Published at: 31/01/2022 11:09 am
Which citizenship by investment program allows cryptocurrency payments in exchange for a passport? Can you pay with Bitcoin for citizenship?
As Bitcoin became a worldwide accepted currency, several sovereign states with citizenship by investment programs planned to accept crypto in exchange for their passports. Vanuatu, Antigua and Barbuda were the first to announce their plans in 2017 and 2018. Dominica was the third to start accepting this new form of payment (at that time). However, in January 2022, only two countries took crypto investment during the naturalisation process.
Let's take a look at the "legal" background first. The host countries of the citizenship by investment programs can accept only investments from tax-compliant sources. It means that the investor must verify the source of their funds during the due diligence part of the naturalisation (or settlement) processes everywhere. We know that it may be challenging to legalise cryptocurrency earnings. Moreover, only a couple of countries (Portugal, Malta, Paraguay, Switzerland, Austria, etc.) issued the related and necessary tax regulations of cryptocurrencies.
There are several types of investment, which may qualify for citizenship, according to the laws and needs of the host countries. However, only a few options or part of the schemes may be eligible for payment with Bitcoin or similar e-money. Imagine that a citizenship program has only a real estate purchase option, and the local sellers do not trust in Bitcoin and do not accept that.
The host state can offer applicants crypto payment options, mostly in government contribution type programs. Because only during these structures can guarantee that the authorities will accept different payment solutions, and there are no private participants in the process. Meanwhile, as the cryptocurrency rates are highly volatile, the constant changing of the investment values complicates the follow-up. The exchange rates must always be transparent, guaranteed by several bureaucratic processes. Sometimes even approval from the parliament is needed. Not all legal structures of the host countries are flexible enough or prepared to launch such payment options.
Crypto payments are not exotic exceptions; they have become more or less regularised and widely used payment options. Bitcoin, Etherium or the new Pi Network coin and dozens of other electronic monies are flowing on the market. So, the first reason to pay is that the applicant has crypto. A different but typical situation is when the investor has difficulties transferring or even obtaining internationally accepted currencies like euros or dollars.
There are agency fees to pay during your immigration process. Don't forget that it's always better to work with an official agent of citizenship by investment programs. Discus Holdings Ltd accepts cryptocurrency payments. Please ask for a consultation here regarding fees for our professional services in Bitcoin or other cryptos during your citizenship process.
El Salvador became the first country to approve Bitcoin as the official currency. President Nayib Bukele announced that people who invest three Bitcoins in El Salvador's economy receive citizenship.
Vanuatu accepts contributions in Bitcoin in exchange for its citizenship. You can read here all the Vanuatu citizenship by investment program details.
Discus Holdings Ltd is one of the most experienced agents of the Vanuatu immigration scheme for investors. If you intend to become a citizen of Vanuatu through crypto payment, contact us for legal and financial information!