El Salvador has introduced the “Adopting El Salvador Freedom Visa Program,” a citizenship-by-investment scheme aimed at attracting the crypto community. Under this program, individuals can obtain residency and potential citizenship in El Salvador by investing at least $1 million in either Bitcoin or Tether. The initiative is part of President Nayib Bukele’s plan to make the country a crypto hub.
The program, which is limited to 1,000 individuals, requires applicants to pay a non-refundable $999 charge in Bitcoin or USDT and undergo a Know Your Customer (KYC) verification. Tether Global will handle the technical aspect of the project. Once accepted, the applicant’s deposit will be included in the overall payable $1 million.
While some view this initiative as a great opportunity to gain easy access to a Bitcoin-friendly nation, others question the viability of such a significant investment. Alistair Milne, the CIO of Altana Digital Currency, believes that El Salvador’s program is uncompetitive compared to other countries that offer cheaper alternatives. Countries like Greece, Montenegro, St. Kitts and Nevis, Grenada, and Malta provide similar options with investment starting as low as $100,000.
Despite the skepticism, supporters of the program believe it will attract investors. Gabor Gurbacs, founder of PointsVille and a strategy advisor at VanEck and Tether, sees the initiative as a positive development for El Salvador. President Bukele has shown a positive attitude towards Bitcoin and cryptocurrencies, and his administration has no intention of selling BTC anytime soon.
Overall, the “Adopting El Salvador Freedom Visa Program” aims to position El Salvador as a favorable destination for crypto investors, although its high investment requirement has raised concerns about its competitiveness in the global market.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | South America |
| Countries | 🇸🇻 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Paolo Ardoino, Adriana Mira, Claudia RodrÃguez de Guevara, Nayib Bukele, Alistair Milne |
| Companies | PointsVille, Altana Digital Currency, Tether Global, Golden Visas, VanEck |
| Currencies | Tether, Bitcoin |
| Securities | None |
