Authorities in El Salvador have introduced a new visa program that gives a residency visa as well as a pathway to citizenship for internationals, provided they make an investment of $1 million in Bitcoin (BTC) or Tether (USDT) in this country.
The “freedom visa” scheme is dedicated to wealthy foreigners or investors who want to be part of a “commitment to building the country of the future,” according to the webpage of El Salvador, VisaGuide.World reports.
The program is limited to 1,000 participants per year, according to local media reports.
El Salvador has been reborn as the land of economic liberty. But this is just the beginning. Come help us build the future you want to see.
If all 1,000 spots are filled, it means that a total of $1 billion would be brought to El Salvador yearly from the citizenship-by-investment scheme.
El Salvador’s initiative is ten times more expensive than those of other countries in the world, in which people are rewarded with visas for making generous investments.
According to the Digital Currency founder Alistair Milne, who observed the scheme, it is
“Uncompetitive in the global market” stresses that citizenship in an EU country could be bought for less.
In this regard, CEO Paolo Ardoino stressed the firm’s commitment to bolstering advancement through the blockchain payment rails.
This partnership reinforces our dedication to advancing technology, empowering nations, and enabling individuals to invest in a future where innovation and progress go hand in hand.
In 2021, El Salvator became the first country in the world to adopt Bitcoin as a legal tender. All businesses in Latin America are obligated to accept ascendant crypto if they have the technological means to do so.
The residency and citizenship programs permit wealthy internationals to acquire residency and citizenship in countries that offer such programs. In order to benefit from these schemes, foreigners must meet specific conditions and invest financially in countries that offer such schemes.
Up to this point, many countries worldwide have offered Golden Visa and Golden Passport schemes.
However, despite such programs contributing significantly to economic growth, they are often criticized for being involved in several irregular affairs, such as money laundering and corruption, with many organizations calling on the authorities to abolish them as soon as possible.