- El Salvador, the Latin American country that made Bitcoin a legal tender, is now inviting Bitcoin enthusiasts from around the world to obtain citizenship.
- The program offers a residency visa and potential citizenship to 1,000 individuals who commit to investing $1 million in Bitcoin (BTC) or Tether (USDT).
- The visa initiative aims to create an environment where participants actively contribute to forming a fresh socio-economic perspective for El Salvador.
Being the first country to make Bitcoin a legal payment method, El Salvador takes a significant step by launching the Freedom Visa!
El Salvador Launches Freedom Visa
El Salvador, the Latin American country that became the first to make Bitcoin a legal payment method, is now inviting Bitcoin enthusiasts from around the world to obtain citizenship. El Salvador has initiated a new citizenship investment known as the “Adopting El Salvador Freedom Visa Program.”
The program offers a residency visa and potential citizenship to 1,000 individuals who commit to investing $1 million in Bitcoin (BTC) or Tether (USDT). Announced jointly by the El Salvador government and Tether on December 7th, the program requires an irretrievable deposit of $999, credited towards the total investment.
The visa initiative aims to create an environment where participants actively contribute to forming a fresh socio-economic perspective for El Salvador. The program targets individuals who are driving economic growth, initiating effective social transformations, and positioning El Salvador as a rising center for global tourism.
This new move comes after El Salvador’s President Nayib Bukele announced a profit of $3.6 billion from Bitcoin reserves during the country’s recent price rally. It aligns with Bukele’s encouragement for other economically challenged countries to adopt the Bitcoin standard. Additionally, Bitcoin supporter President Javier Milei is considering sending his Bitcoin team to Argentina after the recent election.
According to VisaGuide.World, conventional CBI programs, as observed in countries like Malta, Portugal, and St. Kitts and Nevis, typically necessitate significant financial commitments in real estate, funds, or national development which range from $250,000 to millions. These programs cater to high-net-worth individuals seeking a second passport or residency.
Is this offer worth considering?
The cost of citizenship in El Salvador is higher than that in neighboring Caribbean countries, starting at $100,000. If all slots are filled, this program could generate a significant income source of $1 billion for El Salvador, resembling a successful citizenship investment program earning millions of dollars annually.
Alistair Milne, the founder of Altana Digital Currency, did not find El Salvador’s offer globally competitive and argued that European Union citizenship is less costly. However, El Salvador’s Bitcoin policies, such as recognizing Bitcoin as a legal payment method and providing tax advantages for tech companies, could attract crypto investors to move to the country.
El Salvador’s Volcano Bonds generated many triggers in the early days of the announcement but did not receive sufficient participation from investors. It will be interesting to see whether the Freedom Visa Program can attract a large number of global investors.
