I know you may be wondering if it is possible to buy a second citizenship with crypto? In this content, you’ll find how to get that done.
With the great influx of investors taking advantage of the CBI – Citizenship By Investment programs, there has been some confusion regarding the taxation system of their crypto assets.
Investors around the world are trying to find legal and optimal solutions to protect their assets and continue to claim their high-net profits.
According to statistics, acquiring second citizenship is important for unlocking unlimited opportunities for crypto investors. There are many benefits of participating in CBI programs and ensuring security, privacy, and ownership of crypto assets.
However, the main question remains unanswered: Is it possible to buy a second passport with crypto? If so, what’s the process like requirements and funds? Read through to learn the possibilities and opportunities for investing in citizenship with crypto.
How Can You Buy Citizenship With Crypto?
Due to legal regulations and legislative measures, obtaining a second passport through crypto in most countries, except Vanuatu and El Salvador, is impossible. However, if the person sells their crypto first in exchange for a tangible currency, such as US dollars, and uses the funds to invest in citizenship, it’s doable.
In most jurisdictions, crypto is considered a commodity and not money. Assume you have a car and want to use it to invest directly in another country’s economy. Firstly, you need to sell the car and transfer the money to the bank account in the country you’ll be investing in. Additionally, you need to pay taxes for the money and then use the assets to apply for citizenship.
Another reason why cryptocurrency can’t be used in applying for citizenship by investment program depends on the bank. Many banks do not accept crypto as a form of investment, so the investor has to cash out their cryptocurrency before investing it in the program.
RECOMMENDED:
What Are The Best Currency Pairs To Trade At Night?
15 Essential Money Management Tips For Young Adults
10 Best Direct Loan Lenders For Poor Credit With Guaranteed Approvals
How Can You Prove Crypto Legality?
To prove the legality of your crypto before investing in citizenship by investment program, you need to pass a Due Diligence check and declare whether you’ve paid taxes for your assets.
It’s not sufficient to sell the coins, exchange them for a different currency, or show that you have them in your trading wallet. Furthermore, selling the coins in a non-regulated currency is unacceptable since the bank will require proof of the money’s origin and legality.
Make sure you trade your cryptocurrency on a regulated market that operates in those states and jurisdictions where such transactions are permitted. All offshore and international bank transactions need to be regulated by the law.
Key Benefits of Buying Citizenship With Crypto
The main benefits of buying citizenship with crypto include:
- You can become a citizen in a country that has laws for optimizing taxes on crypto
- Your crypto value will be protected against any devaluation in case the market crashes
- A chance to obtain a second passport and enjoy the benefits of the second country
Vanuatu – The Country Where You CAN Buy Citizenship With Crypto
Vanuatu is the only country where you can buy citizenship with Bitcoins, while El Salvador is the country to obtain citizenship with crypto. In both cases, the investor must donate to the government in cryptocurrency.
It’s an attractive opportunity for bitcoin holders to buy dual citizenship in another country. The minimal amount to invest is $130,000 as a single applicant. However, the fee can go to a sum of $150,000 if you apply as a couple.
The crypto fees must be regulated by an authorized agent of the program, which will cover the flat currency fee to the government, thus making it convenient for crypto holders to apply for a second passport.
Other Countries That Could Possibly Adopt Crypto For CIB Programs
Another country that has been working towards accepting citizenship through crypto is Antigua and Barbuda. If the government accepts this type of payment and investment method, Antigua and Barbuda will be the first Caribbean country to offer such services.
St. Kitts and Nevis have an amendment where investors can purchase real estate worth at least $400,000, while Grenada allows its investors to purchase real estate with a minimum investment of $200,000.
The Outlook
The crypto market is growing rapidly since many governments are trying to incorporate legislations that accept cryptocurrencies as a form of investment. Moreover, the Caribbean governments are working on improving the reputation of crypto holders while the banks like ECCB – Eastern Caribbean Central Bank are developing a digital currency.
About Author
- CEO
- I'm a professional digital marketer with over 7 years of experience in the field. I create well researched content related to finance, cryptocurrency, stocks, forex and metaverse related articles.
Latest entries
- Crypto Investing2023.03.29Best Penny Cryptocurrency to Invest in 2023
- Tokens2023.03.29Best Shitcoins to Invest in 2023 – Learn How to Identify a Shitcoin Before Investing
- Tokens2023.03.28Shiba Inu Based PAW Token Will Launch This Weekend
- Crypto Trading2023.03.28Top 10 Best Crypto Trading Signals Telegram Groups in 2023
