Crypto as Proof of Assets in Hong Kong’s New Visa Scheme
A representative from Invest Hong Kong, the government agency dedicated to promoting foreign investments in the region, has confirmed that cryptocurrencies like ether (ETH) and bitcoin (BTC) can indeed be utilized as proof of assets when applying for the New Capital Investment Entrant Scheme visa.
This visa program mandates that applicants demonstrate ownership of net assets amounting to at least HK$30 million (approximately $3.8 million) within a specified timeframe. According to the spokesperson, there are no strict requirements regarding the types of assets that can be presented. However, it is essential that a chartered public accountant validates the asset valuation report.
Notably, one accountant in Hong Kong has shared success stories via social media, illustrating how both bitcoin and ether have served as acceptable proof of assets for individuals applying to this program.
Once the visa application is successfully approved, the applicant is required to invest an additional HK$30 million into what the program designates as “permissible assets.” It is important to note that, as confirmed by a spokesperson for InvestHK, cryptocurrencies are not classified as permissible assets for this particular segment of the visa requirements.
At present, Hong Kong boasts a total of 9 licensed crypto exchanges, which are referred to locally as virtual asset trading platforms, further showcasing the region’s growing embrace of digital currencies.
