, former chief executive officer at Binance, has stated that the company will try to implement a program offering a 10-year UAE Golden Visa in exchange for staking tokens for BNB holders.
As reported by U.Today, TON Foundation recently launched such a program in collaboration with private UAE-based partners.
In order to get the visa, TON holders will have to pay a one-time processing fee of $35,000 and stake $100,000 worth of tokens for a total of three years.
The visa, which covers your spouse, children, and parents, will be valid for a decade.
The long-term residency visa makes it possible to work, study, and live in the UAE without requiring a sponsor. It also lets you fully own a business in the country and gain access to the country's private services.
The usual way of getting a UAE Golden Visa typically involves an investment of at least $500,000 in real estate. It is also offered to entrepreneurs with UEA-approved ventures, skilled professionals, outstanding talent, and so on.
Hence, the TON program is way more affordable. However, it should be noted that this is not an official government program.
"Trust but verify"
It remains to be seen whether Binance will actually come up with a similar offering. Zhao said that he has not been able to verify the program.
"I'd expect something like this to have a government partnership, and announcement. It might still be true, just saying I haven't been able to verify," CZ said.
CZ has noted that it is immediately clear whether the aforementioned sum actually guarantees a golden visa.
Vladislav Sopov
U.Today Editorial Team