El Salvador’s New Immigration Reform Law
El Salvador’s legislature recently passed an immigration law that offers an expedited path to citizenship for foreigners who donate bitcoins to the country’s social and economic development programs. The law, which was approved on Dec. 20, is supported by President Nayib Bukele’s New Ideas party.
Betting on Bitcoin’s Success
President Bukele and his party have been promoting El Salvador’s successful bitcoin venture, especially after the recent surge in bitcoin’s value. The country’s bitcoin holdings have exceeded the initial investment by more than $3 million, and plans are underway to launch in Q1 of 2024.
Eligibility for Expedited Citizenship
The reform law, set to come into effect soon, states that foreigners interested in supporting El Salvador’s development through bitcoin donations will be eligible for expedited citizenship. However, the law does not specify the amount of bitcoins required for eligibility.
If you meet the donation threshold, you will be exempt from the usual five-year naturalization process for applicants from non-Spanish-speaking countries. El Salvador made history in September 2021 by becoming the first nation to adopt bitcoin as legal tender.
Hot Take: El Salvador’s Bitcoin-Driven Citizenship
El Salvador’s new immigration reform law offers an interesting incentive for foreigners to invest in the country’s social and economic development programs. By donating bitcoins, you can potentially fast-track your path to citizenship, skipping the usual naturalization process.
While the law does not specify the required amount of bitcoins for eligibility, it reflects El Salvador’s ongoing commitment to embrace cryptocurrencies. As the first nation to adopt bitcoin as legal tender, El Salvador continues to make headlines in the crypto world.
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