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  • Writer's pictureCreimerman Product Team

From Bitcoin to Passport: Citizenship by Investment Programmes are becoming cyptofriendly.

Did you know that you can use cryptocurrency to pay for your citizenship investment? Many citizenship programs now accept crypto profits as proof of funds for Citizenship by Investment.

Recently, there has been a surge in interest from the crypto community, leading to a need for a simpler compliance process tailored to handle crypto citizenship applications. This process aims to reduce risks by working with reputable escrow agents, banks, and trust companies that are friendly towards cryptocurrencies.

Countries such as the Caribbean and Turkey have seen a rise in individuals who have accumulated wealth through crypto investments. Given the unpredictable nature of cryptocurrencies, it is wise to secure long-term gains by diversifying investments. One option is to invest in a new citizenship, which can be backed by valuable assets like real estate. Acquiring a new citizenship not only provides lifetime benefits but also extends those benefits to future generations.

Are all Citizenship by Investment countries crypto-friendly?

While some countries like the Federation of St Kitts and Nevis and Antigua and Barbuda have been at the forefront of crypto-friendly Citizenship by Investment programs in the Caribbean, other countries such as St Lucia, Dominica, Grenada, Vanuatu, and Turkey have successfully processed applications involving crypto funds. The key requirement is not the explicit crypto-friendliness of governments but rather a crypto-literate due diligence committee that can understand source of funds documentation. Additionally, a reliable intermediary like an escrow agent can facilitate the conversion of crypto assets into traditional currency if needed.

Is it difficult to prove the source of wealth?

Thanks to the transparent nature of blockchain transactions, most crypto investors find it relatively easy to prove the source of their funds and wealth. However, it is important to have a compliance officer who is familiar with crypto-related matters, a clear policy regarding crypto funds, and bank escrow agents who understand crypto transactions, especially in real estate dealings.

Governments prioritize maintaining the integrity and reputation of their programs to ensure long-term benefits for their existing citizens. They are cautious about granting citizenship to individuals with dubious intentions.

How do regulators view this?

It is crucial to understand that Citizenship by Investment differs from typical crypto transactions. Compliance challenges in the crypto space primarily revolve around converting crypto assets into traditional currency and the need for fast transactions.

The due diligence process for Citizenship by Investment involves manual work and takes several weeks to complete. This thorough approach, supported by regulators, effectively reduces risks and allows for careful evaluation of each case. In some instances, a specialized crypto forensic investigator may be involved to validate the provided data.

How can I prove the legitimacy of my funds if I hold crypto assets?

For most crypto investors seeking new citizenship, brokerage account statements from reputable platforms like Binance serve as the primary documentation. If assets are held in physical devices or software wallets, transactions and current valuations can usually be verified using screenshots and blockchain records. Additional evidence may include a personal financial statement prepared by a crypto-friendly certified public accountant (CPA) or a legal opinion from a law firm with expertise in blockchain technology.

In cases involving more complex sources of funds, such as your own initial coin offering (ICO), customized solutions and extensive experience can be provided.

What if I don't have enough funds in my bank account?

Since many crypto investors prefer to keep their funds outside traditional banks, providing bank statements with substantial balances can be challenging when applying for citizenship by investment. In such situations, alternative documentation demonstrating the solvency of crypto assets becomes crucial. Assistance can be provided to navigate this process, including the possibility of opening a crypto-friendly offshore bank account if necessary.

Can I buy real estate with crypto?

Yes, it is possible to purchase qualifying properties using cryptocurrency. While some developers accept crypto funds directly, others may prefer fiat currency. In the latter case, exchange and escrow partners can facilitate the transaction, ensuring that the contract price is fixed in your chosen cryptocurrency.

By recognizing the legitimacy of crypto investments as a source of funds, Citizenship by Investment programs have implemented dedicated compliance processes. This approach expedites the application process while adhering to anti-money laundering (AML) and counter-terrorist financing (CFT) regulations. With the guidance of experienced professionals, crypto investors can embark on a seamless journey to acquire a new citizenship.

So, if you are interested in finding out more about citizenship by investment program and its opportunities to develop business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.

Also, if you want to access our other great content, subscribe to our YouTube channel! At Creimerman, our team of professional global citizens would be happy to help you with your personal or professional cross-border ventures and help make them a success.


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