Entrepreneurs are generally those who embrace the challenge of building something bold in the quest for future prosperity. So it’s no surprise that being part of building a private next-gen city would be a very attractive proposition to many of these entrepreneurs. It is this unique opportunity that brings 21st century pioneers to a lush tropical island in the Caribbean. This is the setting for a bold demonstration of crafting a new civic paradigm.
The city, St. John’s Bay, is built on the Próspera governance platform. And their goal is to become a mecca for brilliant founders, investors and engineers. With light touch taxes and regulations, the belief is this community will generate more innovation, creating a positive feedback loop that attracts increasing numbers of ambitious individuals seeking the frontier of human achievement.
Situated on the island of Roatan, Próspera’s flagship city is well positioned as a crossroads of the Americas. Their CEO, Erick Brimen, envisions St. John’s Bay as a Hong Kong of the Caribbean; a special economic zone that is good for the host nation as well as being a key component of a nearshoring movement back to the western hemisphere.
A recent fintech summit brought together enthusiastic entrepreneurs from all over the world to learn more about this new city and to brainstorm and pitch their business ideas that would contribute to the evolution of this locale. They each had different reasons they were drawn to the city. For some it was the opportunity to implement web3 business concepts into everyday use. Others considered themselves citizens of the world and looked at St. John’s Bay as a headquarters for their business operations due to favorable economic conditions. The appeal of getting in at the ground floor of building a modern city and soaking in Caribbean vibes were also mentioned.
Rapidly developing industries like Fintech, DeFi and BioTech are set to generate immense wealth, and the jurisdictions that offer true partnership for innovative firms will be the ones who most benefit. With single digit effective taxes on personal and business income, Próspera believes they have the right formula to unleash economic growth and empower its community to pursue their dreams.
Minicircle is a biotech company working on genetic therapies aimed at life extension. After searching the world for a jurisdiction that would enable them to launch clinical trials more quickly, they chose St. John’s Bay as the most favorable environment for their efforts. The Próspera governance framework enabled Minicircle to launch a trial less than eight months after creating their legal entity, at 1/1000th the cost of a trial in the United States. That gave them a quicker path to market and a strategic advantage against competitors. As their founder Mac Davis points out, “the value of a post-clinical company is exponentially higher than pre-clinical”, so there are significant timing and financial reasons this island of innovation made sense for them.
Another company that found its home in St. John’s Bay is Seshat Bank, which is now the city’s first full-service commercial bank. Seshat offers an open API for development, combining conventional bank offerings with customer-focused applications that tailor the banking capability to each customer. Seshat Bank CEO Sean Pawley had been an outside observer of the charter city space for a long time and chose the Próspera platform because it could be tailored to his vision.
Próspera offers the choice of 3 regulatory frameworks for regulated industries. One of those options is for a business to propose its own unique framework to the governing council. If adopted by the council, this new framework is henceforth available to other firms operating in that same industry. Pawley leveraged his experience in financial regulation to create a custom option for his bank. He began the process of setting up the bank in April of 2021, five months before finalizing his initial capital raise. By January of 2022 the regulations were approved and Seshat became an active bank. This allows entrepreneurs to move at light-speed. For comparison, opening a new bank can take years in most jurisdictions.
In addition to the supportive regulatory environment, this next-gen city is also working to facilitate the shift to digital currencies as part of everyday life. The council passed a resolution to make Bitcoin and other top tier cryptocurrencies legal tender for any parties who mutually agree to do business in that currency. AmityAge Academy, a recently opened “Bitcoin Center” is a top attraction for visitors and island residents, teaching them about sound money principles and how to effectively use and store what the academy deems “the future of money”. The academy also makes a point of helping the local community, with initiatives to fund Roatan schools via Bitcoin donations.
There are strong draws for other groups too. There are some very ambitious visions of Caribbean real estate being developed. Digital nomads can enjoy a tropical lifestyle while working for exciting young companies. Sovereign individuals can embrace the distinctive brand of freedom found in a private city on an island, an ethos embraced by the city’s residents. And investors can take part in the unique opportunity for them to fund the creation of a next-generation city, and potentially realize exponential gains as that city grows.
The St. John’s Bay project presents a compelling option for those looking to build, invest in, or work for groundbreaking projects on this beachside frontier. But whether it’s for the tax and regulatory benefits, the exponential growth possibilities, or the community spirit and lifestyle, it’s certainly a spot that should be on the maps of the modern day trail blazer.
