With the evolution of the digital era, the crypto industry has taken the world by storm. In most countries, digital assets are considered a commodity rather than currency. It means that in some countries, the investors must cash out the crypto into tangible assets and then apply for a citizenship program.
However, it’s possible to buy a passport in certain countries, where you can apply to a CBI program with bitcoin or other digital currency as a payment method and become a legal citizen of that country.
Cryptocurrency investors can have a lot of benefits if they apply for a second passport through one of the Citizenship by Investment Programs worldwide. For that purpose, we’ve decided to talk about the crypto-friendly CBI programs that allow investors to obtain dual citizenship via crypto.
The process might differ in each country; some countries don’t allow investors to obtain citizenship by directly paying with crypto. The crypto assets must be sold and the money transferred in US dollars into the bank account. Now, let’s see how crypto investors can obtain citizenship through crypto assets and learn a couple of things about crypto news.
Consult a Legal Entity
We can’t emphasize this enough, but you must consult a legal entity before you make any investments or sell your crypto assets. These agents are authorized to apply for citizenship in a foreign country. They will lead the application process for you and inform you about the required paperwork, rules, laws, and regulations in the country where you’ll apply for the second passport, etc.
Such an entity is NTL Trust, a team of professionals that will take care of the process and guide you in obtaining alternative citizenship. Make sure to check them out!
Crypto-Friendly Countries and their CBI Programs
In the last decade, a surge of CBI programs has risen on the investment market and allowed foreign citizens to apply for a second passport in exchange for an investment in the country’s economies. These investment schemes allowed many individuals to get a second passport and boost the national economies of many countries by participating in the development of the public and private sectors.
Many countries have implemented cryptocurrency as a payment method for obtaining dual citizenship considering the latest developments and the popularity of digital currencies. However, these crypto assets can be transferred as such to the CBI programs, which later will convert the assets into tangible resources, a.k.a. US Dollars, and transfer the money into the government’s account.
These crypto-friendly countries have revolutionized the way digital assets have been used, and many more countries are working toward implementing the same method.
Here are the crypto-friendly countries that approve payment with crypto in exchange for citizenship.
- Vanuatu - this government’s country approved the crypto payment of the CBI applications and grants investors the Vanuatu passport. The passport is valid for 5 years and allows the investors and their families to stay in the country with no requirements;
- Singapore - this is one of the friendliest countries in terms of crypto investments that has encouraged plenty of crypto businesses to offshore;
- Malta - has a reputation as a crypto-friendly country that has paved the way for many blockchain technologies to be implemented in the country’s economy;
- Antigua and Barbuda - this Caribbean country is working toward accepting crypto assets in exchange for a passport;
- Switzerland - is one of Europe’s havens since the country doesn’t require investors to pay any taxes on the income earned through crypto.
Benefits
The benefits of obtaining dual citizenship through crypto are plenty. Many countries have progressive tax laws when it comes to trading crypto assets. For instance, Portugal has 0 taxes on capital gains from crypto or any transactions from VAT. Countries like Grenada, Dominica, St. Kitts and Nevis, Vanuatu, and St. Lucia have investor-friendly tax systems that impose 0 taxes on capital gains from taxes. These countries have highly recognized CBI programs where the investor can obtain a passport within 6 months.
Another benefit of being a crypto investor with dual citizenship is the possibility to earn through ICOs - Initial Coin Offerings.
Visa-free travel is another major benefit for crypto investors and dual citizenship holders. With a second passport, the investor can travel to more than 100 countries without a visa or with a visa on arrival, which will benefit them in case the current passport does not provide greater travel freedom.
Apply Now
Now it’s time to prepare the wallet and apply for a second passport in some of these countries or another one based on your preferences. Make sure to do your due diligence and inform yourself about the possible restrictions, limitations, and requirements before applying for alternative citizenship.
