Hong Kong to accept Bitcoin, Ether as proof of wealth for its investment visa; how can you apply

Now, Bitcoin (BTC) and Ether (ETH) investors can show their crypto assets as their proof of wealth while applying for Hong Kong's investment visa. 

According to reports, a spokesperson for Invest Hong Kong, the government agency handling foreign investments, stated that cryptocurrency holdings would be accepted as proof of assets for visa applicants of its New Capital Investment Entrant Scheme. This confirmation marks a significant recognition of digital assets in Hong Kong’s investment migration framework. The investment visa requires individuals to prove a net worth of at least HK$30 million ($3.8 million). 

The new rule allows applicants to use Bitcoin and Ethereum assets, provided they meet verification standards. A qualified chartered public accountant must confirm the value of the digital assets with a signed report.

There are no restrictions on the types of assets used for this proof, reports said. 

However, once the investment visa is approved, cryptocurrency cannot be used for the mandatory investment requirement.

This means that after approval, applicants must invest the HK$30 million in permitted assets that exclude cryptocurrency. The programme will continue to mandate traditional asset classes such as equities, bonds, funds, and other government-approved investment instruments.

The investment visa programme offers a new path for wealthy individuals to gain residency in Hong Kong. Officials reported that over 750 individuals have applied under the New Capital Investment Entrant Scheme.

Eligibility

All nationals other than residents of the Mainland of China, and nationals of Afghanistan, Cuba and Democratic People's Republic of Korea are eligible to apply for Hong Kong's investment visa. 

How to apply

To apply for entry for investment, the applicant must nominate a local sponsor, a bona fide Hong Kong resident above 18 years of age, who can either sponsor the applicant as a company or an individual. 

Submit all the documents of the applicant and local sponsor as required. It normally takes four weeks to process a visa/entry permit application for investment upon receipt of all the required documents. 

Upon approval of the applications, the applicant have to make the payment. An e-Visa/entry permit will be issued upon successful application. 

While most nations around the world have a cautious approach towards cryptocurrency, Hong Kong has centred itself on slowly and cautiously embracing the digital currency. Currently, Hong Kong has nine licensed virtual asset trading platforms.