The Philippines is offering residency in one of its special economic zones known as ecozones with low tax rates for users staking the utility token of Oz Finance, TOTOZ.
- The residency is offered at the Freeport Area of Bataan, one of over 400 operating ecozones in the Philippines, which is located across the bay from the capital Manila.
- Based on the amount staked, users get individual or business residency with immigration assistance from Oz Finance, ecosystem architect Vincent Choy told Forkast in an email.
- Ecozones in the Philippines are autonomous economic zones that have been marked to be developed by the community with minimum government interference.
- The Philippines passed local legislation in 2020 to provide regulatory cover for cryptocurrency and blockchain companies, including exchanges and decentralized finance (DeFi) operators.
- Although starting with the Philippines, Oz claims that the TOTOZ token links residency in a global network of ecozones.