The concept of smart cities just seems like an excessively convoluted way of adopting more successful countries' institutions, governance and laws. Which can be great of course, but begs the question: is the host country government (current or the set of most influential parties, assuming it's a democracy) interested in adopting this foreign system at all?
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Right - it's a little bit like a design for a perpetual motion machine, using some convolution to distract from the simple reasons for it not working.
The things that make cities open and successful are fairly clear to those who study these things, it's not a secret or a mystery. The things that have prevented potential host countries from adopting those practices successfully on their own (political instability, corruption, whatever) will also prevent them from being a good place for anybody to set up a charter city there.