El Salvador, known for its groundbreaking adoption of Bitcoin as legal tender in 2021, has unveiled the “Adopting El Salvador Freedom Visa” program.
This innovative initiative, limited to 1,000 participants annually, aims to attract individuals to invest in the country in exchange for residency and, potentially, citizenship.
Investment requirements and benefits:
Participation in the Freedom Visa program requires a $1 million investment in either Bitcoin (BTC) or Tether (USDT).
Successful applicants will not only gain residency in El Salvador but also become eligible for a Salvadoran passport and the opportunity to obtain citizenship.
Adriana Mira, El Salvador’s Vice Minister of Foreign Affairs, expressed strong enthusiasm for the program:
“The Adopting El Salvador Freedom Visa Program offers an extraordinary opportunity for individuals to actively participate in shaping a prosperous future for our nation.”
The Ministry of Foreign Affairs estimates that, if fully subscribed, the program could generate $1 billion annually for El Salvador. Tether, the stablecoin issuer, is collaborating with El Salvador as the technology partner for this venture.
However, the program’s cost is significantly higher than similar citizenship-by-investment programs offered by neighboring Caribbean nations like Antigua and Barbuda, Dominica, and St. Lucia.
Migration consultancy firm Henley & Partners has noted that El Salvador’s initiative is 10 times more expensive than these programs.
Tether plays a central role in this initiative as El Salvador’s technology partner. Paolo Ardoino, Tether’s newly appointed CEO, remarked:
“This initiative highlights our commitment to supporting cities and communities in their pursuit of financial freedom and innovation.”
El Salvador’s President, Nayib Bukele, recently announced that the country’s Bitcoin portfolio is now profitable by about $3.6 million, a statement met with some skepticism.
This announcement comes as a rebuttal to critics who had challenged El Salvador’s decision to invest in Bitcoin, despite claims questioning the accuracy of Bukele’s statements regarding the nation’s Bitcoin treasury.