El Salvador Launches $1M BTC Freedom Visa – But It’s Too Pricey

Jimmy Aki
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El Salvador has announced the launch of its citizenship-by-investment program. However, interested investors have to invest at least $1 million or its equivalent in Bitcoin to get a state-recognized “Freedom Visa.”

Tether Powers El Salvador’s BTC Visa

Pro-Bitcoin nation El Salvador has announced the successful rollout of its citizenship-by-investment scheme. Dubbed “Adopting El Salvador Freedom Visa Program,” the initiative will be powered by Tether’s USDT stablecoin.

The partnership will see wealthy investors cough out a whopping $1 million in the USDT stablecoin or an equivalent value in Bitcoin. El Salvador has set a target of 1,000 investors for the program, estimating potential income revenue exceeding $1 billion if fully subscribed.

To get started, applicants must make a non-refundable deposit of $999. Additionally, all candidates need to successfully undergo a mandatory know-your-customer (KYC) process before obtaining the Freedom Visa, officially granting them citizenship in the country.

Providing details behind this initiative, the blog post revealed that the program is focused on creating an opportunity for participants to actively contribute to shaping a future marked by advancements in safety, technology, culture, and societal progress.

Speaking on the collaboration between Tether and the American nation, Tether’s CEO Paolo Ardoino said it represents a unique opportunity for the company to utilize its technological capabilities to foster growth in the region.

Tether’s role involves using its technology to establish a robust payment infrastructure. The Freedom Visa program is just one facet of the country’s broader efforts to position itself as a pioneering hub for tourism and economic liberty, symbolizing a significant stride toward societal evolution and innovation.

The Central American country led by President Nayib Bukele made headlines for officially recognizing Bitcoin, the world’s largest crypto asset, as legal tender – making it the second currency after the US dollar to receive such recognition.

Since then, Bukele has introduced various Bitcoin-powered initiatives, including a volcanic-powered Bitcoin mining operation before his latest stint.

$1M Donation 10x Higher Than Competitors

While the Freedom Visa is another milestone in bolstering national finances and creating a secure environment for blockchain and crypto development, the associated financial commitment has sparked considerable discussion.

One such is Alistair Mine – founder of crypto hedge fund Altana Digital Currency. Mine took to X (formerly Twitter) to express his view that El Salvador’s citizenship-by-investment initiative lacks competitiveness on the global stage.

He emphasized that crypto and blockchain investors can attain European citizenship for a lower cost.

A global search in this circle shows that European nations like Malta offer citizenship for $810,000 (or 738,000 Euros) and access 23 other countries in the Schengen Area, according to data from Henley & Partners.

Neighboring nations like Dominica, Antigua, and Barbuda charge $100,000 for their citizenship-by-investment scheme. This makes El Salvador’s $1 million 10 times pricier and may drive individuals to pursue alternatives.

However, the country’s continued strong affiliation with the crypto ecosystem and zero taxation for businesses investing in the country for the first 15 years could still make the country an attractive proposition.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.