Hong Kong’s New Capital Investment Entrant Scheme, a visa pathway for wealthy immigrants, has announced its acceptance of Bitcoin and Ethereum to prove wealth. According to a spokesperson for Invest Hong Kong, Bitcoin and Ethereum can be used as proof of wealth when applying for the visa pathway through the New Capital Investment Entrant Scheme.
The New Capital Investment Entrant Scheme is an acknowledged pathway for visa applications. Applicants are to prove ownership of assets worth up to HK$30 million (about $3.8 million) within a specified timeframe.
There are no restrictions on the type or quality of assets needed to meet these requirements. However, while Bitcoin and Ethereum are acceptable, program individuals are to provide a chartered public accountant for added verification.
Not only this, but a signed valuation report must confirm the worth of said digital assets. This process ensures proper validation and documentation of cryptocurrency holdings.
Interestingly, certain restrictions are in place regarding cryptocurrency use. While digital assets serve as proof of wealth, they cannot be used for the initial investment of HK$30 million, which falls under the program’s “permissible assets” and currently excludes the use of crypto.
Hong Kong’s acceptance of cryptocurrency as proof of assets is a means to improve its relations with the blockchain world and position itself as a major player in the digital asset space. Currently, the region boasts up to nine licensed virtual assets trading platforms, all listed under the regulatory framework governing the territory’s crypto regulations.
The visa investment program has already garnered attention among wealthy individuals looking to migrate to Hong Kong, with government data released earlier this year recording over 750 applications through the entrant scheme.
Visa Application Process
The visa process involves multiple verification steps to ensure utmost compliance. Applicants are to provide accurate documentation of their holdings. These include wallet addresses and transaction histories, all to be verified by professional accountants and auditors.
This new policy provides an option for cryptocurrency holders looking to secure resident rights/permits in Hong Kong.
However, the visa requirements are consistent regardless of the declared asset type. All applicants must meet the HK$30 million mark. According to the program’s regulations and guidelines, the program is continuing to accept applicants as of February 2025.
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