A representative from Invest Hong Kong has confirmed that cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), are now considered proof of assets under the New Capital Investment Entrant Scheme visa, according to Yahoo Finance and Coindesk.
A Hong Kong-based accountant recently shared his success story on social media, highlighting that Bitcoin and Ethereum were accepted as proof of wealth for the program. However, once approved, visa holders must invest an additional HK$30 million into “permissible assets,” which, according to InvestHK, does not include cryptocurrency investments.
Under the said Hong Kong investment visa scheme, applicants must demonstrate ownership of net assets worth at least HK$30 million (approximately US$3.8 million) over a specified period. While there are no restrictions on asset types, applicants are required to provide a valuation report signed by a chartered public accountant to verify the legitimacy of their holdings.
While cryptocurrency can be used to prove financial eligibility, the actual investment must be directed into approved asset categories, such as stocks, bonds, or other financial instruments recognised by the Hong Kong government.
The New Capital Investment Entrant Scheme (New CIES) is designed to attract high-net-worth individuals to invest in Hong Kong and contribute to its economic growth. This program allows eligible foreign investors to obtain residency by investing in designated asset classes.
Hong Kong is now home to nine licensed cryptocurrency exchanges, locally referred to as virtual asset trading platforms. The latest additions to this growing list are PantherTrade and YAX.
Source of image: edited from Freepik
