Can cryptocurrency be used to demonstrate financial independence in order to obtain travel visas?

<p>"In some circumstances, a consulate may accept alternative forms of proof of assets, such as crypto-assets," stated Laura Bernard of the European Commission.</p> <p>For foreign visitors who are still able to cross borders in the midst of a pandemic, utilising bitcoin to demonstrate their ability to survive overseas is a relatively new concept.</p> <p>While many countries have closed their borders to visitors in order to protect their citizens from COVID-19, several have continued to admit students, retirees, and those seeking medium- to long-term stays through immigration. Under normal conditions, entrants are occasionally needed to produce proof of funds, both to demonstrate that they have the necessary savings to support themselves and to demonstrate that they are less likely to work illegally.</p> <p>The term "Evidence of Funds" or "Proof of Funds" is subjective, but is typically defined as a bank statement, a line of credit, or simply a document demonstrating an immigration officer's financial holdings. However, several of the world's 195 recognised governments have indicated that they are open to recognising cryptocurrencies as proof of financial sufficiency - provided that liquidity is developed.</p> <p>"In my 15+ years, I've never seen a consulate accept non-liquid financial papers, such as a holding portfolio, even if the account contains seven figures," said Evan James, COO of Peninsula Visa, a visa and passport processing company. "I understand that cryptocurrency is liquid, but I believe it would need to be presented almost identically to a bank account if an applicant want to utilise a cryptocurrency account, they would be responsible for ensuring the consulate is comfortable with its liquidity."</p> <p>The official website of the United Kingdom stated that "Bitcoin savings" was an unsuitable form of financial evidence for student visa applicants. Peninsula Visa was informed by one of the consulates of a Schengen member — which covers 26 European nations — that it would accept only fiat bank s