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January 10, 2022

Citizenship by Investment can be acquired with Cryptocurrency

Money should be used by a person not only to buy goods, but also as a tool to improve living conditions. It is important to know everything about investments and how they can help in acquiring citizenship. This is a fairly popular topic in the modern world, especially for crypto enthusiasts, who can get the most out of such an offer.

What is citizenship by investment

Over the past decades, such a thing as citizenship by investment has changed a lot. Initially it was only available to very rich people, but nowadays, even regular internet users, who have cryptocurrency, are able to find a couple of valuable solutions to invest their digital coins. It is possible, thanks to a number of online services and a couple of interesting offers from a number of countries around the world.

Do all countries accept cryptocurrency

Users should be ready that not all countries around the world are positive about cryptocurrencies. In most cases, the government makes people go through a number of tests to prove that money earned through crypto are legal and were not used for money laundering or other scam schemes. It is important to know the law and be prepared for different requirements from a specific government.

Does Applicant have to give up current citizenship 

It all depends on a specific country the investor decides to move to. As an example, Vanuatu citizenship gives people a chance to have two citizenships simultaneously. Same goes for a couple of other countries as well, so it is recommended to look for this information on official government websites of a specific country. 

How to provide Legal Proof of Income with Cryptocurrency?

People who are using cryptocurrency to save the value of their money, should have no problems with providing a legal proof of income. A statement can be generated with a statement from the crypto account on an exchange website or in the crypto wallet. It should include an account holder name and number of digital coins in comparison to fiat money. It can be a PDF file or a screenshot with information on the account.

A person who will review a legal proof of income with cryptocurrency, can ask for a link to a website that shows the value of the cryptocurrency in USD. Cryptographic proof of ownership is also required in some cases. This process may be different, depending on a specific country’s laws and regulations.

Can Applicant Use Crypto to Pay Donations

Not all countries accept crypto for donations. In countries like El Salvador, there are no problems with cryptocurrency donations, as they are fully supported as a payment method on a government level. In other cases, digital assets holders will need to make donations using exchange services and signing contracts with officials. Most often, applicants will have to use third-party assistants to make such donations possible. 

Investors should understand that virtual assets transactions are not typical. They can take up to a couple of weeks for the operation to be complete. High-velocity transactions should involve fiat, at least for now. 

Which Countries Offer Citizenship by Crypto Investment

There are a number of countries that offer citizenship by crypto investment. They include:

  • El Salvador;
  • Dominica;
  • Grenada;
  • Saint Kitts and Nevis;
  • Antigua and Barbuda;
  • Vanuata;
  • Saint Lucia

These countries invite digital coins investors to acquire citizenship by investment in popular cryptocurrencies. Such operations are completely legal, which is confirmed by the Bill on Virtual Assets. Many Caribbean countries offer citizenship by investment programs.

Will Applicant pay tax on their cryptocurrency

Every investor should understand that most countries that allow the usage of digital assets as a legal tender, have a tax-free policy for all foreign people who would like to get a citizenship. But it is important to admit that by donating money for Vanuatu citizenship, the applicant will have to pay a fee. On the other hand, Antigua and Barbuda have a tax-free structure for all crypto owners, so it is possible to become a citizen of this country without paying additional fees. It is recommended to learn more information on each country separately, using their official government websites.

LONDON BASED SOLUTION ADVISERS – Citizenship by Investment 

Full Support with our Solution Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

– Property virtual tours, 3-D tours, and in-person tours available.

– Due diligence checks and additional property checks completed by our experts.

– Residency & Citizenship document preparation and submission.

– Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high-net-worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).

For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com  or call +44 207 993 63 46.