El Salvador Launches ‘Freedom VISA’ Program, Invites Bitcoin and Crypto Millionaires for Residency

El Salvador Launches ‘Freedom VISA’ Program, Invites Bitcoin and Crypto Millionaires for Residency

Crypto News – El Salvador‘s treasury currently holds just over 2,700 bitcoins (BTC), resulting in unrealized profits exceeding $3 million. The country has embarked on a novel initiative to attract long-term residents by targeting Bitcoin (BTC) and cryptocurrency millionaires.

Launched on a Thursday, El Salvador‘s “Freedom VISA” program offers residency to a maximum of 1,000 individuals annually who invest at least $1 million in Bitcoin or Tether (USDT) stablecoins. Eligible participants not only secure long-term residency permits but also gain a pathway to full citizenship. The application fee, set at a non-refundable $999, can be paid in either BTC or USDT. The application process officially commenced on Friday and is facilitated by Tether Global, the issuer of USDT.

This program bears resemblance to the concept of a ‘Golden VISA’ available in several nations, where affluent investors can obtain residency permits in exchange for investments in the country’s bonds or real estate.

El Salvador’s decision to accept Bitcoin and Tether investments as a basis for residency marks a pioneering move among nations. If the quotas are met each year, the country could potentially receive a minimum of $1 billion in deposits.

In a historic move in September 2021, El Salvador became the world’s first nation to recognize Bitcoin as legal tender. Since then, it has actively invested in Bitcoin, amassing a treasury holding of over 2,700 BTC, which has generated unrealized profits exceeding $3 million.

These initiatives are part of a comprehensive strategy to reduce El Salvador’s dependence on the US dollar and combat hyperinflation, as articulated by President Nayib Bukele over the years.