El Salvador Launches Citizenship-by-Investment Program
El Salvador has introduced a new citizenship-by-investment program that offers visas and passports to up to 1,000 individuals. The initiative, in collaboration with Tether, requires participants to invest $1 million in either Bitcoin or Tether within the country. If all spots are filled, the program is expected to generate $1 billion in revenue for El Salvador, becoming a significant income source like similar programs in countries such as Vanuatu.
Higher Cost of Citizenship
The cost of obtaining citizenship in El Salvador is considerably higher compared to neighboring Caribbean nations, which offer citizenship starting at $100,000. Alistair Milne, founder of Altana Digital Currency hedge fund, criticized the program on Twitter, stating that it is uncompetitive globally and acquiring European Union citizenship is cheaper.
Attractiveness for Crypto Enthusiasts
Despite the high cost, El Salvador’s pro-Bitcoin policies, including recognizing Bitcoin as legal tender and offering tax benefits to technology companies, make it an appealing destination for cryptocurrency enthusiasts. President Nayib Bukele stated that the country’s Bitcoin investments have been profitable, generating $3.6 million in unrealized profits. Bukele emphasized that liquidating the portfolio was never the goal, and he hopes critics will reconsider their skepticism.
Hot Take: El Salvador’s Citizenship-by-Investment Program Faces Criticism
El Salvador’s new citizenship-by-investment program has garnered attention and criticism. While the initiative aims to attract foreign investors and generate substantial revenue, concerns have been raised about the high cost compared to other countries offering similar programs. Critics argue that obtaining European Union citizenship is a more cost-effective option. However, El Salvador’s pro-Bitcoin policies and favorable conditions for cryptocurrency businesses may still make it an attractive choice for crypto enthusiasts. The success of the program will depend on its ability to address these concerns and effectively showcase the benefits of investing in El Salvador.
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