El Salvador has launched the “Freedom Visa,” a citizenship investment program that allows individuals to obtain Salvadoran citizenship by investing $1 million in Bitcoin or Tether (USDT). This program, limited to 1,000 participants yearly, aims to attract wealthy individuals by offering residency and eventual citizenship in exchange for their investment. This follows El Salvador's decision to make Bitcoin legal tender in 2021.
The initiative, seen as a significant opportunity for investors to contribute to El Salvador's future, requires a substantial investment for citizenship eligibility. Adriana Mira, the Vice Minister of Foreign Affairs, emphasizes the program's potential to shape the nation's future. The program is expected to generate around $1 billion annually and has Tether, the world's largest stablecoin issuer, as a technology partner. The high investment threshold has not deterred interest, with strong demand reported for the program.
by Scottmelker