El Salvador to Offer a ‘Freedom Visa’ for Individuals Holding $1 Million in Bitcoin or Tether

• El Salvador has introduced a new “freedom visa” for individuals who possess $1 million in Bitcoin or Tether to invest in the Central American nation.

The Salvadoran government has unveiled a freedom visa initiative that grants foreign nationals a passport and residency if they invest $1 million in Bitcoin or Tether in the small Central American country.

The “freedom visa” initiative targets high net worth individuals or investors interested in contributing to “a commitment to building the country of the future,” as stated on the government’s website.

President Nayib Bukele of El Salvador also shared the announcement on X—formerly Twitter—on Thursday. The initiative is in collaboration with Tether, the organization behind the stablecoin USDT.

Tether Powers El Salvador's Visionary Freedom Visa Program Through Technology Support

Experience Freedom, Security and a #Bitcoin lifestyle by adopting El Salvador as your home through the Freedom Visa Program.

For more information, please visit https://t.co/QdF6XPDsO3

— Tether (@Tether_to) December 7, 2023

The government’s site states: “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.”

El Salvador’s concept aligns with what is commonly referred to as a “golden visa” program. Various countries globally—such as Spain, Portugal, and Ireland—offer visas to individuals who make substantial investments.

Announcing our new @AdoptingES program!

We're inviting all foreign investors to be part of our country's rebirth.

For more information, visit https://t.co/BJubsdIcFu

— Adriana Mira (@AdrianaMiraSV) December 7, 2023

Tether stated on Thursday that the initiative would assist in establishing El Salvador “as a dynamic global center for cutting-edge technology and financial innovation.”

See Also: El Salvador’s President Nayib Bukele Slams Critics As Bitcoin Investment Profits Exceed $3 Million

The company’s USDT token is the most-traded cryptocurrency and is pegged to the U.S. dollar—making it a digital asset that has been extensively utilized by traders.

Tether has previously collaborated with the Salvadoran government: it aided in transforming Lugano, Switzerland into a crypto hub and invested $1 billion in the nation for a renewable energy Bitcoin mining project.

The visa initiative will operate by inviting 1,000 cryptocurrency enthusiasts annually to contribute a $1 million crypto donation to the country, which will be allocated for “economic development, cultural enrichment, and social programs aimed at achieving maximum economic development and rebirth.”

Successful applicants will then receive a passport and residency.

Just In:

El Salvador has launched a “Freedom Visa” for investors, offering citizenship for a $1 million investment in #Bitcoin or USDT. pic.twitter.com/YT0ccowNRV

— Token Metrics (@tokenmetricsinc) December 8, 2023

Moreover, the new initiative emphasizes the crypto-friendly regulations recently enacted by the Nayib Bukele administration. All technology firms operating in the area are exempt from taxation.

This initiative follows closely after Pro-Bitcoin President Nayib Bukele highlighted the $3.6 billion profits from El Salvador’s national Bitcoin reserves.

Although the program was opened for online applications today, it had already garnered 112 submissions, as reported by Senior Bitcoin Advisor Max Keiser on X, previously known as Twitter.

Already Got 1̳1̳2̳ Done. https://t.co/L5MvvBvw7F

Use our referral code: FREEDOM when applying for the project.

People donating $1M to with an option to get a passport in 6 weeks are excited to support the ONLY indispensable nation on Earth.

THE SAVIOR! #ElSalvador pic.twitter.com/m1lBuL0WJa

— Max Keiser (@maxkeiser) December 8, 2023

El Salvador adopted Bitcoin as legal tender in 2021. Businesses are required to accept the cryptocurrency if they possess the technological capability to do so.

The concept was proposed by President Nayib Bukele, who has also utilized the nation’s funds to acquire the digital currency. His approach has faced criticism from the U.S. government and economists.

In May, when BRC-20 tokens surged in popularity on the Bitcoin network, some observers noted that Salvadorans would be unable to use the asset for everyday transactions.

See Also: Binance Withdraws License Application in the United Arab Emirates (UAE)

However, Bukele recently celebrated on social media, stating that the recent BTC rally has rendered El Salvador’s holdings profitable.

Despite the controversial nature of Bitcoin adoption, Bukele remains a popular leader: Salvadorans commend him for improving the previously crime-ridden and violent country.

Conversely, human rights organizations have criticized him for a stringent crackdown on gangs, with Amnesty International recently alleging a “highly repressive security policy and the weakening of the rule of law.”

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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