El Salvador has launched a novel citizenship-by-investment scheme, offering residence permits and a path to citizenship to the first 1,000 people who invest $1 million in Bitcoin or USDT in the country.
The program, dubbed the “Adopting El Salvador Freedom Visa Program,” was announced on December 7 by the Salvadoran government and Tether, a stablecoin issuer.
While the opportunity is appealing, the cost of citizenship begins at $100,000, putting El Salvador’s offer above that of neighboring Caribbean nations.
The “Adopting El Salvador Freedom Visa Program” enables individuals to obtain residence permits and possibly citizenship by making a significant investment in Bitcoin or USDT.
As an introductory offer, a non-refundable $999 deposit toward a total investment of $1 million is accepted.
El Salvador could amass $1 billion if all available slots are filled, mirroring the financial gains experienced by other countries with similar citizenship-by-investment programs.
Critics argue that El Salvador’s proposal is less competitive on a global scale, particularly when compared to alternative citizenship options.
On Twitter, Alistair Milne, founder of crypto hedge fund Altana Digital Currency, stated that EU citizenship could be obtained at a lower cost.
According to Henley & Partners, Maltese citizenship by investment is available for $810,000 (750,000 euros), granting access to the visa-free Schengen Area, which includes 23 EU member states.