Buying cryptocurrencies directly makes it very hard to get citizenship in another country. A coin should be sold; cash should be transferred to a bank account, and the legality of the cash in the account should be verified. Next, the proper process for obtaining a second passport should be followed. We will describe all of the difficulties that can arise on this route, how we can help, and how you can select the nation that offers second citizenship to you.
Is it possible to purchase US citizenship with Bitcoins?
In every country on the planet, it is not possible to become a citizen by investing in cryptocurrencies directly. This is because electronic assets have legal status. Electronic property is seen as a commodity in many jurisdictions, not money. Therefore, the coins must be sold first in order to be used to buy citizenship. Banks do not permit crypto investors to use cryptocurrencies for citizenship by investment, so they have to cash out their cryptocurrencies first. An investor participating in a citizenship program must pay an asset fee, along with other fees and duties. Banks are however unable to accept cryptocurrencies, namely fiat money, i.e. regular currencies that don’t have a standard.
Investing in cryptocurrencies allows investors to verify the legality and solvency of their income to obtain citizenship. The only way to become a crypto-citizen is to purchase electronic currencies.
Using cryptocurrencies, how do we prove that they are legal?
In order to use the funds derived from the sale of cryptocurrency in the citizenship by purchase scheme, it is important to determine the legitimacy of the money’s origins. If not, the next application for citizenship will be rejected.
The due diligence check is a crucial step in citizenship by purchase or maybe a Bitcoin citizenship plan. The division in charge of operating the system needs to confirm that the cash earmarked for the purchase was legally earned.
In order to pass the due diligence test, the investor must demonstrate the legality of the cash when they purchased the cryptocurrency and the cost at which it was offered. Similarly, the investor must report any taxes paid on the purchase. However, proving this can be a challenge.
The applicant cannot easily claim it was bought with Bitcoins and apply for citizenship. They will not undergo due diligence.
An investor cannot just show how much money they have in their pocket. There is no indication as to how the investor acquired the cryptocurrencies, whether or not they did so in order to be a hacker or even legally. Additionally, the investor may have ‘polluted coins’, coins that have been stolen from the trading floor or have been used for illegal activities. Unregulated platforms cannot accept these coins. Additionally, it is not acceptable to trade coins for cash or even to non-controlled exchanges. The bank requires proof of the origins of the money.
Every time Bitcoin investors sell their Bitcoins stored in their Bitcoin wallet for money, they must provide a sales contract. If the bank continues to receive cash from the account, they will not be pleased. If the investor wishes to swap currencies, he or she is only able to provide screenshots of the transactions, a private account, or perhaps a chat. It all depends on the institution and its jurisdiction to determine if this is considered sufficient proof.