Buying citizenship with cryptocurrencies: what’s real and what’s not

The global landscape for citizenship by investment is constantly evolving, but most programmes still do not accept direct cryptocurrency payments. Applicants are required to convert their digital assets into recognised fiat currencies and pass strict checks verifying the legal origin of their funds.

In December 2023, El Salvador became the first — and so far the only — country to officially accept cryptocurrency. Its Freedom Visa programme allows contributions in Bitcoin, BTC, and Tether, USDT. Otherwise, citizenship by investment remains strictly fiat-based worldwide, as governments and banks treat cryptocurrencies as property or commodities rather than legal tender.

Obtaining citizenship through a direct investment in cryptocurrencies is impossible in most jurisdictions due to the legal status of digital assets. These assets are recognised as commodities rather than currency or money. This means that, in order to use them to buy citizenship, the coins must first be sold.

Banks are another reason a crypto investor must cash out cryptocurrencies before applying for citizenship by investment. To participate in a citizenship program, an applicant must pay an investment contribution and other government fees. However, banks cannot accept cryptocurrencies — only fiat money, meaning government-issued currencies not backed by a commodity standard.

An investor can use cryptocurrencies in the process of obtaining citizenship only to demonstrate the solvency and legality of their income. The only way to get citizenship with crypto capital is by converting digital assets into fiat currency.

To use the money from the sale of cryptocurrencies to participate in a citizenship by investment program, it is essential to prove the legal origin of the funds. Otherwise, the application for second citizenship will be rejected.

Crypto assets and the Due Diligence check

Due Diligence is a crucial stage of any citizenship by investment programme, including those that may involve cryptocurrency. The government authority administering the programme must verify that the money earmarked for investment has been earned legally.

To pass the Due Diligence check, the investor must show the legal source of the funds used to buy the cryptocurrency, as well as details of to whom, how, and at what price the cryptocurrency was sold. The investor also needs to declare whether taxes were paid on these transactions. Documenting this process can be challenging.

An applicant cannot simply present a suitcase of cash, claim it came from selling bitcoins, and apply for citizenship. Such an application would fail the Due Diligence check.

Proofs that are not accepted by banks and governments

Showing coins in a wallet. This does not confirm how the coins were obtained — whether through a legitimate purchase or illegal activities such as hacking. Wallets may also contain “dirty coins” linked to theft or fraud, which regulated platforms will not accept.

Selling through unregulated exchanges or for cash to friends. These transactions are not accepted by banks, as they cannot confirm the legal origin of funds.

Cash transactions without contracts. Simply showing that money appeared in a bank account is insufficient. At minimum, a proper sales contract is required. Screenshots of chats or peer-to-peer deals are highly unlikely to be recognised as valid proof.

Proofs that strengthen the investor’s application

Trading on regulated marketplaces. Platforms in jurisdictions such as the USA or Switzerland require KYC and AML checks, confirming both the investor’s identity and the legitimacy of funds.

Paying all taxes. Declaring and paying taxes on cryptocurrency profits strengthens the investor’s case and reduces the risk of rejection during Due Diligence.

Reinvesting proceeds into a business. Establishing a company with documented income provides a transparent and acceptable source of funds. Many investors have successfully obtained citizenship this way.

5 main benefits

Obtaining a second passport by investment, including through the use of legalised crypto income, offers a range of opportunities for investors and their families:

• visa-free travel to over hundred countries, including the EU and the UK in many programmes;

• safe haven in case of political or economic instability in the home country;

• access to better healthcare and education for the entire family;

• favourable tax regimes, including exemptions from capital gains, inheritance, or wealth tax in certain jurisdictions;

• global business opportunities, such as easier company registration, access to international banking, and expansion into new markets.

Major risks to consider

Enhanced Due Diligence requirements. Applications involving cryptocurrency are subject to closer scrutiny from the outset. Even if all documents are in order, regulators may take longer, request additional evidence, and examine the applicant’s background more thoroughly than in traditional cases.

Source of funds complications. Proving the legality of crypto wealth requires more documentation than traditional investments. Applicants must show when, where, and how the cryptocurrency was acquired and sold, and provide evidence of tax payments.

Regulatory volatility. Cryptocurrency regulations vary across jurisdictions and are constantly evolving. What is legal today may face restrictions tomorrow, while some areas remain in a grey zone with no clear laws at all.

Risk of tainted coins. Even if purchased legally, some coins may be linked to hacks, theft, or illicit markets. Blockchain analysis can uncover such associations, and compliance officers may reject these funds regardless of the investor’s good faith.

El Salvador: the only country granting citizenship for crypto directly

Investment requirements. The Freedom Visa requires a non-refundable $1 million contribution, payable in Bitcoin, Tether, or US dollars. There is also a $999 registration fee per applicant, paid in crypto.

Eligibility. Applicants must be at least 18 years old and have a clean criminal record.

Family members can be included on the same application: typically spouses, dependent children under 18, and, in some cases, elderly parents.

The programme accepts all nationalities and allows dual citizenship.

Process. The application is entirely remote, taking 4—6 weeks in standard cases, though some applications may extend to 2—4 months depending on Due Diligence requirements. Applicants are not required to visit El Salvador.

Limits. The program is capped at 1,000 approvals per year.

Travel benefits. A Salvadoran passport offers visa-free or visa-on-arrival access to more than 130 countries, including the Schengen Area and Singapore.

Legal context. While El Salvador recognised Bitcoin as legal tender in 2021, this status was removed in April 2025. However, the Freedom Visa programme continues to operate and accept cryptocurrency payments, as it falls under separate investment immigration legislation rather than general currency laws.

Crypto for Caribbean and Vanuatu citizenship

Vanuatu** .** In the autumn of 2017, the media reported that the Vanuatu government was ready to grant citizenship through investment in cryptocurrencies. However, a week later, the Vanuatu CBI Unit denied this, stating that all payments would continue to be made in US dollars.

Since then, no direct cryptocurrency transactions have been accepted for Vanuatu citizenship by investment.

Antigua and Barbuda. In mid-2018, there were claims that Antigua and Barbuda was considering accepting Bitcoin for citizenship by investment. Yet, no official measures were ever implemented, and the programme still requires payments in fiat currency.

St Kitts and Nevis. Several media outlets have claimed that St Kitts and Nevis accepts 3.89 BTC as an alternative to its standard citizenship by investment contribution.

According to an official government press release, the Citizenship by Investment Unit categorically denied any possibility of direct cryptocurrency payments. Applicants must convert digital assets into fiat currency and pay through recognised banks.

Crypto for the UAE Golden Visa

In mid-2024, several crypto news outlets reported that investors could obtain a 10-year UAE Golden Visa by staking at least $100,000 in Toncoin for 3 years and paying a $35,000 processing fee.

The process was said to take around 7 weeks and to cover the applicant’s spouse, children, and parents. The announcement quickly spread, sparking speculation among cryptocurrency holders.

Shortly after, the UAE’s three main regulatory authorities publicly denied the report, clarifying that no residency visa can be granted in exchange for investments in Toncoin or any other cryptocurrency.

Following the official statement, the price of Toncoin fell by about 10%, underlining the volatility and risks of relying on unverified announcements in the crypto sector.

The crypto market is growing rapidly, and many governments are working to adapt. Regulators must develop legislation that recognises cryptocurrencies as fully-fledged assets or payment methods. This will expand opportunities for crypto investors and simplify their Due Diligence procedure.

Caribbean crypto legislation

Central bank digital currency. Governments in the Caribbean are working to improve their reputation among cryptocurrency holders. The Eastern Caribbean Central Bank, ECCB, which serves eight Caribbean countries, has been developing the region's single digital currency, DCash, since 2019.

Antigua and Barbuda’s legislation. In June 2020, Antigua and Barbuda enacted the Digital Assets Business Act, establishing a legal framework for digital asset businesses, including exchanges, wallets, brokers, and payment service providers. The law came into force in May 2021, positioning Antigua and Barbuda among the first Caribbean nations with comprehensive crypto regulation.

St Kitts and Nevis legislation. In 2025, the Citizenship by Investment Unit of St Kitts and Nevis introduced a new option allowing applicants to use cryptocurrency as a partial source of wealth when applying for citizenship. 

This does not mean that contributions or investments can be paid directly in Bitcoin or other digital assets; all program fees must still be settled in fiat currency. However, crypto holdings may now be accepted as part of an applicant’s proof of funds. 

The option comes with additional Due Diligence fees and requires special documentation to verify the origin of the digital assets. This move signals a cautious but important step toward accommodating crypto investors, while maintaining the program’s strict compliance standards.

European crypto legislation

On September 24th, 2020, the European Commission proposed the Markets in Crypto-Assets Regulation, MiCA, as part of its Digital Finance Package. MiCA provides a unified EU-wide framework for crypto-assets, service providers, and stablecoins. It sets rules for authorisation, disclosure obligations, consumer protection, and market integrity.

MiCA has been implemented in two stages:

1. From June 30th, 2024, rules concerning asset-referenced tokens and e-money tokens, such as stablecoins, came into force.

2. From December 30th, 2024, the remaining provisions became fully applicable, including requirements for crypto-asset service providers and public offerings of crypto-assets.

With MiCA fully in place, Europe now offers a clear regulatory environment for crypto companies, giving investors stronger protections and greater certainty.

Long-term outlook

All these measures will simplify the participation of crypto investors in citizenship by investment programmes. Investors will be able to legally buy and sell cryptocurrencies in full compliance with European Union legislation, making it easier to prove the legality of their assets and money. 

Settlement and conversion mechanisms are also expected to develop, allowing investors to transfer money directly in cryptocurrency.

Each country has its own rules for obtaining citizenship by investment. The required amount, available investment options, minimum holding period, applicant requirements, costs, and terms of participation in the programme all differ.

Investment options

Investments are divided into two groups:

• non-refundable contributions — these cannot be recouped.
• refundable investments — these can be recovered after a certain holding period. For example, investments in real estate, securities, a business, or a stake in a local company can typically be sold after several years of holding, allowing the investor to keep any profit.

In addition to the investment itself, applicants must also pay government fees, translation and legalisation costs, and Due Diligence fees. When purchasing real estate, there are further expenses such as realtor and notary services, as well as taxes.

Eligibility criteria

The eligibility requirements also vary by country. The main condition is proving sufficient income or savings to support living in the chosen country.

Citizenship by investment can usually be granted to the entire family, including spouses, children, and parents. However, additional fees are payable for each family member included in the application.

Oceania: Vanuatu citizenship

Vanuatu’s Citizenship by Investment program requires a minimum non-refundable contribution of $130,000. Another option is to invest at least $157,000 in the development of the coconut oil production.

The process of obtaining citizenship can be completed within a month.

Vanuatu offers the following tax incentives: no income tax, no inheritance tax, and international companies are exempt from paying corporate taxes. This means that investors are not liable for tax on the sale of cryptocurrencies.

Caribbean: 5 citizenship programs

The Caribbean states of Antigua and Barbuda, Dominica, St Lucia, Grenada, and St Kitts and Nevis also offer citizenship by investment.

The investment threshold for a non-refundable contribution ranges from $200,000 to $250,000, depending on the country. Refundable options may include the purchase of real estate or securities.

The process of becoming a Caribbean citizen is remote and takes at least 6 months to complete.

Caribbean citizens enjoy visa-free access to the Schengen Area and can spend up to 180 days per year in the UK. A Caribbean passport also provides tax concessions, the ability to register international companies, and the option to open bank accounts in Caribbean banks.

In the Caribbean, English is the official language, making it easier to integrate with locals and communicate with government authorities.

Caribbean states do not impose capital gains tax, including on the sale of cryptocurrencies, and there are no inheritance or wealth taxes.

Middle East: Türkiye citizenship

Türkiye’s Citizenship by Investment program is one of the most popular options for investors seeking a second passport.

The key routes include:

1. Real estate purchase — the most in-demand option, requiring an investment of $400,000+.
2. Business investment — contribute at least $500,000 to the capital of a Turkish company or establish a new company that creates a minimum of 50 jobs.
3. Bank deposit — place $500,000+ in a deposit in a Turkish bank.
4. Government bonds — purchase $500,000+ in Turkish government bonds.
5. Investment fund units — invest $500,000+ in units of a qualifying fund.

A Turkish passport grants visa-free travel to more than 120 countries and enables the holder to apply for a United States E-2 investor visa. Citizens gain the right to live, work, and do business in Turkey, while also accessing the country’s healthcare and education systems.

When choosing a country for second citizenship, investors should consider not only the investment amount and whether it can be recouped, but also the potential freedoms and benefits, the country’s political and economic stability, taxation rules, and any residency requirements.

Immigrant Invest helps investors select the citizenship option that best matches their goals and budget, choose real estate if necessary, prepare the required documents, submit the application, and provide support at every step until the passport is received.

1. Cryptocurrencies cannot normally be used directly to purchase citizenship, as most programmes accept only fiat money. The rare exception is El Salvador, which has created a unique model for crypto investors.
2. The main challenge lies in proving the legal origin of funds. Without transparent documentation, even significant crypto wealth cannot be successfully used in a citizenship by investment programme.
3. Governments are gradually developing legal frameworks for digital assets, particularly in Europe and the Caribbean. These developments may eventually simplify the path for crypto investors.
4. Using regulated exchanges, paying taxes, and reinvesting proceeds in legitimate businesses are the safest strategies for turning digital wealth into an approved source of funds.
5. Today, citizenship by investment is available in several countries, including El Salvador, Turkey, Vanuatu, Antigua and Barbuda, Dominica, Grenada, St Lucia, and St Kitts and Nevis.