El Salvador, which made headlines in 2021 by qualifying Bitcoin for fiat tenders, has launched a $1 million “Adopt El Salvador Freedom Visa” program.
The Freedom Visa program, which limits the number of participants per year to 1,000, aims to entice individuals to pursue permanent residency and citizenship through investment, similar to Golden Visa programs in other countries.
Under this program, investors will apply by investing $1 million in one of the following: bitcoin BTC
+0.68%
or USDT. Successful applicants can also obtain a Salvadoran passport and pursue citizenship.
“The adoption of El Salvador’s Freedom Visa Program provides a unique opportunity for individuals to actively participate in creating a prosperous future for our country,” Adriana Mira, El Salvador’s Deputy Minister of Foreign Affairs, said in a statement.
El Salvador’s Ministry of Foreign Affairs said the program could generate $1 billion a year in revenue for the country if all positions were filled each year. The program is working with stablecoin issuer Tether, which will serve as a technology partner.
In particular, the plan is 10 times more expensive than similar citizenship through investment programs in neighboring Caribbean island nations, including Antigua and Barbuda, Dominica and St. Lucia, according to immigration consulting firm Henley & Partners.
Tether’s role
Tether is supporting this initiative as El Salvador’s technology partner. “This initiative highlights our commitment to supporting cities and communities in their pursuit of financial freedom and innovation,” said Tether CEO Paolo Ardoino. “This partnership strengthens our commitment to advancing technology, strengthening national capacity, and empowering individuals to invest in a future where innovation and progress come together.”
Former CTO Ardoino became CEO of Tether this month, succeeding Jean-Louis van der Velde, who transitioned to an advisory role.
On Monday, El Salvador’s President Nayib Bukele applauded all the naysayers who doubted El Salvador’s decision to buy Bitcoin, saying the country’s Bitcoin portfolio is now in surplus by about $3.6 million after a long period of deficit. . But others controversial Bukele’s claim is that the information he provided about El Salvador’s Bitcoin treasury is categorically false.
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