Hong Kong Accepts Crypto for Immigration
Hong Kong Opens Doors to Crypto Investors
In a significant move, Hong Kong has become the first major jurisdiction to officially accept Bitcoin (BTC) and Ethereum (ETH) as proof of assets for its investment immigration program. This development marks a turning point in how governments view cryptocurrencies and their role in global finance.
Key Requirements for Crypto-Based Immigration
- HKD 30 million minimum crypto asset holding: Applicants must demonstrate ownership of at least HKD 30 million (approximately USD 3.8 million) in BTC or ETH.
- Secure Asset Storage: Assets must be held in secure cold storage or reputable exchanges like Binance, ensuring transparency and verifiability.
- Investment in Hong Kong: Within six months of approval, applicants are required to invest the HKD 30 million in Hong Kong's economy. The government is still reviewing whether direct crypto investments and crypto ETFs will meet these requirements.
Two successful applications have already been processed, one involving Bitcoin and the other Ethereum. Both applicants were Chinese citizens from mainland China. Accountant Xiao Yaohe verified these applications, confirming the Hong Kong government's acceptance of crypto as legitimate proof of assets for immigration purposes.
Visa Process and Requirements
The immigration process is a phased approach:
- Initial Two-Year Visa: Successful applicants receive a temporary two-year visa.
- Subsequent Extensions: The visa is extended to a further two years, then three, requiring continuous proof of asset ownership.
- Permanent Residency: Upon fulfilling all requirements, applicants can proceed with their permanent residency application.
The Hong Kong Investment Promotion Agency's acceptance of these crypto-based applications represents a considerable shift in financial policy. The agency began processing applications within a month of receiving them. Additional crypto-based applications are currently under review.
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