SalvadorCrypto Visa Program

The government of El Salvador has joined forces with stablecoin issuer Tether to introduce the groundbreaking "El Salvador Freedom Visa Program." This initiative, aimed at bolstering the nation's economy, culture, and populace, embodies a strategic approach to citizenship.

Under this pioneering citizenship-by-investment scheme, 1,000 individuals willing to make a substantial $1 million investment in Bitcoin within the country are offered a residency visa and a pathway to citizenship. 

The Citizenship Initiative in El Salvador

Aspiring candidates must submit a non-refundable deposit of $999 in either Bitcoin or USDT, with successful applicants undergoing Know Your Customer (KYC) verification, as outlined in the official blog post.

Once accepted, the deposited amount becomes a part of the $1 million investment required in Bitcoin or USDT to acquire the Freedom Visa and subsequently gain citizenship. This investment not only secures the coveted Freedom Visa but also empowers participants to actively contribute to the nation's advancement.

Families can collectively apply, allowing eligible members, including spouses, children, and dependent relatives, to play a role in shaping El Salvador's future. Paolo Ardoino, Tether's CEO, expressed the significance of the collaboration, stating it signifies Tether's commitment to supporting financial freedom and innovation in communities.

Alistair Milne, the mind behind the crypto hedge fund Altana Digital Currency, critiqued El Salvador's program, deeming it less competitive globally. He stressed that acquiring citizenship in a European Union country could be achieved at a lower cost. Notably, El Salvador's citizenship costs appear higher compared to neighboring Caribbean nations, where similar programs typically start at $100,000.

If all slots are filled, this initiative could potentially generate $1 billion for El Salvador, establishing a substantial revenue stream comparable to Vanuatu's citizenship-by-investment program, which brings in millions annually.

Initiatives Involving Bitcoin

El Salvador, since declaring Bitcoin legal tender in September 2021, has embarked on various initiatives to stimulate economic growth. Volcano Energy, a local Bitcoin firm, initiated the first phase of a planned $1 billion investment in sustainable digital asset mining earlier this year, backed by entities including Tether.

President Nayib Bukele announced this week that El Salvador's Bitcoin investment has proven profitable as the asset's price surpassed $40,000, holding over $130 million worth of Bitcoin, marking a significant milestone after nearly two years.

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