El Salvador has introduced a new program called the “Freedom Visa Program” that allows high-net-worth individuals to obtain citizenship by investing $1 million worth of Bitcoin (BTC) or USDT. The country launched this citizenship-by-investment program and plans to select 1,000 individuals for the visa, which offers an expedited path to citizenship. To begin the application process, applicants must pay a nonrefundable fee of $999 worth of BTC or USDT, which will be counted towards their overall contribution if they are chosen for the visa. Once selected, candidates will need to give the Salvadoran government a total of $1 million in BTC or USDT.
This investment is referred to as funding for building a new economy and a better future in El Salvador, known as Bitcoin Country. The $1 million fee is ten times larger than similar programs offered by Caribbean countries such as Antigua and Barbuda, Dominica, and St. Lucia.
El Salvador’s President Nayib Bukele has been a strong supporter of Bitcoin for a long time. The country currently holds over $130 million worth of BTC, and Bitcoin is recognized as legal tender in El Salvador. Despite the price fluctuations of BTC, Bukele has stated that the country has no intention of selling its Bitcoin holdings.
Hot Take: El Salvador’s “Freedom Visa Program” presents an innovative approach to attracting high-net-worth individuals through cryptocurrency investment. By accepting Bitcoin and USDT as payment for citizenship, El Salvador aims to build a thriving Bitcoin-based economy. This move showcases the country’s commitment to embracing digital currencies and positioning itself as a crypto-friendly destination for investors. As more countries explore similar initiatives, it will be interesting to see how this trend shapes the global landscape of citizenship-by-investment programs.
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