El Salvador’s Bitcoin ``Freedom Visa`` Will Sell Out Before End Of 2023, Officials Say

El Salvador’s Bitcoin “Freedom Visa“ Will Sell Out Before End Of 2023, Officials Say

Updated: 13 December 2023

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El Salvador’s Freedom Visa for crypto investors is expected to sell out its 1,000 places before the end of the month, according to the country’s National Bitcoin Office (ONBTC).

A spokesperson from ONBTC told CoinTelegraph that it already has hundreds of inquiries and dozens of online and in-person applications at embassies and consulates.

$1 Million Price Tag For El Salvador Bitcoin Freedom Visa “Fair”

El Salvador announced the visa program earlier this week, saying it is open to those who invest $1 million in BTC or USDT.

The $1 million price tag met mixed reactions from the crypto community, with some saying the program was uncompetitive.

El Salvador offering Visas and citizenship to anyone investing $1million (in USDt or Bitcoin) in the country

Frankly uncompetitive in the global market (can get EU citizenship for less) so disappointing https://t.co/ALydiMAJRj

— Alistair Milne (@alistairmilne) December 7, 2023

The National Bitcoin Office believes the price tag is fair.

“If anything, in fact, it is actually underpriced,” said the spokesperson. “While there are many citizenship programs available in the world, there is only one Bitcoin country.”

Despite the price tag, the program will likely appeal to many crypto supporters because of the nation’s friendly legal framework.

El Salvador gave regulatory approval for its long-awaited Bitcoin bonds on Dec. 12, the world’s first, and said they will launch in Q1 next year. Proceeds from the bond issue will fund the construction of a “Bitcoin City.”

El Salvador does not impose capital gains taxes on Bitcoin investors and removed taxation for crypto firms operating in the country.