Sunday, June 16, 2024

Is it possible to utilise cryptocurrency to prove financial independence for travel visas?

For international travelers who are still able to visit other countries even during the ongoing pandemic. Taking cryptocurrencies as the means to prove their financial stability abroad is still quite a new concept to them.

Many countries are still closed for visitors around the world to protect their citizens from Covid-19. But some countries have allowed some visitors, like retirees, students, and other visitors who are seeking a long-term stay in the country via immigration.

In normal circumstances, any new visitor is required to give evidence of funds. To prove that they have enough funds to provide for themselves and that they will not indulge in any kind of illegal activity.

The proof or evidence of funds definition can change from situation to situation but generally, it requires a bank statement, credit lining, or your cash holding to the immigration officer. However, some of the total 195 countries have implied that they are open to taking cryptocurrencies as proof of financial stability, provided liquidity was maintained.

Evan James said that in his 15+ years of working life he has never witnessed a consulate accepting non-liquid financial documents. Like holding a portfolio, doesn’t matter if there are seven-figure amounts in the account.

He also added that he understands cryptocurrency is liquid but it is still required to present a bank account. At the time the applicants wish to use their crypto account the onus will on their case to make sure the consulate is agreeable with its liquidity.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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