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Basil Mohr-Elzeki is the Managing Partner at Henley & Partners North America.
Twenty years ago, the geography of global wealth was predictable. New York, London, and Tokyo formed a clear trinity of financial power. Today, the old atlas is being replaced by a more dynamic landscape. The UAE has quickly risen to prominence as the world’s top destination for millionaire migration, attracting a projected net inflow of 9,800 high-net-worth individuals this year. The rise of borderless digital wealth is shaping an entirely new migration map, where crypto entrepreneurs navigate between welcoming Caribbean islands, Middle Eastern hubs, and European bases with strategic precision. The crypto millionaires of 2025 seek the freedom of global mobility to match their borderless assets, making it increasingly important to identify jurisdictions that accommodate both wealth and digital innovation.
The Henley Crypto Adoption Index 2025 provides a comprehensive framework for digital asset investors evaluating investment migration programs. Singapore leads with exceptional scores across infrastructure adoption, innovation and technology, and regulatory environment. Hong Kong follows with robust economic factors and tax-friendly policies, while the USA demonstrates strong public adoption and innovation metrics. Switzerland and the UAE round out the top performers, with the Emirates offering unparalleled tax benefits with zero taxes on crypto trading, staking, and mining.
Malta and the UK also score highly, offering sophisticated regulatory frameworks, while Canada, Thailand, and Australia complete the top tier with balanced strengths across multiple factors. The index evaluates over 750 data points across public adoption, infrastructure, innovation, regulatory environment, economic factors, and tax-friendliness — enabling investors to identify jurisdictions that best match their priorities, whether that’s regulatory clarity, tax optimization, or innovation ecosystems.
St. Kitts and Nevis has emerged as a trailblazer in crypto-friendly citizenship programs, with its Citizenship by Investment Unit now accepting cryptocurrency as a “partial” source of wealth for applicants. This policy shift positions St. Kitts as a pioneer among Caribbean nations, requiring additional due diligence fees and verification documentation while opening doors to a new generation of digital wealth holders.
The program’s appeal extends beyond crypto acceptance. St. Kitts operates without personal income tax, capital gains tax, or inheritance tax, a trifecta that matters for wealth structuring. At USD 250,000 for an applicant and up to three dependents via the Sustainable Island State Contribution route, St. Kitts remains one of the more accessible citizenship programs — particularly relevant to crypto entrepreneurs assembling portfolios across multiple jurisdictions.
Antigua and Barbuda continues to position itself as a crypto-friendly jurisdiction, especially for offshore investors and businesses. The government has actively supported blockchain initiatives, including partnerships around digital identity and fundraising through tokenized projects, and is part of the Eastern Caribbean Central Bank’s DCash CBDC pilot, giving it regional leadership in digital currency innovation. The minimum contribution for the Antigua and Barbuda Citizenship by Investment Program is USD 230,000 to the National Development Fund, for a single applicant or a family.
Portugal’s Golden Residence Permit Program requires a minimum investment of EUR 250,000, with citizenship eligibility after five years of nominal residence. The mathematics matter more than the mechanics: Portugal’s tax authority treats cryptocurrency gains from personal holdings as outside the scope of capital gains tax, provided you’re not running a business. This reflects a deliberate policy, reaffirmed in 2023 despite pressure from the European Union. The result is that long-term holders can watch positions appreciate from EUR 100,000 to EUR 10 million without incurring the standard 28% capital gains rate.
Elsewhere in Europe, the Malta Permanent Residence Programme requires a minimum contribution of EUR 169,000 in mixed capital requirements. The island nation continues to position itself as a blockchain-friendly jurisdiction, with progressive regulations that have attracted numerous crypto businesses.
The Swiss Residence Program guarantees residence in Switzerland for a minimum contribution of CHF 250,000 in annual taxes. With “Crypto Valley” in Zug and a high concentration of blockchain start-ups in recent years, Switzerland remains a leading hub for innovation in digital assets.
The Latvia Residence by Investment Program offers several qualifying options and no residence requirement, with a minimum investment of EUR 60,000 required. The country offers an emerging option for crypto investors seeking access to the European Union, with the government’s integration into bloc-wide initiatives ensuring regulatory clarity and future opportunities for development.
Perhaps the most comprehensive strategy for attracting crypto wealth is seen in the UAE, a crypto entrepreneur’s dream, with zero taxes on crypto trading, staking, mining, or selling across all seven emirates. But the appeal transcends mere tax optimization. When Dubai created its Virtual Assets Regulatory Authority in 2022, it did something nobody else had done — built a regulator exclusively for virtual assets.
The UAE approached this methodically: the DMCC Crypto Centre now houses over 650 blockchain companies, while dedicated visa tracks serve tech entrepreneurs. This is infrastructure by design. The UAE’s Residence by Investment initiative, the UAE Golden Visa, available through several categories including AED 2 million in real estate investment, offers 10-year renewable residence — a timeframe that aligns perfectly with the long-term vision of serious blockchain builders.
The investment migration landscape for crypto investors extends well beyond traditional hubs. Uruguay has emerged as South America’s most crypto-friendly jurisdiction, offering residence options to those with a minimum monthly income of USD 1,000 through employment or entrepreneurship, retirement or pension, or income from abroad, with attractive tax treatments for foreign-source income. El Salvador, having adopted Bitcoin as legal tender, provides unique opportunities for crypto entrepreneurs seeking to operate in a fully integrated digital asset economy.
In the Americas, Panama, with its established role as a financial and trade hub, offers natural advantages for cross-border payments and fintech adoption, making it a promising location for future growth in the digital asset space that can be accessed via the Panama Residence by Investment Program for a minimum investment of USD 100,000.
The Caribbean continues to adapt, with Grenada and St. Lucia developing frameworks to attract digital asset entrepreneurs alongside their citizenship programs, which require minimum contributions of USD 235,000 and USD 240,000, respectively.
For Asian investors, particularly those from India facing stringent crypto tax policies including a 30% tax on gains, residence programs in Malaysia and Thailand offer compelling alternatives with more favorable regulatory environments. Thailand’s Long Term Residence Program has a government application fee of THB 50,000 (approximately USD 1,500), while Malaysia’s Premium Visa Program requires a minimum investment of MYR 1 million (approximately USD 212,000).
Crypto wealth doesn’t concentrate in London or New York the way traditional finance does. The shift in alternative assets reflects this new reality: diamonds dominated portable wealth in previous decades, but crypto and gold have replaced them as the preferred stores of value for globally mobile high-net-worth individuals. Yet crypto transcends traditional asset limitations entirely. Today’s entrepreneurs maintain footprints in three, four, five jurisdictions, recognizing that concentration equals vulnerability. Regulations shift overnight. Technologies obsolete themselves. The jurisdictions reading these tea leaves correctly, offering both welcoming regulations and investment migration pathways, will inherit the capital flows of the next decade.
Henley & Partners assists international clients in obtaining residence and citizenship under the respective programs. Contact us to arrange an initial private consultation.
