In a significant revelation, Jeffrey Henseler, the Chairman of Passport Legacy and 2025 IMI Person of the Year, has shed light on the unexpected beginnings of São Tomé and Príncipe’s citizenship by investment (CBI) program, which emerged in September as the most cost-effective second passport avenue globally.
The West African island nation’s initiative demands a $90,000 donation, significantly undercutting all mainstream competitors in the field. Henseler attributes a stroke of “luck” to the program’s inception.
The genesis traces back to a neighbor deeply involved in investments in São Tomé, who recognized the expertise of Passport Legacy in citizenship and residence by investment. Identifying the island as an ideal setting due to its financial needs and developmental potential, the groundwork for the program commenced through an 18-month collaboration between Henseler’s team and the government.
Emphasizing the importance of establishing a robust citizenship act as the cornerstone, Henseler’s team meticulously navigated the regulatory landscape to cater to clients seeking swift processing, citizenship by descent, and affordability.
Since the kickstart on September 1st, the program has been officially operational, accepting applications through the citizenship by investment unit in Dubai. With roughly 20 approved agents and ongoing due diligence for additional partners, the program is gaining traction swiftly.
Agent prerequisites, as outlined by Henseler, mandate a minimum of two years’ industry experience and possession of a pre-existing license, emphasizing a preference for seasoned professionals to promote the program effectively.
Foreseeing approximately 500 applications in the inaugural year, Henseler expresses optimism in surpassing this milestone, aiming to double the figures in the subsequent year. This strategic growth plan aims to position São Tomé as a formidable contender in the investment migration sector, despite its relatively limited visa-free access compared to established Caribbean counterparts.
Operated through a public-private collaboration model, STP Service Advisory manages the Dubai-based CIU in conjunction with the São Tomé government. Donations channel into a National Transformation Fund earmarked for pivotal sectors like renewable energy infrastructure, housing, education, and socioeconomic ventures.
“Blockchain created just for São Tomé”
In a groundbreaking move, São Tomé and Príncipe announced a pioneering partnership with UAE-based technology firm IOPn to leverage blockchain infrastructure for the CBI program’s operations. The five-year pact establishes OPN Chain as the technological backbone for citizenship applications, executed in tandem with the government by STP Service Advisory.
Henseler delineates six core functions facilitated by the blockchain system at the CIU, which exclusively operates on OPN Chain, a bespoke blockchain tailored for São Tomé. This secure infrastructure ensures every application, approval, and payment is immutably recorded, fostering transparency for both the government and collaborators.
Investors are granted access to online dashboards enabling real-time tracking of their citizenship progress. Each case is intricately linked to a secure blockchain record showcasing every step, from document verifications to approvals and payments.
Introducing the digital identity facet, Henseler unveils NeoID, a digital identity intertwined with facial or fingerprint recognition. Applicants utilize this ID to log in, sign documents, and securely store digital citizenship certificates within a Citizen Wallet on the blockchain.
The compliance framework integrates AI algorithms to automatically scrutinize each applicant’s background and affirm their identity. These verifications are securely recorded on the blockchain, ensuring transparency while preserving privacy.
Operated through STP-USD, São Tomé’s bespoke digital dollar, the payment system offers real-time visibility to the government via a Treasury Transparency Portal, tracking every dollar’s allocation.
Future enhancements are slated to introduce advanced AI functionalities, enhancing the security and efficiency of the process by instantly detecting fraudulence or irregular activities, thereby streamlining operations and reducing human errors.
Disney Ramos, the Director of the Citizenship Investment Unit, underscores that the partnership ensures transparency, efficiency, and international credibility, fostering collaborative prospects with the Emirati innovation ecosystem. The blockchain integration propels São Tomé into the spotlight as the world’s pioneer in blockchain-powered citizenship by investment programs.
What This Means for Investors:
Notte Global’s Yusuf Boz highlights that São Tomé’s innovative approach in blending affordability with cutting-edge blockchain technology sets a new standard in the investment migration landscape. Investors looking for a cost-effective yet technologically advanced citizenship option may find São Tomé’s program a compelling choice.
