Wednesday, July 17, 2024
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Fancy a ‘Freedom Visa’? El Salvador has you covered

Authorities in El Salvador have unveiled a new citizenship-by-investment program that will provide visas and passports for up to 1,000 people.

The country’s authorities and Tether launched the corresponding program. One of the conditions is the desire to invest 1 million US dollars in Bitcoin (BTC) or Tether (USDT) in the country.

If all the seats are filled, it is expected to generate $1 billion for El Salvador and become an essential source of income for countries with similar programs, such as Vanuatu, which earns millions of dollars annually from its citizenship by investment program.

However, the cost of citizenship in El Salvador was significantly higher compared to neighboring Caribbean countries, which started at $100,000.

In addition, Alistair Milne, founder of cryptocurrency hedge fund Altana Digital Currency, wrote on X (Twitter) that El Salvador’s offer is “uncompetitive in the global market” and emphasized that European Union citizenship can be acquired for less money.

However, despite the high price, El Salvador may be an attractive region for cryptocurrency enthusiasts due to the pro-bitcoin policies adopted by President Nayib Bukele, which included recognizing bitcoin as legal tender and eliminating income and capital gains taxes for technology companies investing in El Salvador.

Earlier, Bukele said that the country’s Bitcoin investments had fully paid off and brought in $3.6 million in unrealized profits.

He emphasized that there is no talk of liquidating the portfolio, since this “was never the goal” of the authorities. At the same time, according to the president, it is important that skeptics and critics “take back their words.”

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