El Salvador has initiated a program to attract bitcoin (BTC) and cryptocurrency millionaires in a bid to entice permanent residents.
El Salvador has launched the “Freedom VISA” program, offering residency to a maximum of 1,000 individuals annually, provided they invest at least $1 million in Bitcoin or Tether (USDT) stablecoins.
Qualified participants will receive a long-term residency permit and potentially a pathway to full citizenship. The application process requires a non-refundable fee of $999 payable in BTC or USDT, and it commenced from Friday.
The technical management of the procedure falls under Tether Global, the entity behind USDT. This mirrors the concept of “Golden VISA” seen in several countries, where affluent individuals can secure residency rights by investing in bonds or property.
Accepting Bitcoin or Tether investments for residency represents a pioneering move for any country. If the yearly quota is met, El Salvador stands to receive a minimum of $1 billion in deposits.
El Salvador made history in September 2021 by becoming the first country to legitimize Bitcoin as legal tender. Since then, it has accumulated over 2,700 BTC in its treasury, resulting in over $3 million in unrealized profits.
President Nayib Bukele has highlighted that these measures form part of a larger strategy to reduce El Salvador’s dependence on U.S. dollars and tackle hyperinflation by attracting alternative sources of income.
