El Salvador Introduces Bitcoin-based Freedom Visa Program
El Salvador has recently introduced residential and citizenship plans for investors that have around 1000 Bitcoin or at least $1 million holding in the form of either BTC or Tether. The nation is the first in the world to introduce Bitcoin as a legal tender.
The government has initiated many programs to promote Bitcoin adoption and promotion. In the same vein, the country is now inviting the nation from around the globe to apply for a citizenship.
This program allows Bitcoin investors to apply for a citizenship based on their Bitcoin stakes or investments. The program is called El Salvador Freedom Visa. This program will grant residency Visa and citizenship status to 1000 applicants that have $1 million worth of Bitcoin or USDT investments.
The government noted in a recent announcement that the program also requires applicants to make a non-refundable deposit of around $1000 that will be credited for total investment.
El Salvador Starts Visa Program for Bitcoin Investors
The government of the Latin American nation noted that the program intends to encourage individuals who have a positive socio-economic outlook. Furthermore, the program also opens the region for global tourism with a focus on economists and welfare enthusiasts.
The announcement arrives at a time when President Bukele reported that the national Bitcoin reserves have printed a profit of $3.6 billion following the recent price rally. Meanwhile, the statesman also invited other economically challenged nations to adopt the Bitcoin standard.
He shared the plan of dispatching the Bitcoin team to Argentina following the successful re-election of pro-Bitcoin President Javier Milei. The important factor to note is that the cost to citizenship in El Salvador is higher in comparison to neighboring Caribbean nations starting from $100,000.
However, this program has the potential to generate around $1 billion in profits for the nation. This program shares many similarities with citizen via investing programs introduced in Vanuatu that generates millions in profit for the government.
El Salvador Citizenship Costs Higher than EU Nations
Altana Digital Currency founder Alistair Milne noted that El Salvador’s citizenship cost is higher in comparison to the cost of settlement in other regions such as EU states.
At the same time, he noted that Bitcoin investors, businesses, and enthusiasts are likely to participate to avail pro-Bitcoin policies such as tax-incentives and wide acceptance and usage of Bitcoin as a legal tender. When the nation first introduced Volcano Bonds, the launch faced some issues.
The product was launched from the renewable energy plan that was part of the Bitcoin development plans of the government. However, Volcano Bonds indicated limited adoption and investment interest.
Investment via Bitcoin
It remains to be seen whether Bitcoin investors take up the opportunity of citizenship-through-investing of the Freedom Visa plan that harbors an international appeal for firms and individuals from around the globe.
However, Frank Muci from London School of Economics and Political Science recently pointed out a lack of transparency on the $100 million national Bitcoin reserves.
At the same time, there are some concerns regarding the economic and social cost of Bitcoin investments. On the contrary, Dr. Saifedean Ammous the author of Bitcoin Standard stated that international organizations, economists, and politicians have continued to criticize the Bitcoin plan of the Salvadorian government during the bear market. He further claimed that Bitcoin adoption is not limited to consumer payments but has additional utility.
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