What You Need to Know:
- Applicants seeking a new wealth migration visa from Hong Kong, known as the New Capital Investment Entrant Scheme, can now use BTC and ETH to demonstrate their wealth.
- To qualify for the visa, applicants must show a net worth of HK$30 million (approximately $3.8 million).
A representative from Invest Hong Kong, the government’s agency that promotes foreign investment, confirmed that cryptocurrencies such as Ether (ETH) and Bitcoin (BTC) can be utilized as proof of assets when applying for this visa.
The visa mandates that applicants establish ownership of net assets valued at least HK$30 million ($3.8 million) within a designated timeframe. While there are no specific requirements for the types of assets, a chartered public accountant must validate the valuation report through their signature.
An accountant in Hong Kong has shared success stories on social media about using Bitcoin and Ether as proof of assets for this visa program.
After obtaining the visa, applicants are required to invest an additional HK$30 million in what is classified as ‘permissible assets.’ However, cryptocurrencies are not recognized as permissible for this portion of the visa requirements as confirmed by InvestHK.
Currently, Hong Kong boasts 9 licensed cryptocurrency exchanges, referred to locally as virtual asset trading platforms.
In January, a government spokesperson indicated that the New Capital Investment Entrant Scheme has attracted over 750 applicants.
