El Salvador, the first country to grant official currency status to Bitcoin (BTC), has launched a new initiative called the “Adopt El Salvador Freedom Visa” program.
The program offers a limited number of applicants the opportunity to gain citizenship in exchange for a $1 million investment in Bitcoin or USDT.
The “Freedom Visa” aims to attract individuals seeking residence and citizenship by investment, similar to Golden Visa programs in other countries, limited to 1,000 participants per year. Successful applicants will be eligible to receive a Salvadoran passport and have the opportunity to obtain citizenship.
El Salvador Deputy Minister of Foreign Affairs Adriana Mira said in a press statement:
“The Adopt El Salvador Freedom Visa Program provides an extraordinary opportunity for individuals to actively participate in shaping a prosperous future for our nation.”
The Ministry of Foreign Affairs estimates that if all quotas are filled each year, the program could generate up to $1 billion in revenue for the country annually. The program is being implemented in collaboration with stablecoin issuer Tether, which will serve as technology partner.
However, it should be noted that this initiative is 10 times more expensive than similar citizenship through investment programs in the neighboring Caribbean island nations of Antigua and Barbuda, Dominica and St Lucia, according to immigration consultancy Henley & Partners.
Tether CEO Paolo Ardoino said in his statement:
“This initiative underscores our commitment to supporting cities and communities in their pursuit of financial freedom and innovation. “This partnership reinforces our commitment to advancing technology, strengthening nations and enabling individuals to invest in a future where innovation and progress go hand in hand.”
*This is not investment advice.
