TON Foundation Clarifies UAE Golden Visa Program Misunderstanding

The foundation behind The Open Network (TON) has issued a clarification regarding a program that could have potentially led to legal residency in the United Arab Emirates (UAE). The TON Foundation emphasized that the initiative was an independent effort and did not have official backing from the UAE government.

In a blog post, the foundation addressed the premature announcement circulating on X regarding a UAE Golden Visa initiative offered by TON. While acknowledging the community's interest and enthusiasm, the foundation felt it necessary to provide clarity on the matter. The TON Foundation stated that it is in the early stages of development with an approved partner to explore the possibility of a UAE Golden Visa. The group also clarified that any authority for the program rested entirely with the UAE government entities and was subject to applicable laws and regulations.

The official statement from the TON Foundation explicitly stated that no official Golden Visa program had been launched in partnership with the UAE government, nor had any governmental endorsement been granted to TON. This clarification came after an initial announcement on the Toncoin website, which claimed that holders could apply for the country’s ten-year Golden Visa by staking at least $100,000 worth of the cryptocurrency for three years and paying a one-time processing fee of $35,000.

The story gained traction after the CEO of Telegram, Pavel Durov, retweeted an X post with details of the program. The announcement prompted a quick response from the UAE’s Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority. They published a joint statement confirming that the visas were not being issued to digital asset holders.

In response to the UAE's statement, TON expressed full support for the joint statement issued by the relevant authorities, which confirmed that no digital residency or investment visa initiatives had been formally approved or launched in partnership with the UAE government. This is not the first time that Pavel Durov has announced a project prematurely. In May, the Telegram founder stated that Telegram had partnered with Elon Musk’s xAI, but Musk later clarified that the deal had not yet been signed.

The UAE government created the golden visa in 2019 as a long-term stay visa to attract skilled individuals to the region. Foreigners can live, work, and study in the UAE without needing a national sponsor, with visas lasting for five to ten years. Eligibility for the golden visa includes having certain skills, such as being a doctor, scientist, or researcher, as well as being an entrepreneur or investor who owns a tech-based startup recognized by the UAE government.

There is no indication whether the TON Foundation will collaborate with the UAE government in the future. The offer of a golden visa for $100,000 in signed Toncoin could be significantly cheaper than the usual methods of obtaining one through official channels, which typically require a minimum investment of $540,000 in illiquid assets. Other countries have also made it possible to become a resident through significant investments, although these investments have not always been tied to cryptocurrencies like Bitcoin.

In Portugal, investors holding more than $500,000 in crypto could obtain citizenship through the country’s Golden Residence Permit Program, a five-year residence-by-investment program for non-EU nationals. In the United States, a “gold card” program was announced in February, offering permanent residency to investors who pay at least $5 million. As of June 17, about 70,000 people had signed up for the project.