Hong Kong Considers Crypto as Proof of Wealth in Immigration Scheme

For the first time, the Hong Kong government has responded to the use of cryptocurrency as proof of wealth in immigration applications, following reports from an accountant who handled two cases where digital assets like Bitcoin and Ether were used as financial evidence.

According to Yahoo Finance, Wednesday (February 19, 2025), Clement Siu, a certified public accountant in Hong Kong, revealed that he assisted two clients who used cryptocurrency as proof of wealth in their immigration applications.

Although crypto is not yet officially recognized as an investable asset under the immigration scheme, this case indicates that digital assets are gaining legitimacy as valid financial proof.

Hong Kong’s Stance on Crypto in Immigration

InvestHK, the government body managing the New Capital Investment Entrant Scheme (CIES), stated that there are no specific regulations regarding the types of assets that can be used as proof of wealth.

This opens the door for potential immigrants to include cryptocurrency in their financial documents.

"InvestHK never explicitly stated whether crypto assets are acceptable or not, but they encouraged us to try, so we did," said Siu, a managing partner at Global Vision CPA Limited, in an interview with Reuters, as cited by Yahoo Finance.

Hong Kong relaunched its investment-based immigration scheme in March 2024 to attract more foreign capital. Under this scheme, applicants must possess at least USD 3.9 million and invest it in government-approved asset categories to qualify for residency.

However, InvestHK has yet to respond directly to Siu’s cases and has not disclosed how many immigration applications included cryptocurrency as proof of wealth.

Hong Kong Competes in the Digital Asset Industry

As a global financial hub, Hong Kong is competing with Singapore and Dubai in developing the digital asset industry.

Considering crypto as proof of wealth suggests that Hong Kong is increasingly recognizing digital currency as part of the modern financial system.

According to Jupiter Zheng, a partner at HashKey Capital, the acceptance of crypto assets in the immigration scheme signifies that virtual assets are being regarded on par with traditional assets.

"This is a major step in bringing digital assets into the mainstream financial market," Zheng stated.

Potential Capital Control Evasion

While this scheme aims to attract global investment, there are concerns that mainland Chinese citizens might use it to bypass capital controls.

Currently, Hong Kong’s investment immigration scheme is not open to mainland Chinese citizens. However, they can apply if they have obtained permanent residency in a third country.

Siu revealed that one of his clients, who used Ether as proof of wealth, was a Chinese national residing in Guinea-Bissau.

Hong Kong government data from June 2024 indicates that nearly 80% of over 250 applicants for the New CIES program were from Guinea-Bissau or Vanuatu, suggesting that these countries serve as intermediaries for individuals seeking access to the scheme.

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