El Salvador Introduces Exclusive Citizenship Through $1 Million Crypto Investment

By Bitcoin.com - 6 months ago - Reading Time: 2 minutes

El Salvador Introduces Exclusive Citizenship Through $1 Million Crypto Investment

El Salvador has unveiled a new citizenship investment program, the “Freedom Visa,” open to a limited number of applicants. By investing $1 million in bitcoin or tether, participants can secure Salvadoran citizenship.

El Salvador’s Bold Bid: Citizenship for Crypto Millionaires

In a newly announced move, El Salvador, recognized for granting bitcoin (BTC) legal tender status in 2021, has now launched the “Adopting El Salvador Freedom Visa” program. With an annual cap of 1,000 participants, this initiative aims to draw high-net-worth individuals, offering them residency and eventual citizenship in return for their investment, mirroring several Visa schemes in a wide array of nations.

The program’s framework requires a $1 million investment in BTC or USDT, with successful applicants gaining eligibility for a Salvadoran passport and citizenship. Adriana Mira, El Salvador’s Vice Minister of Foreign Affairs, highlighted the program as a significant step for those wishing to contribute to El Salvador’s prosperous future.

“The ‘Adopting El Salvador Freedom Visa Program’ offers an extraordinary opportunity for individuals to actively participate in shaping a prosperous future for our nation,” Mira stated.

The Ministry of Foreign Affairs anticipates the new Visa program could rake in around $1 billion per annum. The announcement details that the newly launched Salvadoran program is designed to empower participants in shaping a future that promises to redefine standards in culture, safety, technological advancements, and societal development.

Notably, Tether, the world’s largest stablecoin issuer, plays a critical role as the technology partner in this initiative. Paolo Ardoino, Tether’s incoming CEO, emphasized the significance of their collaboration with the Salvadoran government. He stated, “This initiative highlights our commitment to supporting cities and communities in their pursuit of financial freedom and innovation.” Despite the higher value compared to other nations, backers of the new Salvadoran Visa program say demand is already high.

Max Keiser, a well-known figure in the crypto community, commented on the overwhelming demand for the program, stating that they are already “overwhelmed with requests” and have “110 in process.” “People around the world are concerned by the downward trajectory of most countries, including [the U.S., U.K., EU], ect, into socialist, SJW hellholes — see [President] Nayib Bukele as humanity’s and economic freedom’s only hope. Literally, THE SAVIOR,” Keiser added.

What do you think about El Salvador’s new citizenship investment program? Share your thoughts and opinions about this subject in the comments section below.

Original source: Bitcoin.com