City in Bhutan offers visas for digital nomads paid for with gold stablecoin

A Gelephu Mindfulness City (GMC), an urban project in southern Bhutan, launched a visa program for digital nomads that requires the deposit of a stablecoin backed by gold as a guarantee.

With the intention of attracting digital nomads to help build a global center for innovation and entrepreneurship, the program grants freedom to travel and reside in Gelephu Mindfulness City, a small town on the border with India. The visa is for 12 months, renewable for a further 24 months.

It is important to note that this is not a national project for Bhutan, but rather a visa program valid only for the Gelephu Mindfulness City urban project.

The project was announced by King Jigme Khesar Namgyel Wangchuck, which has governed the country since 2006. The GMC was established by royal charter in December 2024 and operates with its own governance structure and laws, attracting global talent and investment in sectors such as technology, finance and sustainability.

Although the program has been open for applications since January, there are no official public targets for the maximum number of visas to be issued. It works as a pilot program (“sandbox”) designed to test this model of international residence within the GMC.

Visa requires deposit in gold-backed token

The candidate must work in one of the sectors aligned with the GMC's strategy direction, complete an application form and pay an annual fee of US$ 2,800. They must also deposit a guarantee of 10,000 TER tokens (gold stablecoin), which will remain in DK Bank's custody until the end of the program.

TER is a digital token launched by the GMC itself in Bhutan, designed to represent fractional ownership of real physical gold, In other words, each unit of TER corresponds to a portion of gold that is stored in approved vaults.

The name “TER” comes from a word in the Dzongkha language meaning “Treasure”, reflecting the intention to preserving a valuable asset while moving towards the digital economy. TER is an RWA (real world asset), i.e. a digital asset backed by a physical asset, in this case gold, with sovereign backing and an institutional structure.

TER is issued on the Solana blockchain, chosen for its fast transactions, low costs and reduced environmental impact. The distribution and custody of the gold is done through the DK Bank, Bhutan's first regulated digital bank.

The deposit of 10,000 in the gold stablecoin acts as a deposit and is held in the custody of the local bank for the duration of the visa and refunded on departure.