Latin American country El Salvador, the first country to make Bitcoin a legal tender, is now inviting Bitcoin enthusiasts from across the world to seek citizenship.
El Salvador has initiated a new citizenship-by-investment initiative, known as the “Adopting El Salvador Freedom Visa Program.” The program provides a residency visa and potential citizenship to 1,000 individuals committing to a $1 million investment in either Bitcoin (BTC) or Tether (USDT). Jointly announced by El Salvador’s government and Tether on December 7, the program requires a non-refundable deposit of $999, credited toward the total investment.
The visa initiative aims to cultivate an atmosphere where participants actively contribute to molding a fresh socio-economic outlook for El Salvador. Positioned as a burgeoning center for global tourism, the program seeks individuals deeply dedicated to propelling economic growth and instigating impactful societal transformation.
The recent development happens as El Salvador President Nayib Bukele announced that the country has made a profit of $3.6 billion on their Bitcoin stash in this recent price rally. On the other hand, Bukele has also been encouraging other economically stressed countries in El Salvador to adopt the Bitcoin standard. He also considered sending his Bitcoin team to Argentina after the recent election of Pro-Bitcoin President Javier Milei.
The cost of citizenship in El Salvador is considerably higher than that of neighboring Caribbean nations, beginning at $100,000.
If all available spots are filled, this program could generate $1 billion for El Salvador, serving as a notable revenue stream similar to the successful citizenship-by-investment program in Vanuatu, which earns millions annually.
Alistair Milne, founder of Altana Digital Currency, deemed El Salvador’s offering uncompetitive globally and suggested European Union citizenship is available for less. However, the country’s pro-Bitcoin policies, including recognizing Bitcoin as legal tender and providing tax incentives for tech companies, may attract crypto investors to relocate to El Salvador.
El Salvador’s Volcano Bonds also created many triggers during the initial days of the announcement. However, they didn’t garner enough participation from investors. It will be interesting to whether the freedom Visa Program could attract global investors in big numbers.
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