El Salvador's Congress has approved an immigration bill granting expedited citizenship to foreigners who “donate” Bitcoin to the government's social and economic development programs.
El Salvador Offers Citizenship to Foreign Bitcoin Investors
The unicameral legislature passed the reform with the support of President Nayib Bukele's New Ideas party, which controls Congress. The law is expected to come into force in the coming days.
Bukele is a candidate again in the elections to be held on February 4 in the Central American country.
Citing the vital importance of the president's development projects, the reform emphasizes that altruistic foreigners who want to support El Salvador's economic, social and cultural development can donate Bitcoin.
The reform calls for those who qualify to bypass the five-year permanent residency requirement for those from a non-Spanish-speaking country, which is the normal requirement for the naturalization process, or the two-year residency requirement if the person has a Salvadoran spouse.
El Salvador made Bitcoin its national currency in 2021, but its implementation has been slow and its use limited.
Some foreign backers of the digital currency have moved into the country, primarily to coastal communities.
Bukele's cash-strapped government is currently trying to reach an agreement with the International Monetary Fund for a new financing program amid concerns about the country's slow economic growth.
*This is not investment advice.