Our valued sponsor

Sword and Shield
SWISSMONEY Iban Accounts with Sepa

Where do you get digital residency of Palau?

clemens

clemens

Corporate Services
Mentor Group Lifetime
Jan 2, 2009
3,384
1,387
113
Spain
#1
  • Like
Reactions: uplana and JohnLocke
#3
The project is still pretty much in its baby shoes. Many aspects sound pretty cool but whether they will be implemented (and especially when) is still completely unclear. The Palau ID is mainly used by Chinese to circumvent restrictions with crypto (according to RNS.ID the ID can be used for verification at Binance and other exchanges). Crypto is banned in China, but Binance employees and support volunteers tell people how to bypass the ban

Partly updates are posted on Twitter with new information, but I couldn't really see an actual use cases besides the mentioned one (at least according to current status). CRS wise it will not bring you any advantages
 
Last edited:
  • Like
Reactions: diskoteka and EliasIT
#5
Honesly, for under $300 I feel like this is gonna crash and burn. It's already getting headlines from the WSJ etc.

should've kept it a bit more formal and structured. they're even advertising it on Twitter saying how you can use it for the DMV Binance Airbnb, EMIs etc. As in the people running the program have heard "success stories" or something.

I think the regulators are gonna crack down on this sooner or later.
 
  • Like
Reactions: uplana and apres777
#7
apres777 said:
They claim from previously mentioned "success stories" that it worked with Wise. But wether this is true or still possible you can probably only find out if you try by yourself.
Click to expand...
only a matter of time before they close down those accounts IMO

makes 0 sense to onboard people with a $230 paper ID. Costs less than a HQ fake driver's license
 
#9
marioIT said:
plenty of "bad news" about this program. it has been deleted from the official governement website.
discord is quiet, admins know nothing, they say it's on presidential desk awaiting for more news... but everything is dead.
exchanges are patching it.
plenty of people getting rejects everywhere.
this from their discord, binance support chat:
Click to expand...
Not one bit surprised. Anyone who knows even a bit about the offshore industry knows that this is a total sham.

A tiny banana republic partners up with some shitty NFT company to sell ID cards for $250, I can't believe this was actually launched.

Probably within a few hours the gov got calls from all sorts of regulators lol.

Anyways, if anyone actually used these cards to open any EMI/Crypto exchange accounts then I'm sorry but whatever comes, you had it coming.
 
#12
EliasIT said:
Does anyone know if this would be valid for EMI's like Wise or Mercury Bank ?
Click to expand...
Yes.

There is a bunch of misinformation on this forum regarding the Palau RNS Digital Residency ID. The ID is real and is an acceptable form of identification at various EMIs and financial exchanges. For more information, please head to the Discord server for live responses from the team and users.
 
  • Like
  • Haha
Reactions: EliasIT and KDX
#14
crypt0freeze said:
There is a bunch of misinformation on this forum regarding the Palau RNS Digital Residency ID. The ID is real and is an acceptable form of identification at various EMIs and financial exchanges. For more information, please head to the Discord server for live responses from the team and users.
Click to expand...
You almost had me there, until you mentioned Discord. The only official government online chat room I recognize is Club Penguin.

Jokes aside, no reputable financial institution would accept this as a form of ID unless it can be independently verified as a valid form of ID. It's possible some poorly regulated crypto exchange or sketchy EMI have accepted these documents, but that's honestly more of a red flag about the institution than a green flag about the ID card.
 
  • Like
  • Haha
Reactions: MaxFS, EliasIT and KDX
#16
It is a question of law. An ID is not a passport, so it can't be accepted by another country authorities, including banks, unless the said country officially recognises the ID in question as a travel document.
 
  • Like
Reactions: Konstanz
#17
meze99 said:
It is a question of law. An ID is not a passport, so it can't be accepted by another country authorities, including banks, unless the said country officially recognises the ID in question as a travel document.
Click to expand...
Your statement is incorrect. Texas state driver licenses can be used as a form of identification in multiple countries without being a travel document.
 
#18
It can be legally accepted. It just depends on regulation on each country / case etc. It's official government issued ID.
However, it cannot replace passport
In most cases you will need to show your passport , for example opening bank accounts etc. But for facebook , godaddy should be ok
 
#19
crypt0freeze said:
Your statement is incorrect. Texas state driver licenses can be used as a form of identification in multiple countries without being a travel document.
Click to expand...

Yeah, there are a lot of IDs that are not travel documents, but are very useful when dealing with government and private sector across the world. For example the ID of an EU country outside the EU does not work as a travel document, but it is still an accepted ID.

I travel a lot in West Africa, and you often have to show your photo id to corrupt police and bureaucrats - and sometime they ask for bribes just to give it back to you. A Palau id is worth it just for these situations - it is an actual valid id issued by a sovereign country that isnt a disaster if you lose - and I believe Palau would give you a new one easier and faster than an EU country would if you lose it by the way.

But also for digital nomads, access to a country like Palau is perfect, you dont have to commit to stay in Palau a year or two, you can stay your visa allowance + 180 days with it , which is sufficient for most people, and Palau really doesnt tax foreign income (even if you run your foreign company from Palau). When you are not a tax resident anywhere and you need a country put your official residency in, Palau is an option (in the same way as Paraguay).

And besides dealing with police/bureaucrats/government, here are examples in Africa where a foreign photo id is accepted and often required: when getting a local sim card, when verifying your mobile money account to lift the limit on it, when receiving DHL packages, when buying stuff on jumia (like amazon for Africa), when accessing expositions, checking in to hotels, and yes also when opening an account at a local EMI.
 
Last edited:
  • Like
Reactions: Don, Konstanz and crypt0freeze
#20
Cloudbanck said:
But also for digital nomads, access to a country like Palau is perfect, you dont have to commit to stay in Palau a year or two, you can stay your visa allowance + 180 days with it , which is sufficient for most people, and Palau really doesnt tax foreign income (even if you run your foreign company from Palau). When you are not a tax resident anywhere and you need a country put your official residency in, Palau is an option (in the same way as Paraguay).
Click to expand...
But if you can't use it for services like Binance or similar you won't need it. If you say it is that easy to get a new ID how about residential address do you know if you have to travel there to get it or what do you think about it?
 
You must log in or register to reply here.

Forum Announcement

Latest Threads

Offshore Bank Accounts
SWISSMONEY Iban Accounts with Sepa
The Kingdom Bank
Top Bottom
Back