Bitcoin and ether successfully used to demonstrate wealth under Hong Kong’s residency-by-investment programme, officials confirm.
Hong Kong has hinted at the growing acceptance of cryptocurrencies as proof of wealth for its New Capital Investment Entrant Scheme (New CIES). While cryptocurrencies are not listed as approved investment assets, a local accountant disclosed that bitcoin and ether were used successfully in two cases to demonstrate applicants’ wealth.
Authorities stated there were no specific restrictions on asset types for applications, leaving the door open for virtual assets.
The investment scheme, relaunched in March 2024, requires applicants to control assets worth at least HK$30 million (£3.9 million) and invest them in approved options to gain residency.
With Hong Kong positioning itself as a global hub for virtual assets, experts see the inclusion of cryptocurrencies in applications as a step toward mainstream acceptance.
Competition with regional rivals like Singapore and Dubai has intensified Hong Kong’s efforts to attract capital. Analysts noted that the scheme excludes mainland Chinese applicants but revealed workarounds, such as securing permanent residency in third countries like Guinea-Bissau.
Data showed that nearly 80% of over 250 recent applicants were from Guinea-Bissau or Vanuatu, highlighting an emerging trend.
Cryptocurrency advocates praised Hong Kong’s openness, seeing it as a critical move in recognising digital assets on par with traditional ones. The development signals a potential shift in how virtual wealth is perceived globally and could boost Hong Kong’s appeal to investors.
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