The article discusses if it possible to obtain an E2 visa for USA with Bitcoin and crypto investments in a US business.
While many immigration professionals are wary and stay away from cases where Bitcoin and other cryptocurrencies are used for E2 visa purposes, our experience suggests that the answer is yes, investment of Bitcoin and crypto in a US business is permissible under the E2 visa regulations and the investment of cryptocurrencies by itself should not result in a denial of the E2 visa.
Approved E2 visa with Bitcoin and Crypto investment
We recently had success in getting an E2 visa approved with Bitcoin and Crypto investments. The E2 visa was approved for 5 years and the entrepreneur invested Bitcoin and other cryptocurrencies in the US business.
However, it is important to keep in mind that investing Bitcoin and cryptocurrencies to obtain an E2 visa is a complex and novel issue, and you should consult with an experienced business immigration lawyer to understand the ins and outs of such as case.
Cryptocurrencies are seen by many as the future of finance and Miami in South Florida has emerged as the crypto capital of the world. Miami has its own cryptocurrency called MiamiCoin, is hosting the world’s largest digital currency conferences and has attracted crypto companies and entrepreneurs from across the country and the world. Not only that, but Miami and the South Florida region benefits from regulation that is favorable to the crypto industry, leaving many foreign investors, entrepreneurs and executives wondering if they can use Bitcoin and other cryptocurrencies to obtain an E2 visa for US.
Bitcoin and Crypto in the context of the E2 visa
The E2 Investor Visa is a nonimmigrant visa designed for individuals who make an investment in a commercial enterprise in the United States. The E2 Visa allows a national of a treaty country to temporary come to the United States together with their spouse and children to live and work. The E2 Investor Visa allows the Investor or Entrepreneurs and their spouse and children to travel outside of the United States and re-enter.
Under the current law and regulations, in order to qualify for an E2 Visa a foreign investor must meet a number of requirements, including among others, to have invested or be actively in the process of investing capital in a US company.
This particular requirement can present a number of challenges when the investor desires to invest Bitcoin and crypto in the company as opposed to fiat money or wants to invest proceeds from the sale of Bitcoin and other cryptocurrencies.
It is in this context that questions arise as to whether an investment of Bitcoin or crypto or proceeds from the sale of cryptocurrencies are a permitted source of investment funds for E2 visa.
According to the US Internal Revenue Service (“IRS”), a virtual currency is a digital representation of value that can function as a medium of exchange, a unit of account, and/or a store of value. Further, the IRS states that Cryptocurrency is a type of virtual currency that utilizes cryptography to validate and secure transactions that are digitally recorded on a distributed ledger, such as a blockchain.
Bitcoin is a type of virtual Cryptocurrency. Bitcoin can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or virtual currencies. Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as “convertible” virtual currency. IRS gives Bitcoin as an example of a convertible virtual currency and considers Bitcoin transactions taxable just like transactions in any other personal property and capital assets.
However, while the US immigration laws and regulations do not provide guidance on the legitimacy of Bitcoin and crypto transactions whatsoever, experience indicates that persuasive arguments, convincing documentation and detailed explanation of the underlying transactions can convince the government that investments of Bitcoin and cryptocurrencies in a US business are permitted under the E2 visa regulations.
Malescu Law P.A. – Business & Immigration Lawyers