01
Crypto Wealth and Source of Funds
The case study discusses an Indian applicant whose wealth was almost entirely in cryptocurrency and how that affected program selection.
Video
Citizenship by Investment and Plan B Option case study #3
June 9, 2022
Citizenship by Investment (CBI) is the process of investing in a country with a citizenship by investment program and in turn obtaining a second passport. JH Marlin is a law firm in the Caribbean that can assist with the processing of citizenship by investment applications. This case study involves a single applicant from India who is 100% into cryptocurrency. Normally the most affordable programs for single applicants are St.Lucia and Dominica which are priced at US$100,000 under the donation option. However, because this client is 100% into cryptocurrency and does not have a bank account with substantial funds and detailed bank statements he ended up going with the St.Kitts & Nevis citizenship by investment program. St.Kitts & Nevis allows you to show proof of funds from cryptocurrency provided they are in your name and on a centralized exchange like BlockFi or Coinbase for example. You can keep your funds throughout the process in cryptocurrency and then exchange it to USD when you are ready to make the investment contribution. Provided you are a single applicant, and you want to add a future spouse and have future children, St.Kitts is one of the most affordable to add additional family members at a later point in time. In addition to doing citizenship by investment, many people are also doing residency by investment in either Panama, Costa Rica, Cayman Islands, Dubai to name a few countries. People who are in cryptocurrency are often choosing Dubai or Panama as hotspots to relocate for luxury lifestyle, tax friendliness, crypto community and business opportunities.
What This Video Covers
Key Topics Discussed
02
St. Kitts and Nevis for Crypto Applicants
Jennifer explains why St. Kitts and Nevis was recommended when crypto statements from centralized exchanges could support proof of funds.
03
Balancing Cost Against Approval Strategy
The video notes that a lower-cost program is not always the best choice if the applicant’s financial profile creates documentation or banking concerns.
04
Relocation to Dubai
The client used the St. Kitts and Nevis passport as part of a wider plan to relocate outside India and become a Dubai resident.
05
Tax-Free Citizenship and Mobility
The discussion emphasizes tax-free citizenship, strong visa-free travel, and using a passport for travel, banking, and business identification.
Video Transcript
Jennifer: Hello, it's Jennifer Harding Marlin, an attorney that works at the law firm JH Marlin Law, a law firm that specializes in Citizenship by Investment. Today's video is video number three in a series of ten that talks about why we recommended a particular Citizenship by Investment program to a client. Obviously, we can help with the processing of all the Citizenship by Investment programs, so whichever program you'd like to do, we are happy to help with the paperwork and the processing for it. But here is going to be a particular case study. So this client was a single applicant from India and they were really big into cryptocurrency so much so that they didn't have a bank account or they barely had any funds in their bank account. They were 100% into cryptocurrency. And so normally for single applicants the most affordable programs are Dominica and St. Lucia. However,
Jennifer: Oftentimes with Dominica and St. Lucia you have to state your overall net worth as well as provide proof of funds and or breakdown of wealth and sometimes the banks cannot accept funds when the funds are from cryptocurrency. So in this instance we ended up recommending St. Kitts and Nevis to the client. They were also high net worth so the difference of $50,000 between doing St. Kitts versus Dominica or St. Lucia was not the most important for them. The most important for them was like ensuring that they are approved and having the highest level of visa-free travel as possible, and also being citizen of a tax-free country. And so in St. Kitts and Nevis, you could provide proof of funds by providing crypto statements. They cannot be like exported Excel spreadsheets, but they do need to have, be like on a centralized exchange like Coinbase or BlockFi.
Jennifer: in their name showing that they have the funds. And for St. Kitts and Nevis, you do not need to provide a detailed breakdown of your net worth. You can simply check off a box. So we helped the client with the St. Kitts and Nevis program. They did the regular procedure and then relocated. They also wanted to relocate outside of India because India has restrictions on cryptocurrency, although in recent months, this has started to change and they relocated. This is another client who ended up relocating to Dubai and becoming a resident of Dubai and using their St. Kitts and Nevis passport for travel purposes as a form of national ID for opening bank accounts and for further business dealings. So this was video number three. So look out for video number four, which is going to talk about another situation and why we kind of recommended a client one particular citizenship over another. Okay, all the best for now. Bye.
Answers From This Video
Video FAQ
Why was St. Kitts and Nevis recommended for a crypto-focused applicant?
The video explains that the applicant held most wealth in cryptocurrency, and St. Kitts and Nevis offered a more practical route for showing funds through centralized exchange statements.
Are the lowest-cost programs always best for crypto applicants?
No. Jennifer explains that Dominica or St. Lucia may be cheaper for single applicants, but source-of-funds and banking issues can make another program a better strategic fit.
What kind of crypto proof of funds is discussed?
The video refers to statements from a centralized exchange in the applicant’s name, rather than informal spreadsheets. Requirements depend on the current program and due diligence expectations.
How did Dubai residency fit into this case study?
The client wanted to relocate outside India, so the St. Kitts and Nevis passport was paired with Dubai residency and used for travel, banking, and business purposes.