What will buying this NFT give me?
A Blue Terra NFT will entitle you to ownership of approximately 1500 – 2000 square feet of land in The Bahamas - this land will be yours to do as you please. This ownership will be backed by a generic perpetual lease linked in the NFT’s metadata.
To legally activate the lease, you will need to, upon purchase, complete KYC verification and sign the Blue Terra Claim Land Solana program. The program will be accessible through the HOA portal.
Is this legally possible?
From the information that we have received from numerous counsel, we believe that it is possible with proper due dilligence. We are currently in the process of exploring more legal options to ensure the creation of a viable and adamantine contract.
As the Bahamas positions itself to become a key player in crypto by virtue of their progressive and friendly regulations; we seek to be good faith players and have a positive impact on the long-term development of this burgeoning local industry.
Does this make me a Bahamian resident?
No. It does not. The good news is that holding a Blue Terra NFT, completing KYC and signing will validate your lease and make you a formal property owner in the Bahamas, enabling you to apply for residency.
A portion of royalties will be allocated to the Blue Terra Legal Residency Fund to help our holders become residents by subsidizing legal fees and connecting holders with the Department of Immigration and relevant legal support.
What’s on the land?
Almost nothing. We will clear the land in stages to let you build whatever you want on top of it, be it a house, cottage, hut, bar, restaurant, or even a tent & hammock.
Builds must comply with Bahamian structural code. Construction must be conducted with a valid building permit issued by the local government.
Some plots will closer beachfront and will therefore have beach, sand, rocks, and all the other goodies that come with property of this kind. All plots will be within walking distance of a beach.
Where is the land? Can I see it?
The land is in the Bahamas on one of their family islands.
Our team is conducting the necessary due diligence and surveyal work for several properties on:
- The Exumas
- Crooked Island
- San Salvador
We are legally unable to advertise property that we do not yet own. Therefore, we cannot provide plot maps and media content of the properties themselves. We will however release sneak peeks on our social media of the surrounding land and of public places of interest on the islands.
Will Blue Terra develop on your plot of land?
No. Blue Terra will not conduct any development activities on your plot of land. Your plot is your own. Blue Terra will subdivide the land, allocate subdivisions to the NFTs, and manage the systems used to process and claim land. Additionally, Blue Terra will be giving out $500,000 in business grants to spur economic activity both on the land and more broadly in the Bahamas. Grant allocations will be voted upon by the DAO.
Will there be any taxes on the land?
Bahamian property tax works differently for developed and undeveloped land. Undeveloped land is not taxable. Consequently, if you do not build on the land, your land will be tax-free. Developed land, however, is taxable. Therefore, if you choose to build on the property, you will be responsible for all property tax due.
Property taxes will be payable through the Blue Terra HOA. Delinquent properties will be repossessed by Blue Terra and the current NFT holder’s lease will be invalidated. The NFT however, upon being traded and KYC verified, will retain the original leasing rights to the property. More details are available on the official Bahamian Ministry of Finance website.
Are there any utilities?
There is an electricity grid, power lines, and internet on all of the islands we are considering for purchase. Common practice in The Bahamas, as well as most Caribbean Islands, is to get your own personal septic tank for sewage, and a personal well for water. Depending on the property, the combined initial cost for all utilities (septic tank, electricity, personal well, HVAC, etc.) is estimated to be between $3,000 – $7,000.
We will be submitting a proposal to the DAO to use a percentage of royalties to pay for a community well, and we will also be partnering with utility providers to make basic development as seamless as possible for our holders.
Again, we would like to stress that there is no compulsion to build on the land. While we would like to make this option available for our holders, as it is your property, the islands we are considering are beautiful in their raw form - you will be able to visit, camp, and otherwise enjoy the land even with no development at all.
How will the Homeowner’s Association work?
Blue Terra will introduce a DAO-governed Homeowners Association (HOA). The HOA will decide on communal projects to further develop and maintain the land. More details can be found in our whitepaper and gitbook.
How will the DAO work?
Immediately after our mint, we will be integrating with Grape Protocol to create holder-exclusive channels in our Discord for our DAO members to chat, share information, and vote on proposals regarding Blue Terra, land distribution & maintenance, our annual Blue Terra conference, and our upcoming marketplace.
The first set of proposals post-mint will construct the initial framework for our HOA, and we will be electing officials from our community shortly thereafter. Governance for the DAO will be facilitated through the Solana Governance Program.
Which secondary marketplaces will you be listed on?
Initially, we will be listed on FTX. However, due to the nature of our product, you will likely want to see photos of the land, what is currently on your property, and the corresponding variable property tax
Supply, Price, & Date?
There will be 5,000 unique Blue Terra NFTs in existence. The mint price is pegged to $2,000 USD and denominated in SOL. Whitelist presale will begin on March 11th 2022. Public sale will take place on March 12th 2022.
Wen Whitelist and Whitelist Tokens?
We have reached capacity for our whitelist. Whitelist token distribution started on March 6th 2022. All whitelist tokens will have been distributed by the end on March 7th 2022, 5pm UTC.
Are there conditions on the land purchase? What are the risks?
All Blue Terra NFTs must be sold on mint day for the largest land purchase to occur. To expand on this further, our budget allocation requires a sale of at least 10% of our NFTs to buy a scaled property. The higher the percentage sold, the larger the property we can buy to accommodate the population.
We have scouted a surveyed a range of different properties at various price points. Blue Terra will not, at the time of mint, own any land. If we are unable to meet our minimum quota of NFT sales on mint day, we cannot guarantee the land purchase and will refund all bids made.
What information is required during the KYC process?
Signing a Blue Terra lease constitutes the signing of a legal contract for a perpetual lease. Therefore the information we require is similar to what you'd expect when signing a lease in most developed countries. Because you are owning real land as a foreigner, our requirements are stringent and non-negotiable.
More information about the specifics of KYC, data retention and security can be found in our Gitbook.
How long will KYC verification take? How can I check my status?
KYC verification will, on average, take 10 - 20 minutes through Civic to verify your documents and perform the necessary checks on your identity.
Bahamian regulation requires that our appointed compliance officer verify each KYC submission to validate its accuracy and verify that it meets both our own internal requirements and those of the Bahamian government.
Since this process is manual, it may take up to 8-12 hours to get the final sign off from our officer. You will be able to check your KYC status on the Blue Terra HOA portal.
When will KYC verification and lease signing be available?
KYC verification will be available two to three weeks after mint. Holders will be able to KYC through our HOA portal and interact with our Claim Land Program to digitally sign their lease. This action records the transaction permanantly on the Solana blockchain.
How is my digital signature recorded?
Signing our claim land Solana program constitutes the signing of a digital legal perpetual lease. By associating Solana wallets, PII from KYC and interactions with our lease signing program, we can verify with certaintly your identity, that you are not included on any criminal watchlists and that you have agreed to the lease terms embeedded within your NFT. Joining this information, yields a valid digital signature for your lease.