Bitcoin and Ethereum Could Be Assets to Prove Visas in Hong Kong

2 mins mins

Key Points:

The New Capital Investment Entrant Scheme allows applicants to use Bitcoin and Ethereum to prove a net worth.
While cryptocurrency can be used for asset verification, applicants must invest HK$30 million in approved assets, excluding crypto, to secure the visa.

According to CoinDesk, Hong Kong has introduced a new wealth migration visa, the New Capital Investment Entrant Scheme, allowing applicants to use Bitcoin and Ethereum as proof of assets.

The scheme requires individuals to demonstrate a net worth of at least HK$30 million ($3.8 million), and both Bitcoin and Ethereum are accepted as qualifying assets.

Hong Kong Allows Bitcoin and Ethereum as Proof of Wealth for Visa Applicants

Invest Hong Kong, the government agency responsible for facilitating foreign investments, confirmed that applicants could use cryptocurrency holdings as part of their asset portfolio. However, a chartered public accountant must verify the valuation in an official report.

While there are no restrictions on the type of assets used for the initial net worth verification, crypto investments are not permitted in the second stage of the program.

The policy clarification follows social media reports from accountants in Hong Kong who have successfully processed applications using Bitcoin and Ethereum as proof of wealth.

A user using Bitcoin and Ethereum as proof of asset for the program — An image of a user using Bitcoin and Ethereum as proof of asset for the program. *Source: Xiaohongshu*

Growing Interest in Hong Kong’s Wealth Migration Program

Once approved, applicants must invest an additional HK$30 million in specified “permissible assets.” According to InvestHK, cryptocurrency does not fall under this category. Hong Kong has been actively regulating its cryptocurrency sector and currently licenses nine virtual asset trading platforms.

Candidates under the New CIES have had to use more traditional assets like stocks and bonds to prove their net worth. Although Bitcoin and Ethereum have been successfully accepted as proof of funds, it is still uncertain if direct crypto investments or exchange-traded funds (ETFs) based on cryptocurrencies will be accepted as acceptable investment vehicles.

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