In a recent effort to draw permanent residents to the nation, El Salvador is focusing on bitcoin (BTC) and cryptocurrency millionaires. Thursday marked the launch of the country’s “Freedom VISA” programme, which grants residency to up to 1,000 individuals annually who invest at least $1 million in bitcoin or USDT stablecoins.
A path to full citizenship is provided to eligible participants, who also receive a long-term residency permit. Starting on Friday, the application process is open to anyone for a non-refundable $999 in BTC or USDT. USDT’s issuer, Tether Global, is in charge of the technical aspects.
This is comparable to the idea of a “Golden VISA,” which is provided by a number of countries, allowing wealthy individuals to obtain a residency permit in exchange for investing a specific sum of money in bonds or real estate there.
It is unprecedented for any country to accept investments in bitcoin or tether for residency. If Quora are filled annually, El Salvador could receive deposits of at least $1 billion.
In September 2021, El Salvador made history by being the first country to accept bitcoin as legal tender. Since then, it has invested in bitcoin and currently has over 2,700 BTC in its treasury; thus far, this position has generated over $3 million in unrealized profit.
President Nayib Bukele has stated over the years that these actions are a part of a larger strategy to lessen El Salvador’s dependency on US dollars and fight hyperinflation by luring in new revenue streams.