El Salvador's New ''Freedom Visa'' Program Requires $1 Million Crypto Investment, May Raise $1 Billion Annually

El Salvador’s New ”Freedom Visa” Program Requires $1 Million Crypto Investment, May Raise $1 Billion Annually

Updated: 08 December 2023

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Pro-Bitcoin El Salvador has announced a visa program that’s open to 1,000 people a year who invest at least $1 million in Bitcoin or Tether USDT.

The ”Freedom Visa” will grant visas and citizenship to wealthy crypto investors. Interested participants will start by paying a $999 non-refundable application fee.

El Salvador is rolling out the program with USDT’s issuer, Tether Global.

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

“This collaboration signifies a pivotal milestone in our dedication to economic development and innovation,” said El Salvador’s Vice Minister of Foreign Affairs Adriana Mira.

If all 1,000 slots are filled, the country could rake in $1 billion annually. However, the program appears costly compared with the offerings of neighboring countries.

Crypto Community Questions High Cost of the Program

Crypto users on X, formerly Twitter, are questioning the high cost of this program. One user said the program was uncompetitive in the global market as EU citizenship costs way less.

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

Data shows that neighboring Malta offers citizenship via investment of $810,000, while Antigua, Dominica, and Barbuda offer citizenship for as low as $100,000.

Nevertheless, given El Salvador’s friendly policies towards Bitcoin, this visa program is bound to appeal to the Bitcoin community. The country became the first to adopt BTC as legal tender under the leadership of President Nayib Bukele in 2021.

El Salvador holds 2,700 BTC in its treasury, which has yielded more than $3 million worth of unrealized profit.

Bukele is currently running for re-election and stepped down as President on December 1.