El Salvador, the first country worldwide to accept Bitcoin legally, is now kindly asking Bitcoin fans around the globe to consider getting their citizenship.
El Salvador has launched an innovative citizenship-by-investment initiative called the “Adopting El Salvador Freedom Visa Program.” This program offers a residency visa and the prospect of citizenship to 1,000 individuals who commit to a $1 million investment in either Bitcoin (BTC) or Tether (USDT).
However, In a joint announcement by the government of El Salvador and Tether on Dec 7, the program mandates a non-refundable deposit of $999, credited toward the total investment.
The visa program strives to foster an environment where participants actively shape a new socio-economic perspective for El Salvador. Positioned as an emerging global tourism hub, the initiative seeks individuals profoundly committed to driving economic growth and initiating meaningful societal transformation.
The latest update comes following the announcement by El Salvador President Nayib Bukele, revealing that the country has garnered a $3.6 billion profit from its Bitcoin holdings during the recent price surge.
In addition to this financial success, Bukele has been advocating for other economically challenged nations to embrace the Bitcoin standard within El Salvador’s. Furthermore, he is contemplating dispatching his Bitcoin team to Argentina, particularly in light of the recent election of Pro-Bitcoin President Javier Milei.
Bitcoin vs. EU: Alistair Milne Critiques El Salvador Citizenship Offer
The expense of acquiring citizenship in El Salvador is notably higher than in neighboring Caribbean countries, starting at $100,000.
If all spaces get filled, this plan could make El Salvador’s $1 billion. This would be similar to the well-done citizenship-by-investment system in Vanuatu, which makes millions each year.
Alistair Milne, the creator of Altana Digital Currency, characterized El Salvador’s proposition as globally uncompetitive, proposing that European Union citizenship is obtainable for a lower cost.
Nevertheless, the nation’s pro-Bitcoin measures, such as acknowledging Bitcoin as legal tender and offering tax incentives for technology companies, might entice cryptocurrency investors to relocate to El Salvador’s.
El Salvador’s Volcano Bonds triggered various responses in the initial days of their announcement but failed to attract sufficient participation from investors. It remains intriguing to see whether the Freedom Visa Program can draw substantial interest from global investors.
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