Crypto investments have been a hot topic in the last couple of years. Many investors started investing in dual citizenship and using their crypto assets to acquire a second passport.
Citizenship by Investment (CBI) programs allow foreign investors to obtain a second passport by investing in their economy.
The investment options include real estate, government bonds, national funds, or enterprise projects. The government will grant the investors citizenship status in exchange for the investment.
In this article we'll cover the top 4 crypto-friendly countries that offer CBIs.
Top Countries That Offer Crypto-Friendly Citizenship
If you’re interested in obtaining alternative citizenship and want to learn more about the crypto-friendly countries, you’ve come to the right place. Here, we’ll check out the countries with CBI programs where you can use crypto as an exchange currency or a direct crypto payment to get a second passport.
St. Kitts and Nevis
The Caribbean countries have one of the best solutions for handling crypto assets through citizenship by investment. For instance, St. Kitts Citizenship by Investment Program invites investors to acquire alternative citizenship with crypto.
St. Kitts and Nevis became popular for the crypto community, where you can use the crypto ATMs on the island or even buy a beer with crypto. However, you must provide legitimate proof of funds when investing in citizenship or even before exchanging crypto for an acceptable currency.
Although the process is not fully legalized and in action, the country is on the list of crypto-friendly countries that plan on implementing this type of investment in future endeavors.
Antigua and Barbuda
Antigua and Barbuda is another Caribbean country and the second in the world to accept bitcoin, other cryptocurrencies, and blockchain technologies into the citizenship application process.
The country seamlessly incorporates technology into nurturing the economy and boosting financial growth.
The country allows direct payments in crypto to the government. And according to Prime Minister Gaston Browne, the decision was made due to a large number of crypto investors willing to invest in the country’s economy and obtain a second passport.
Vanuatu recently announced that it would accept bitcoin as a payment method for the Citizenship by Investment application. However, the difference from the other countries that have this process legalized is that only the agents who help investors get a second passport will get paid in bitcoin.
The money will then be converted to US dollars before being transferred to the government. The country reported that the payments for citizenship would be made exclusively in US dollars on the official website.
The Vanuatu passport allows dual holders to travel without a visa to 96 countries, including Peru, the UK, Hong Kong, Singapore, and Ireland. These investors can also obtain a US visa for 5 years and occasionally travel for business or work.
Unlike many countries, there are no requirements to reside in the country, and it’s the perfect place to spend holidays, retirement days, or even a weekend getaway.
Portugal is a crypto-friendly country that offers investors the opportunity to obtain dual citizenship through crypto. The Golden Visa program in the country mediates the application process and permits payments in Ripple, Ethereum, and Bitcoin.
The country has also recently installed bitcoin ATMs and implemented strategies for tax exemption of the profits made from crypto.
What Are The Requirements?
The requirements for dual citizenship will depend on the country of origin, and the investment program investors participate in. In certain situations, you might be required to rent or own a property in the country where you’ll invest, own government bonds, or other assets.
The person applying for a second passport will go through background checks, health examinations, and administrative procedures to get citizenship status. Most citizenship programs have the following criteria
- Show legal source of ownership of the investments
- Clean criminal record
- Minimum investment in the country’s government
Factors that can influence your choice of a CBI program are:
- The language - a language barrier can be of concern if the country requires you to know the native language when applying for citizenship or residency; make sure it’s an English-speaking country;
- Consider all of the investment options
Citizenship by investment programs have existed for several decades.
So, the Caribbean countries mentioned earlier in the article have licensed agents who promote the program in different countries and help foreign investors get alternative citizenship.
The countries’ legislation has opened the doors to crypto as a payment method for citizenship.
To sum up, most of the Caribbean countries are on the crypto-friendly list and are working toward implementing these digital currencies as payment methods for future citizenship applications.
Although there is no specific regulation now that the countries will accept crypto, the good news is that many of them are on good terms with these digital currencies.
Guest post by Andrijana
Andrijana is a content writer with extensive experience in various topics like digital marketing, business consultancy, healthcare, IT, and traveling. She takes pride in providing quality content, up to the highest standards and SEO practices.