Can crypto be used to prove financial independence for travel visas?
For international travelers still able to cross borders amid an ongoing pandemic, using cryptocurrency to prove they have the means to sustain themselves abroad is a relatively new concept.
Many countries around the world are closed to visitors in an effort to protect their residents from COVID-19, but some have continued to allow students, retirees, and others seeking medium- to long-term stays through immigration. Under normal circumstances, entrants are sometimes required to present evidence of funds, both to show they have the necessary savings to provide for themselves and are less likely to work illegally.
The definition of this “Evidence of Funds” or “Proof of Funds” can be fluid, but is usually considered a bank statement, a line of credit, or simply showing an immigration officer cash holdings. However, of the 195 recognized countries on the planet, some have hinted they are open to accepting cryptocurrency as proof of financial sufficiency — as long as liquidity was established.
“In my 15+ years, I've never seen a consulate accept non-liquid financial documents, such as a holding portfolio, even if there are seven figures in the account,” said Evan James, COO of visa and passport processing company Peninsula Visa. “I do understand that crypto is liquid but I think it would need to present almost as a bank account [...] in the event an applicant would want to use a crypto account, the onus would be on them to make sure the consulate is comfortable with its liquidity.”
The United Kingdom's government website said that "Bitcoin savings" was unacceptable financial evidence for student visa applicants. One of the consulates from a Schengen member — which includes 26 European countries — told Peninsula Visa that it
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