The First Approvals: Bitcoin and Ethereum as Valid Proof
The first approval occurred in October 2024 when an applicant used Bitcoin to meet the HK$30 million asset requirement for residency. Following this, on February 7, 2025, another applicant was approved after presenting Ethereum worth HK$30 million as proof of assets. Both successful applicants hailed from mainland China.
These two cases are the first instances where the Hong Kong Investment Promotion Agency has accepted digital assets as part of its investment immigration process. According to Xiao Yaohe, an accountant who managed one of the applications, this is the first time such applications have been received. The approval process for the first case involved a month-long internal review before the final approval was granted.
New Requirements for Digital Asset Storage
As part of the approval process, the Hong Kong Investment Promotion Agency now requires that digital assets be stored in cold wallets or on major exchanges like Binance. This stipulation ensures that the assets are secure and can be verified more easily, which helps streamline the immigration process for applicants using cryptocurrencies like Bitcoin and Ethereum.
Overview of Hong Kong’s New Capital Investment Entrant Scheme
Under the Hong Kong government’s New Capital Investment Entrant Scheme (New CIES), applicants must demonstrate ownership of HK$30 million in assets to qualify for residency. After approval, applicants are required to invest the same amount in eligible assets within Hong Kong within six months.
Historically, stocks have been the main investment vehicle for this scheme, but with the rise of digital assets, it remains to be seen whether Bitcoin ETFs or direct Bitcoin holdings will qualify under this new requirement.
Visa and Permanent Residency Process
Once approved, applicants receive an initial two-year visa. To obtain permanent residency, they must renew their visas in a 2-2-3 year pattern, which means confirming the maintenance of their qualifying investments throughout this period. After fulfilling the necessary requirements, applicants can then apply for permanent status in Hong Kong.
Current Developments and Comparisons with Singapore
Currently, two more applications involving Bitcoin and Ethereum as proof of assets are under review. In comparison, Singapore has long accepted Bitcoin as proof of assets, though applicants in Singapore often face challenges when it comes to proving the origin of their initial digital asset investments.
Conclusion
This new acceptance of Bitcoin and Ethereum in Hong Kong’s investment immigration process signals a growing recognition of digital assets in global immigration programs. As cryptocurrency becomes an increasingly prominent form of investment, Hong Kong’s forward-thinking approach could serve as a model for other regions looking to integrate digital assets into their immigration policies.
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