El Salvador Introduces the “Freedom Visa” for Crypto Millionaires
In a bold move, El Salvador has launched the “Adopting El Salvador Freedom Visa” program, which aims to attract high-net-worth individuals by offering residency and citizenship in return for a $1 million investment in BTC or USDT. This initiative, limited to 1,000 participants per year, mirrors similar programs in other countries. The Vice Minister of Foreign Affairs, Adriana Mira, sees the program as an opportunity for individuals to contribute to the nation’s prosperous future.
The Ministry of Foreign Affairs expects the program to generate approximately $1 billion annually. Tether, the world’s largest stablecoin issuer, plays a critical role in this venture as the technology partner. Paolo Ardoino, Tether’s incoming CEO, emphasizes the importance of their collaboration with the Salvadoran government in promoting financial freedom and innovation.
High Demand for El Salvador’s Visa Program
The newly launched Salvadoran Visa program has already received significant demand. Max Keiser, a prominent figure in the crypto community, comments that they are already overwhelmed with requests and have 110 applications in process. Keiser believes that people worldwide are drawn to El Salvador as a haven of economic and human freedom in contrast to other countries experiencing a decline. He sees President Nayib Bukele as the savior of these ideals.
Hot Take: Transforming the Concept of Citizenship through Crypto
El Salvador’s “Freedom Visa” program represents a groundbreaking step in leveraging cryptocurrency to establish citizenship. By inviting crypto millionaires to invest in the country, El Salvador aims to shape its future and redefine standards in various areas. This innovative approach not only offers economic benefits but also positions El Salvador as a leader in embracing new technologies and attracting global talent. As the crypto industry continues to evolve, we may witness more countries exploring similar programs to tap into the potential of digital currencies.
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