As we all know there are many reasons why HNWIs crypto investors need an alternative residence or passport. Beside the offshore is an asset tool and wealth protection, other reasons as tax exposure, opportunities, liquidity and business.
In most jurisdictions, digital assets are recognized as a commodity, and not as a currency or money. It means that in order to use crypto currency to buy citizenship or residency, the coins must first be sold and changed into fiat. As it's not possible to obtain citizenship of another country by directly investing in Cryptocurrencies.
Every citizenship or residency by investment program requires passing a due diligence check, as a background check, wealth check and vetting process. In many cases, it is hard to document earnings in the cryptos. However, showing digital coins in the form of cryptocurrency is not enough to prove that the source of these assets can be considered as ‘legal’.
Enrolling in the program may require providing certain evidence of funds, and especially if they are accumulated through a crypto market. The crypto investor must show the legality of the source of the money with which they bought the cryptocurrency, as well as to whom and how, including the prices for which it was sold. And not only that, the investor also needs to declare whether any taxes paid on it. In the case of selling bitcoin for cash, one needs to provide a selling contract if participating in any citizenship or residency by investment program.
There are ways and options to legalizing income from cryptocurrencies:
Cryptocurrency is traded on a regulated marketplace operating in jurisdictions where such transactions are permitted. The legality of the investors’ profile is usually documented by that particular country or marketplace. For example, certain cryptocurrency exchanges require clients to fill out extensive KYC and due diligence forms before they are able to trade.
Taxes paid (full and on time), as income tax, capital gains tax, or other personal taxes before purchase, and after-sale of a cryptocurrency.
Proof of all international/offshore bank account transactions in conjunction with the applicant’s bank.
A source of income. Investors use the money from the sale of coins to start a business, where the investor will have a source of income that is acceptable to any migration office.
Regarding the application process of the citizenship or residency program by investment , and to minimize the risk of the application being rejected, the Investor should contact a lawyer or advisor who specializes in cryptocurrencies transactions.
Or contact us, NG Global Citizens for a free consultation and find out more how we can help you and your family.
Written By Nani Yuningsih M.Pd.
Picture By Ramdhani Arif
Posted By Derry Khudlori
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