If you want to buy citizenship directly with the investments that you have in cryptocurrencies like bitcoin and are looking forward to going to a particular country, let us tell you that you have to go through a lot of work first. You cannot simply show the bitcoin wallet and buy the citizenship of any country by your balance, but you have to go through a long process and prove that you are the legal owner of the bitcoin balance that you have in your wallet.
If you have ever read about cryptocurrencies and their details, you might be well aware of the fact that these are considered to be digital assets or commodities due to their legal status. In various jurisdictions of different countries, the cryptocurrencies like bitcoin are considered a commodity and not currency or money. Therefore, if you want to buy citizenship using the cryptocurrencies you have, you will have to sell them first. Also, you will have to pay money for getting the citizenship of any country, and the payment would be made in the bank of that particular place. However, banks are not allowed to accept payments in terms of cryptocurrencies. Therefore, it will be very difficult for you to make them accept it in exchange for citizenship.
Converting crypto into legal income!
If you want to get the citizenship of any other country with the help of your cryptocurrencies, you will have to show them that it is your legal income. However, the country will not take your cryptocurrencies in acceptance in exchange for its citizenship. Therefore, you will have to convert your cryptocurrencies into the Fiat currency of that particular country. Otherwise, there are high chances of your citizenship application being rejected. You have to pass the due diligence check, and that is one of the most important steps to get citizenship in any country. Some important things that you can do in order to prove the legality of the income of cryptocurrencies are described in the below-given points.
- One of the most important things which is very popular nowadays for getting the citizenship of any country in exchange of cryptocurrencies is through the regulated market place. You might be well aware that plenty of countries like the United States have their cryptocurrency stock exchange markets, which are nowadays accepting cryptocurrencies. These are legal spaces and are undertook and looked after by the government authorities in the first place, and therefore, if you sell your cryptocurrencies to that particular place like this website, you can easily prove the legality of your income. Also, you have to get your KYC done on such platforms and, therefore, the government would find it sufficient to provide you with its citizenship.
- As selling your cryptocurrency is one of the most important methods of obtaining citizenship through the legality of income, many people do it more often. You might be well aware that you have to pay tax on making profits that you get by the difference if you are purchasing amount in selling amount of your bitcoins. However, if you keep on paying all the taxes fully on time, it can also be legal proof that you have earned the cryptocurrencies in the first place. By doing so, those cryptocurrencies would be considered as your legal income, and you will be able to get citizenship in the country.
- Another most prominent method of getting citizenship of a country with the help of cryptocurrencies is starting a business with the money you have got by selling the cryptocurrencies. Yes, you have ready completely right. It is another most prominent method with the help of which you can legalise your income from cryptocurrencies. When you have invested your cryptocurrency sale amount in business, you will have a fixed amount of income over the years, which will be visible to the migrant officer. By doing so, you can easily get the citizenship of the country you want.
Above mentioned are some of the most prominent things that you can do to legalise your income from cryptocurrencies. After getting the legalisation, it will be very easy for you to apply for citizenship, and also, you can get your citizenship application passed very easily. There are several mother methods, but the ones we have provided in the above-given points are the most prominent.