According to financial advisors and experts, there has been a consistent rise in cryptocurrencies since their inception, especially in bitcoin. Following its popularity, bitcoin started taking the world by storm and paving the way for other digital currencies.
The crypto fuss is all about investing in the right assets, taking higher risks, and getting rich. Many people build wealth by investing in crypto assets, at the right time and with the right strategy.
Parallel to the crypto craze, many citizenship-by-investment programs were established worldwide that enable foreign investors to obtain a second passport in return for a certain investment in real estate, national funds, selected projects, or government bonds.
But can you obtain dual citizenship with crypto? -Yes, you can!
This comprehensive guide will discuss the possibilities of securing a second passport via crypto investments. Follow along to learn more.
Can You Obtain Citizenship with Crypto?
Before we dive deeper into the application process and the possibility of investing in dual citizenship with crypto, let’s analyze the current situation of these digital currencies as a payment method for acquiring citizenship.
On the one hand, it’s not possible to pay with digital currencies for a second passport. However, you can convert the crypto into the currency acceptable in the country you’ll apply for citizenship. Once converted, the money will be transferred to an offshore account, and you will be able to use it for passport investments.
On the other hand, countries like El Salvador and Vanuatu allow you to pay with Bitcoin and obtain permanent residency. But you must contact a legal entity or an authorized agent to guide you through the process and inform you about the procedures, documentation, paperwork, fees, etc.
Such a legal entity is NTL Trust, a team of highly competent professionals who have assisted thousands of investors in successfully getting a second passport. Feel free to check them out!
What Are the Advantages?
The CBI programs have become popular among high-net-worth investors worldwide, and with the rise of digital currencies like Bitcoin, there has been an increase in crypto investments in CBIs, too. Therefore, many countries are trying to open their doors to crypto investors looking to invest in their economies in exchange for second citizenship.
The benefits of obtaining dual citizenship with crypto are:
- You will become a resident of a country that has crypto-friendly laws;
- Obtain dual citizenship and a powerful passport;
- Protect the currency against devaluation in a scenario of a market crash;
How Can You Buy Citizenship with Crypto?
As we mentioned earlier, obtaining dual citizenship with crypto is only available in countries like Vanuatu and El Salvador. Now you might be wondering how you can do it. Well, let’s talk about that!
- Vanuatu Citizenship
This Pacific country offers dual citizenship to foreign investors for a sum of $135,000 per single applicant, which increases to $155,500 if the applicants are a married couple. The payments in bitcoin must be overseen and made through an authorised agent that pays the government in fiat currency.
Vanuatu offers visa-free traveling to more than 120 countries worldwide, and it’s a great country if you want to pay low taxes, not to mention its mesmerising beaches and fantastic snorkeling spots.
Copyright: Nicole Geri on Unsplash I License: CC0 Public Domain
- Antigua and Barbuda Citizenship Through Bitcoin
Antigua and Barbuda is a Caribbean country with a strong but affordable passport. You can travel to more than 130 countries with an Antiguan passport and enjoy a tax-friendly system. This Caribbean country is one of the many that are working towards implementing crypto payments for dual citizenship, and if it succeeds, it will be the first Caribbean country that offers such services.
Factors to Consider
Even though crypto payments for obtaining dual citizenship are particularly limited and restricted in various countries, you can still convert the digital currency and pay the required amount for the passport. Having said that, you should still provide documents that prove the legality of the income from the cryptocurrencies. Any country that fosters a CBI program must ask its applicants to provide this document, even though they can accept payments in fiat currency.
And if you’re not familiar with the type of documentation you might need to produce, check out some of the possibilities below:
- You might be asked to provide proof of paid taxes;
- Showcase a portfolio of your crypto trades;
- Evidence of any offshore or international bank accounts;
Why Crypto Investors Need a Second Passport?
Serious crypto investors need a second passport for the following reasons:
- Tax Exposure – your crypto will be subject to tax exposure soon enough, and it might cost you a lot of money. So, you can transform those assets into real estate, invest or buy government bonds in foreign countries;
- Protect your assets against new regulations;
Get Your Passport
Cryptocurrencies are increasingly getting into the spotlight, so if you’ve been looking for ways to protect your assets and exchange digital currency for more conventional assets, try investing in real estate in some Caribbean countries and obtain a second passport at the same time.