Sovereign Shift: Inside the Crypto Movement Towards Alternative Citizenship & Residencies
“Citizenship is becoming a crypto hedge.”
“Citizenship is becoming a crypto hedge.”
“Citizenship is becoming a crypto hedge.”
Introduction
Cryptocurrencies have come a remarkably long way since Satoshi Nakamoto created the genesis block for Bitcoin in 2009. Bitcoin’s value has seen an astronomical rise since then. Tech-savvy investors who rode this trend early on have built significant wealth for themselves.
Governments around the world have tried to regulate cryptocurrencies. Some countries have been particularly cautious, creating more deterrents than catalysts for crypto’s growth. Consequently, regulations can vary significantly from one country to another. When Crypto UHNWIs and HNWIs find their home jurisdictions falling short of creating a conducive environment, they often seek alternative residencies and citizenships as a crucial safeguard for their wealth.
They aim to insulate their portfolios from these regulatory risks. They fully grasp the borderless nature of their crypto wealth, which is simultaneously global and local—with borderless exchange operations yet geographically concentrated mining activities.
Flow Of Crypto Wealth
A Capgemini report revealed that 71 percent of wealthy individuals surveyed had invested in digital assets.
According to Multipolitan’s 2024 Crypto Wealth Concentration Index, the United Arab Emirates (UAE) has the highest percentage of its population owning cryptocurrency, at 25.3%. Close behind is Singapore (24.4%), followed by Turkey (19.3%), Argentina (18.9%), and Thailand (17.6%).
Turkey and Argentina are notable examples where cryptocurrencies' wider adoption is directly tied to local currencies seeing significant value erosion due to hyperinflation.
Countries with crypto-friendly regulations have consistently seen broader adoption of cryptocurrencies. The UAE is a prime case in point. It leads according to Triple A's data on the percentage of population owning cryptocurrency, while ranking only 17th globally in terms of estimated crypto trading volumes between 2022-2024. This contrast indicates widespread rather than concentrated ownership.
Similarly, Singapore also ranks high on Triple A's data for population ownership, yet ranks 13th globally in crypto trading volumes over the same period.
Both Abu Dhabi (UAE) and Singapore are among the top-five cities in Multipolitan’s Friendliest Crypto Cities Index 2024.
Fewer owners controlling a significant portion of trading volumes signals a concentration of crypto wealth among UHNWIs and HNWIs. The United States (U.S.) is an interesting illustration of this dynamic. The U.S. has the largest estimated crypto trading volume (2022–2024), at $2.06 trillion, yet it ranks only 10th in terms of population ownership percentage at 15.5%, clearly indicating wealth concentration.
In Europe, Germany ranks 29th in Triple A’s population ownership data (8.3%), but sits much higher at 9th in total crypto trading volumes globally between 2022-2024.
In South Asia, India has the third-highest estimated total crypto trading volumes (2022–2024), but its crypto ownership as a percentage of the population (8.2%) is among the lowest according to Triple A’s data. However, India notably leads all countries globally in terms of the total number of crypto owners, at approximately 118 million.
Crypto-Friendly Cities
According to Multipolitan’s 2025 Crypto Friendly Cities Index 2025, Singapore ranks 4th, and Abu Dhabi (UAE) ranks 5th. The capital city of Slovenia - Ljubljana - tops the list. Hong Kong (China) is ranked 2nd, Zurich (Switzerland) 3rd, Luxembourg City (Luxembourg) 6th, Muscat (Oman) 7th, Porto (Portugal) 8th, Oslo (Norway) 9th, and Sydney (Australia) 10th. The Latvian capital, Riga, is ranked 11th, and the Maltese capital Valletta is ranked 15th.
This index measured cities based on national cryptocurrency market regulations, tax regimes, the economic health of cities (such as GDP per capita and housing prices), digital infrastructure, and crypto infrastructure (including crypto ATMs and retail adoption rates).
These leading crypto-friendly cities are firmly on the radar of crypto elites looking to secure alternative residencies.
Galaxy Research estimates an incremental $160bn–$225bn will flow into crypto markets as wealth moves into the hands of younger generations. This emerging generation of Crypto UHNWIs and HNWIs will seek residency alternatives to protect their crypto wealth against regulatory risks.
How Countries Are Offering Regulatory Arbitrage
To attract Crypto UHNWIs and HNWIs, crypto-friendly countries offer multiple attractive incentives - favourable regulations, low tax rates, advanced digital infrastructure, and tax-free zones.
For example, the UAE doesn’t levy capital gains or personal income taxes on crypto holdings (or any asset class). Crypto entrepreneurs looking to set up start-ups in the UAE benefit from some of the lowest corporate tax rates globally.
Regulations in the UAE consistently support innovation. The FSRA (Financial Services Regulatory Authority), which governs Abu Dhabi Global Market, offers a regulatory sandbox—the ADGM RegLab—that allows fintech companies to test their innovations in a controlled environment. The RegLab allows the FSRA to engage with innovative start-ups and better understand their business models and associated risks.
Obtaining a residency visa in the UAE requires an investment of AED 2 million. The Golden Visa offers renewable residency for 10 years.
Portugal does not impose taxes on profits from cryptocurrency trading if the holding period exceeds one year. Another prominent crypto-friendly jurisdiction is Malta, where capital gains remain untaxed, except for short-term trading activities.
Portugal's Golden Visa requires an investment of €500,000 in a qualifying fund.
Malta was the first country in the world to establish a comprehensive regulatory framework for blockchain, cryptocurrency, and DLT companies. The government recognized that serious entrepreneurs seek legal certainty.
With a real estate investment of €375,000, one can obtain permanent residency in Malta.
Switzerland and Singapore also provide robust regulatory certainty, along with favourable taxation for crypto investors.
Crypto Businesses On The Move
Crypto entrepreneurs are actively on the move. Within the European Union (EU), now governed by the unified MiCA regulations, entrepreneurs have relocated their operations to European nations that have demonstrated greater regulatory agility.
The crypto exchange Gemini recently relocated its EU headquarters from Ireland to Malta. Similarly, OKX has also chosen Malta after initially considering France as its EU hub. Singapore-based Crypto.com has likewise selected Malta.
Australia, despite its growing cryptocurrency start-up ecosystem, has also seen crypto businesses relocate as the country struggles to establish clearer regulatory guidelines.
India, home to the largest number of crypto owners globally (according to Multipolitan’s 2025 Crypto Wealth Concentration Index), has seen several prominent crypto platforms shift their operations to more crypto-friendly jurisdictions like Singapore and the UAE.
Importantly, when crypto businesses migrate abroad, talent - including developers and engineers -often follows, resulting in additional job creation in the destination country.
Crypto Villages And Valley
Besides businesses, well-known Crypto UHNWIs and HNWIs have increasingly transitioned to crypto-friendly environments.
The patriarch of the ‘Bitcoin family,’ Didi Taihuttu, settled in Portugal from the Netherlands. Taihuttu famously sold all his family’s assets in 2017 and invested the proceeds entirely into Bitcoin when the cryptocurrency was just $900.
Taihuttu has since helped establish a crypto village in Portugal, now home to a community of 150 supporters.
The collaborative community aspect of the cryptocurrency industry provides crypto entrepreneurs with an ecosystem that helps them nurture their businesses.
NiceHash, a leading cryptocurrency mining platform, relocated its headquarters from the British Virgin Islands to Switzerland’s Zug Valley to benefit from a location closely aligned with EU regulations like MiCA. Zug Valley is a small yet influential Swiss city near Zurich, notably where Canada-born Vitalik Buterin created Ethereum.
Following Ethereum’s success, many businesses, programmers, and investors established their operations in Zug, earning it the nickname "Crypto Valley."
Crypto-friendly jurisdictions not only offer regulatory clarity and efficiencies to new businesses but also foster a vibrant environment for exchanging ideas, collaboration, and innovation—creating a powerful network effect.
From Blockchain to Beaches: How Caribbean Citizenship Became Crypto’s New Hedge
For crypto investors grappling with taxes as high as 37% in the U.S. and 45% in parts of Europe—not to mention looming data-sharing mandates like the FATF Travel Rule—second citizenship in the Caribbean offers a valuable lifeline. Countries such as Antigua and Barbuda have no capital gains, inheritance, or wealth taxes, meaning a Bitcoin windfall remains untouched by the government. Beyond taxes, Caribbean nations are increasingly crypto-friendly, recognizing digital assets as legitimate once converted to fiat—crucial for traders for whom even routine tasks like opening a bank account can be an uphill battle in other regions.
While governments worldwide scramble to regulate or even ban certain crypto activities at a moment’s notice, Caribbean citizenship serves as an “insurance policy,” diversifying both personal risk and geographic ties. For those who’ve hedged their portfolios with Bitcoin or Ethereum, securing a second citizenship in a forward-thinking Caribbean nation is quickly becoming the next logical step to safeguard wealth and privacy.
Why Crypto Whales Are Flocking to Dubai?
New research from Chainalysis indicates the Middle East is one of the fastest-growing crypto markets globally, with Dubai emerging as a top destination for high-net-worth “crypto whales.” The city’s prime allure lies in its completely tax-free personal income structure—a stark contrast to the heavy tax burden whales face in the U.S. or Europe.
Regulatory clarity further fuels Dubai’s appeal. The emirate’s newly formed Virtual Asset Regulatory Authority (VARA) is pioneering transparent guidelines for crypto businesses, making it easier for major exchanges and startups to swiftly establish operations. This ecosystem fosters innovation, encourages compliance, and reassures large-scale investors who require a stable, forward-thinking environment.
Lifestyle and infrastructure further strengthen its attractiveness. According to Knight Frank, prime real estate transactions in Dubai surged 56% year-over-year in 2023, offering crypto whales attractive diversification opportunities beyond digital assets. Meanwhile, streamlined banking services - more accommodating of crypto-derived fund - reduce red tape often encountered by investors elsewhere.
In a sector where policy changes can devalue portfolios overnight, Dubai’s unique combination of tax benefits, regulatory transparency, and global connectivity remains highly appealing to crypto’s biggest players.
Could Oman’s Muscat Become the Next Gulf Crypto Haven?
While Dubai remains the region’s headline grabber, Muscat is steadily gaining attention from “crypto whales” drawn by Oman’s attractive zero personal income tax and emerging legislative framework designed to attract foreign digital investments.
In 2023, Oman’s Capital Market Authority announced plans to draft regulations for virtual assets—a proactive response to rising trading volumes and growing interest from international crypto players. With the International Monetary Fund projecting Oman’s GDP will grow by 4.1% in 2024, the government appears committed to diversifying beyond oil by embracing blockchain technology and positioning Muscat as an appealing fintech-friendly hub.
Beyond tax incentives, infrastructure enhancements are already facilitating deeper crypto adoption. The nation has rolled out upgraded payment platforms and mobile banking services, making it easier for investors to move seamlessly between digital assets and fiat currencies. Meanwhile, Muscat’s strategic location along major maritime and air routes positions it ideally to offer crypto whales easy connectivity across the GCC and Asia, similar to Dubai’s recognized global reach.
It’s still early days, and the timeline for Oman’s comprehensive crypto regulations remains fluid. But for high-net-worth investors seeking a quieter yet equally advantageous alternative to Dubai—still boasting zero personal income tax and a growing commitment to digital finance—Muscat is quickly emerging as a serious contender in the race to attract the world’s crypto elites.
Conclusion
As crypto investors navigate a landscape of increasing regulatory scrutiny and volatile geopolitical dynamics, the quest for financial freedom has sparked a notable shift toward acquiring alternative citizenship. Taxation challenges, sovereign risks, and the borderless nature of digital assets have accelerated the demand for passports from crypto-friendly jurisdictions like Antigua & Barbuda, offering critical advantages such as zero capital gains taxes and expansive global mobility.
Meanwhile, emerging hubs like Dubai and Muscat are becoming strategic bases for investors, blending favorable tax regimes with supportive financial ecosystems tailored specifically for digital wealth. This trend underscores a broader generational shift: Millennials and Gen Z investors, shaped by crypto's meteoric rise and rapid evolution, are redefining how wealth is protected, prioritizing self-governance, mobility, and financial autonomy.
In an era marked by economic uncertainty and rapid technological advancement, alternative citizenship emerges not merely as a privilege, but as a prudent strategy—a powerful hedge to ensure financial sovereignty, unrestricted capital movement, and global access. Ultimately, for crypto investors today, the most valuable asset of all remains freedom itself.
About the Author
Nicholas is an Executive Partner for the Middle East region at Multipolitan advising HNW and UHNW families on citizenship & residence planning. Nicholas has over a decade of experience in wealth management. He has worked at UBS, HSBC and Standard Chartered Bank in Hong Kong and Jersey, managing the financial needs of high-net-worth and ultra-high-net-worth families. Nicholas graduated from Durham University in Computer Science and holds a Master’s in Management.
Introduction
Cryptocurrencies have come a remarkably long way since Satoshi Nakamoto created the genesis block for Bitcoin in 2009. Bitcoin’s value has seen an astronomical rise since then. Tech-savvy investors who rode this trend early on have built significant wealth for themselves.
Governments around the world have tried to regulate cryptocurrencies. Some countries have been particularly cautious, creating more deterrents than catalysts for crypto’s growth. Consequently, regulations can vary significantly from one country to another. When Crypto UHNWIs and HNWIs find their home jurisdictions falling short of creating a conducive environment, they often seek alternative residencies and citizenships as a crucial safeguard for their wealth.
They aim to insulate their portfolios from these regulatory risks. They fully grasp the borderless nature of their crypto wealth, which is simultaneously global and local—with borderless exchange operations yet geographically concentrated mining activities.
Flow Of Crypto Wealth
A Capgemini report revealed that 71 percent of wealthy individuals surveyed had invested in digital assets.
According to Multipolitan’s 2024 Crypto Wealth Concentration Index, the United Arab Emirates (UAE) has the highest percentage of its population owning cryptocurrency, at 25.3%. Close behind is Singapore (24.4%), followed by Turkey (19.3%), Argentina (18.9%), and Thailand (17.6%).
Turkey and Argentina are notable examples where cryptocurrencies' wider adoption is directly tied to local currencies seeing significant value erosion due to hyperinflation.
Countries with crypto-friendly regulations have consistently seen broader adoption of cryptocurrencies. The UAE is a prime case in point. It leads according to Triple A's data on the percentage of population owning cryptocurrency, while ranking only 17th globally in terms of estimated crypto trading volumes between 2022-2024. This contrast indicates widespread rather than concentrated ownership.
Similarly, Singapore also ranks high on Triple A's data for population ownership, yet ranks 13th globally in crypto trading volumes over the same period.
Both Abu Dhabi (UAE) and Singapore are among the top-five cities in Multipolitan’s Friendliest Crypto Cities Index 2024.
Fewer owners controlling a significant portion of trading volumes signals a concentration of crypto wealth among UHNWIs and HNWIs. The United States (U.S.) is an interesting illustration of this dynamic. The U.S. has the largest estimated crypto trading volume (2022–2024), at $2.06 trillion, yet it ranks only 10th in terms of population ownership percentage at 15.5%, clearly indicating wealth concentration.
In Europe, Germany ranks 29th in Triple A’s population ownership data (8.3%), but sits much higher at 9th in total crypto trading volumes globally between 2022-2024.
In South Asia, India has the third-highest estimated total crypto trading volumes (2022–2024), but its crypto ownership as a percentage of the population (8.2%) is among the lowest according to Triple A’s data. However, India notably leads all countries globally in terms of the total number of crypto owners, at approximately 118 million.
Crypto-Friendly Cities
According to Multipolitan’s 2025 Crypto Friendly Cities Index 2025, Singapore ranks 4th, and Abu Dhabi (UAE) ranks 5th. The capital city of Slovenia - Ljubljana - tops the list. Hong Kong (China) is ranked 2nd, Zurich (Switzerland) 3rd, Luxembourg City (Luxembourg) 6th, Muscat (Oman) 7th, Porto (Portugal) 8th, Oslo (Norway) 9th, and Sydney (Australia) 10th. The Latvian capital, Riga, is ranked 11th, and the Maltese capital Valletta is ranked 15th.
This index measured cities based on national cryptocurrency market regulations, tax regimes, the economic health of cities (such as GDP per capita and housing prices), digital infrastructure, and crypto infrastructure (including crypto ATMs and retail adoption rates).
These leading crypto-friendly cities are firmly on the radar of crypto elites looking to secure alternative residencies.
Galaxy Research estimates an incremental $160bn–$225bn will flow into crypto markets as wealth moves into the hands of younger generations. This emerging generation of Crypto UHNWIs and HNWIs will seek residency alternatives to protect their crypto wealth against regulatory risks.
How Countries Are Offering Regulatory Arbitrage
To attract Crypto UHNWIs and HNWIs, crypto-friendly countries offer multiple attractive incentives - favourable regulations, low tax rates, advanced digital infrastructure, and tax-free zones.
For example, the UAE doesn’t levy capital gains or personal income taxes on crypto holdings (or any asset class). Crypto entrepreneurs looking to set up start-ups in the UAE benefit from some of the lowest corporate tax rates globally.
Regulations in the UAE consistently support innovation. The FSRA (Financial Services Regulatory Authority), which governs Abu Dhabi Global Market, offers a regulatory sandbox—the ADGM RegLab—that allows fintech companies to test their innovations in a controlled environment. The RegLab allows the FSRA to engage with innovative start-ups and better understand their business models and associated risks.
Obtaining a residency visa in the UAE requires an investment of AED 2 million. The Golden Visa offers renewable residency for 10 years.
Portugal does not impose taxes on profits from cryptocurrency trading if the holding period exceeds one year. Another prominent crypto-friendly jurisdiction is Malta, where capital gains remain untaxed, except for short-term trading activities.
Portugal's Golden Visa requires an investment of €500,000 in a qualifying fund.
Malta was the first country in the world to establish a comprehensive regulatory framework for blockchain, cryptocurrency, and DLT companies. The government recognized that serious entrepreneurs seek legal certainty.
With a real estate investment of €375,000, one can obtain permanent residency in Malta.
Switzerland and Singapore also provide robust regulatory certainty, along with favourable taxation for crypto investors.
Crypto Businesses On The Move
Crypto entrepreneurs are actively on the move. Within the European Union (EU), now governed by the unified MiCA regulations, entrepreneurs have relocated their operations to European nations that have demonstrated greater regulatory agility.
The crypto exchange Gemini recently relocated its EU headquarters from Ireland to Malta. Similarly, OKX has also chosen Malta after initially considering France as its EU hub. Singapore-based Crypto.com has likewise selected Malta.
Australia, despite its growing cryptocurrency start-up ecosystem, has also seen crypto businesses relocate as the country struggles to establish clearer regulatory guidelines.
India, home to the largest number of crypto owners globally (according to Multipolitan’s 2025 Crypto Wealth Concentration Index), has seen several prominent crypto platforms shift their operations to more crypto-friendly jurisdictions like Singapore and the UAE.
Importantly, when crypto businesses migrate abroad, talent - including developers and engineers -often follows, resulting in additional job creation in the destination country.
Crypto Villages And Valley
Besides businesses, well-known Crypto UHNWIs and HNWIs have increasingly transitioned to crypto-friendly environments.
The patriarch of the ‘Bitcoin family,’ Didi Taihuttu, settled in Portugal from the Netherlands. Taihuttu famously sold all his family’s assets in 2017 and invested the proceeds entirely into Bitcoin when the cryptocurrency was just $900.
Taihuttu has since helped establish a crypto village in Portugal, now home to a community of 150 supporters.
The collaborative community aspect of the cryptocurrency industry provides crypto entrepreneurs with an ecosystem that helps them nurture their businesses.
NiceHash, a leading cryptocurrency mining platform, relocated its headquarters from the British Virgin Islands to Switzerland’s Zug Valley to benefit from a location closely aligned with EU regulations like MiCA. Zug Valley is a small yet influential Swiss city near Zurich, notably where Canada-born Vitalik Buterin created Ethereum.
Following Ethereum’s success, many businesses, programmers, and investors established their operations in Zug, earning it the nickname "Crypto Valley."
Crypto-friendly jurisdictions not only offer regulatory clarity and efficiencies to new businesses but also foster a vibrant environment for exchanging ideas, collaboration, and innovation—creating a powerful network effect.
From Blockchain to Beaches: How Caribbean Citizenship Became Crypto’s New Hedge
For crypto investors grappling with taxes as high as 37% in the U.S. and 45% in parts of Europe—not to mention looming data-sharing mandates like the FATF Travel Rule—second citizenship in the Caribbean offers a valuable lifeline. Countries such as Antigua and Barbuda have no capital gains, inheritance, or wealth taxes, meaning a Bitcoin windfall remains untouched by the government. Beyond taxes, Caribbean nations are increasingly crypto-friendly, recognizing digital assets as legitimate once converted to fiat—crucial for traders for whom even routine tasks like opening a bank account can be an uphill battle in other regions.
While governments worldwide scramble to regulate or even ban certain crypto activities at a moment’s notice, Caribbean citizenship serves as an “insurance policy,” diversifying both personal risk and geographic ties. For those who’ve hedged their portfolios with Bitcoin or Ethereum, securing a second citizenship in a forward-thinking Caribbean nation is quickly becoming the next logical step to safeguard wealth and privacy.
Why Crypto Whales Are Flocking to Dubai?
New research from Chainalysis indicates the Middle East is one of the fastest-growing crypto markets globally, with Dubai emerging as a top destination for high-net-worth “crypto whales.” The city’s prime allure lies in its completely tax-free personal income structure—a stark contrast to the heavy tax burden whales face in the U.S. or Europe.
Regulatory clarity further fuels Dubai’s appeal. The emirate’s newly formed Virtual Asset Regulatory Authority (VARA) is pioneering transparent guidelines for crypto businesses, making it easier for major exchanges and startups to swiftly establish operations. This ecosystem fosters innovation, encourages compliance, and reassures large-scale investors who require a stable, forward-thinking environment.
Lifestyle and infrastructure further strengthen its attractiveness. According to Knight Frank, prime real estate transactions in Dubai surged 56% year-over-year in 2023, offering crypto whales attractive diversification opportunities beyond digital assets. Meanwhile, streamlined banking services - more accommodating of crypto-derived fund - reduce red tape often encountered by investors elsewhere.
In a sector where policy changes can devalue portfolios overnight, Dubai’s unique combination of tax benefits, regulatory transparency, and global connectivity remains highly appealing to crypto’s biggest players.
Could Oman’s Muscat Become the Next Gulf Crypto Haven?
While Dubai remains the region’s headline grabber, Muscat is steadily gaining attention from “crypto whales” drawn by Oman’s attractive zero personal income tax and emerging legislative framework designed to attract foreign digital investments.
In 2023, Oman’s Capital Market Authority announced plans to draft regulations for virtual assets—a proactive response to rising trading volumes and growing interest from international crypto players. With the International Monetary Fund projecting Oman’s GDP will grow by 4.1% in 2024, the government appears committed to diversifying beyond oil by embracing blockchain technology and positioning Muscat as an appealing fintech-friendly hub.
Beyond tax incentives, infrastructure enhancements are already facilitating deeper crypto adoption. The nation has rolled out upgraded payment platforms and mobile banking services, making it easier for investors to move seamlessly between digital assets and fiat currencies. Meanwhile, Muscat’s strategic location along major maritime and air routes positions it ideally to offer crypto whales easy connectivity across the GCC and Asia, similar to Dubai’s recognized global reach.
It’s still early days, and the timeline for Oman’s comprehensive crypto regulations remains fluid. But for high-net-worth investors seeking a quieter yet equally advantageous alternative to Dubai—still boasting zero personal income tax and a growing commitment to digital finance—Muscat is quickly emerging as a serious contender in the race to attract the world’s crypto elites.
Conclusion
As crypto investors navigate a landscape of increasing regulatory scrutiny and volatile geopolitical dynamics, the quest for financial freedom has sparked a notable shift toward acquiring alternative citizenship. Taxation challenges, sovereign risks, and the borderless nature of digital assets have accelerated the demand for passports from crypto-friendly jurisdictions like Antigua & Barbuda, offering critical advantages such as zero capital gains taxes and expansive global mobility.
Meanwhile, emerging hubs like Dubai and Muscat are becoming strategic bases for investors, blending favorable tax regimes with supportive financial ecosystems tailored specifically for digital wealth. This trend underscores a broader generational shift: Millennials and Gen Z investors, shaped by crypto's meteoric rise and rapid evolution, are redefining how wealth is protected, prioritizing self-governance, mobility, and financial autonomy.
In an era marked by economic uncertainty and rapid technological advancement, alternative citizenship emerges not merely as a privilege, but as a prudent strategy—a powerful hedge to ensure financial sovereignty, unrestricted capital movement, and global access. Ultimately, for crypto investors today, the most valuable asset of all remains freedom itself.
About the Author
Nicholas is an Executive Partner for the Middle East region at Multipolitan advising HNW and UHNW families on citizenship & residence planning. Nicholas has over a decade of experience in wealth management. He has worked at UBS, HSBC and Standard Chartered Bank in Hong Kong and Jersey, managing the financial needs of high-net-worth and ultra-high-net-worth families. Nicholas graduated from Durham University in Computer Science and holds a Master’s in Management.
Introduction
Cryptocurrencies have come a remarkably long way since Satoshi Nakamoto created the genesis block for Bitcoin in 2009. Bitcoin’s value has seen an astronomical rise since then. Tech-savvy investors who rode this trend early on have built significant wealth for themselves.
Governments around the world have tried to regulate cryptocurrencies. Some countries have been particularly cautious, creating more deterrents than catalysts for crypto’s growth. Consequently, regulations can vary significantly from one country to another. When Crypto UHNWIs and HNWIs find their home jurisdictions falling short of creating a conducive environment, they often seek alternative residencies and citizenships as a crucial safeguard for their wealth.
They aim to insulate their portfolios from these regulatory risks. They fully grasp the borderless nature of their crypto wealth, which is simultaneously global and local—with borderless exchange operations yet geographically concentrated mining activities.
Flow Of Crypto Wealth
A Capgemini report revealed that 71 percent of wealthy individuals surveyed had invested in digital assets.
According to Multipolitan’s 2024 Crypto Wealth Concentration Index, the United Arab Emirates (UAE) has the highest percentage of its population owning cryptocurrency, at 25.3%. Close behind is Singapore (24.4%), followed by Turkey (19.3%), Argentina (18.9%), and Thailand (17.6%).
Turkey and Argentina are notable examples where cryptocurrencies' wider adoption is directly tied to local currencies seeing significant value erosion due to hyperinflation.
Countries with crypto-friendly regulations have consistently seen broader adoption of cryptocurrencies. The UAE is a prime case in point. It leads according to Triple A's data on the percentage of population owning cryptocurrency, while ranking only 17th globally in terms of estimated crypto trading volumes between 2022-2024. This contrast indicates widespread rather than concentrated ownership.
Similarly, Singapore also ranks high on Triple A's data for population ownership, yet ranks 13th globally in crypto trading volumes over the same period.
Both Abu Dhabi (UAE) and Singapore are among the top-five cities in Multipolitan’s Friendliest Crypto Cities Index 2024.
Fewer owners controlling a significant portion of trading volumes signals a concentration of crypto wealth among UHNWIs and HNWIs. The United States (U.S.) is an interesting illustration of this dynamic. The U.S. has the largest estimated crypto trading volume (2022–2024), at $2.06 trillion, yet it ranks only 10th in terms of population ownership percentage at 15.5%, clearly indicating wealth concentration.
In Europe, Germany ranks 29th in Triple A’s population ownership data (8.3%), but sits much higher at 9th in total crypto trading volumes globally between 2022-2024.
In South Asia, India has the third-highest estimated total crypto trading volumes (2022–2024), but its crypto ownership as a percentage of the population (8.2%) is among the lowest according to Triple A’s data. However, India notably leads all countries globally in terms of the total number of crypto owners, at approximately 118 million.
Crypto-Friendly Cities
According to Multipolitan’s 2025 Crypto Friendly Cities Index 2025, Singapore ranks 4th, and Abu Dhabi (UAE) ranks 5th. The capital city of Slovenia - Ljubljana - tops the list. Hong Kong (China) is ranked 2nd, Zurich (Switzerland) 3rd, Luxembourg City (Luxembourg) 6th, Muscat (Oman) 7th, Porto (Portugal) 8th, Oslo (Norway) 9th, and Sydney (Australia) 10th. The Latvian capital, Riga, is ranked 11th, and the Maltese capital Valletta is ranked 15th.
This index measured cities based on national cryptocurrency market regulations, tax regimes, the economic health of cities (such as GDP per capita and housing prices), digital infrastructure, and crypto infrastructure (including crypto ATMs and retail adoption rates).
These leading crypto-friendly cities are firmly on the radar of crypto elites looking to secure alternative residencies.
Galaxy Research estimates an incremental $160bn–$225bn will flow into crypto markets as wealth moves into the hands of younger generations. This emerging generation of Crypto UHNWIs and HNWIs will seek residency alternatives to protect their crypto wealth against regulatory risks.
How Countries Are Offering Regulatory Arbitrage
To attract Crypto UHNWIs and HNWIs, crypto-friendly countries offer multiple attractive incentives - favourable regulations, low tax rates, advanced digital infrastructure, and tax-free zones.
For example, the UAE doesn’t levy capital gains or personal income taxes on crypto holdings (or any asset class). Crypto entrepreneurs looking to set up start-ups in the UAE benefit from some of the lowest corporate tax rates globally.
Regulations in the UAE consistently support innovation. The FSRA (Financial Services Regulatory Authority), which governs Abu Dhabi Global Market, offers a regulatory sandbox—the ADGM RegLab—that allows fintech companies to test their innovations in a controlled environment. The RegLab allows the FSRA to engage with innovative start-ups and better understand their business models and associated risks.
Obtaining a residency visa in the UAE requires an investment of AED 2 million. The Golden Visa offers renewable residency for 10 years.
Portugal does not impose taxes on profits from cryptocurrency trading if the holding period exceeds one year. Another prominent crypto-friendly jurisdiction is Malta, where capital gains remain untaxed, except for short-term trading activities.
Portugal's Golden Visa requires an investment of €500,000 in a qualifying fund.
Malta was the first country in the world to establish a comprehensive regulatory framework for blockchain, cryptocurrency, and DLT companies. The government recognized that serious entrepreneurs seek legal certainty.
With a real estate investment of €375,000, one can obtain permanent residency in Malta.
Switzerland and Singapore also provide robust regulatory certainty, along with favourable taxation for crypto investors.
Crypto Businesses On The Move
Crypto entrepreneurs are actively on the move. Within the European Union (EU), now governed by the unified MiCA regulations, entrepreneurs have relocated their operations to European nations that have demonstrated greater regulatory agility.
The crypto exchange Gemini recently relocated its EU headquarters from Ireland to Malta. Similarly, OKX has also chosen Malta after initially considering France as its EU hub. Singapore-based Crypto.com has likewise selected Malta.
Australia, despite its growing cryptocurrency start-up ecosystem, has also seen crypto businesses relocate as the country struggles to establish clearer regulatory guidelines.
India, home to the largest number of crypto owners globally (according to Multipolitan’s 2025 Crypto Wealth Concentration Index), has seen several prominent crypto platforms shift their operations to more crypto-friendly jurisdictions like Singapore and the UAE.
Importantly, when crypto businesses migrate abroad, talent - including developers and engineers -often follows, resulting in additional job creation in the destination country.
Crypto Villages And Valley
Besides businesses, well-known Crypto UHNWIs and HNWIs have increasingly transitioned to crypto-friendly environments.
The patriarch of the ‘Bitcoin family,’ Didi Taihuttu, settled in Portugal from the Netherlands. Taihuttu famously sold all his family’s assets in 2017 and invested the proceeds entirely into Bitcoin when the cryptocurrency was just $900.
Taihuttu has since helped establish a crypto village in Portugal, now home to a community of 150 supporters.
The collaborative community aspect of the cryptocurrency industry provides crypto entrepreneurs with an ecosystem that helps them nurture their businesses.
NiceHash, a leading cryptocurrency mining platform, relocated its headquarters from the British Virgin Islands to Switzerland’s Zug Valley to benefit from a location closely aligned with EU regulations like MiCA. Zug Valley is a small yet influential Swiss city near Zurich, notably where Canada-born Vitalik Buterin created Ethereum.
Following Ethereum’s success, many businesses, programmers, and investors established their operations in Zug, earning it the nickname "Crypto Valley."
Crypto-friendly jurisdictions not only offer regulatory clarity and efficiencies to new businesses but also foster a vibrant environment for exchanging ideas, collaboration, and innovation—creating a powerful network effect.
From Blockchain to Beaches: How Caribbean Citizenship Became Crypto’s New Hedge
For crypto investors grappling with taxes as high as 37% in the U.S. and 45% in parts of Europe—not to mention looming data-sharing mandates like the FATF Travel Rule—second citizenship in the Caribbean offers a valuable lifeline. Countries such as Antigua and Barbuda have no capital gains, inheritance, or wealth taxes, meaning a Bitcoin windfall remains untouched by the government. Beyond taxes, Caribbean nations are increasingly crypto-friendly, recognizing digital assets as legitimate once converted to fiat—crucial for traders for whom even routine tasks like opening a bank account can be an uphill battle in other regions.
While governments worldwide scramble to regulate or even ban certain crypto activities at a moment’s notice, Caribbean citizenship serves as an “insurance policy,” diversifying both personal risk and geographic ties. For those who’ve hedged their portfolios with Bitcoin or Ethereum, securing a second citizenship in a forward-thinking Caribbean nation is quickly becoming the next logical step to safeguard wealth and privacy.
Why Crypto Whales Are Flocking to Dubai?
New research from Chainalysis indicates the Middle East is one of the fastest-growing crypto markets globally, with Dubai emerging as a top destination for high-net-worth “crypto whales.” The city’s prime allure lies in its completely tax-free personal income structure—a stark contrast to the heavy tax burden whales face in the U.S. or Europe.
Regulatory clarity further fuels Dubai’s appeal. The emirate’s newly formed Virtual Asset Regulatory Authority (VARA) is pioneering transparent guidelines for crypto businesses, making it easier for major exchanges and startups to swiftly establish operations. This ecosystem fosters innovation, encourages compliance, and reassures large-scale investors who require a stable, forward-thinking environment.
Lifestyle and infrastructure further strengthen its attractiveness. According to Knight Frank, prime real estate transactions in Dubai surged 56% year-over-year in 2023, offering crypto whales attractive diversification opportunities beyond digital assets. Meanwhile, streamlined banking services - more accommodating of crypto-derived fund - reduce red tape often encountered by investors elsewhere.
In a sector where policy changes can devalue portfolios overnight, Dubai’s unique combination of tax benefits, regulatory transparency, and global connectivity remains highly appealing to crypto’s biggest players.
Could Oman’s Muscat Become the Next Gulf Crypto Haven?
While Dubai remains the region’s headline grabber, Muscat is steadily gaining attention from “crypto whales” drawn by Oman’s attractive zero personal income tax and emerging legislative framework designed to attract foreign digital investments.
In 2023, Oman’s Capital Market Authority announced plans to draft regulations for virtual assets—a proactive response to rising trading volumes and growing interest from international crypto players. With the International Monetary Fund projecting Oman’s GDP will grow by 4.1% in 2024, the government appears committed to diversifying beyond oil by embracing blockchain technology and positioning Muscat as an appealing fintech-friendly hub.
Beyond tax incentives, infrastructure enhancements are already facilitating deeper crypto adoption. The nation has rolled out upgraded payment platforms and mobile banking services, making it easier for investors to move seamlessly between digital assets and fiat currencies. Meanwhile, Muscat’s strategic location along major maritime and air routes positions it ideally to offer crypto whales easy connectivity across the GCC and Asia, similar to Dubai’s recognized global reach.
It’s still early days, and the timeline for Oman’s comprehensive crypto regulations remains fluid. But for high-net-worth investors seeking a quieter yet equally advantageous alternative to Dubai—still boasting zero personal income tax and a growing commitment to digital finance—Muscat is quickly emerging as a serious contender in the race to attract the world’s crypto elites.
Conclusion
As crypto investors navigate a landscape of increasing regulatory scrutiny and volatile geopolitical dynamics, the quest for financial freedom has sparked a notable shift toward acquiring alternative citizenship. Taxation challenges, sovereign risks, and the borderless nature of digital assets have accelerated the demand for passports from crypto-friendly jurisdictions like Antigua & Barbuda, offering critical advantages such as zero capital gains taxes and expansive global mobility.
Meanwhile, emerging hubs like Dubai and Muscat are becoming strategic bases for investors, blending favorable tax regimes with supportive financial ecosystems tailored specifically for digital wealth. This trend underscores a broader generational shift: Millennials and Gen Z investors, shaped by crypto's meteoric rise and rapid evolution, are redefining how wealth is protected, prioritizing self-governance, mobility, and financial autonomy.
In an era marked by economic uncertainty and rapid technological advancement, alternative citizenship emerges not merely as a privilege, but as a prudent strategy—a powerful hedge to ensure financial sovereignty, unrestricted capital movement, and global access. Ultimately, for crypto investors today, the most valuable asset of all remains freedom itself.
About the Author
Nicholas is an Executive Partner for the Middle East region at Multipolitan advising HNW and UHNW families on citizenship & residence planning. Nicholas has over a decade of experience in wealth management. He has worked at UBS, HSBC and Standard Chartered Bank in Hong Kong and Jersey, managing the financial needs of high-net-worth and ultra-high-net-worth families. Nicholas graduated from Durham University in Computer Science and holds a Master’s in Management.
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