As an introductory offer, it accepts a non-refundable $999 deposit toward the amount.
If every available slot is filled, El Salvador would get $1 billion.
A new citizenship-by-investment scheme in El Salvador has been created. It offers a residence permit and a road to citizenship to 1,000 individuals who are ready to shell out $1 million worth of investment in the nation in Bitcoin or USDT.
The cost of citizenship in the Bitcoin-friendly nation starts at $100,000, which is much more than in neighboring Caribbean nations. El Salvador’s government and Tether, a stablecoin issuer, unveiled the “Adopting El Salvador Freedom Visa Program” on December 7.
As an introductory offer, it accepts a non-refundable $999 deposit toward the amount of $1 million in Bitcoin or USDT. If every available slot is filled, El Salvador would get $1 billion, while nations like Vanuatu, which offers citizenship by investment, reap substantial financial benefits.
Much Cheaper Options
Crypto hedge company Altana Digital Currency’s founder, Alistair Milne, said on Twitter that El Salvador’s proposal is “uncompetitive in the global market” and that EU citizenship could be bought for lesser.
According to research from investment migration consultant Henley & Partners, Maltese citizenship by investment is available for $810,000 (750,000 euros), which grants entry to the visa-free Schengen Area, which consists of 23-member states of the European Union.
El Salvador’s president, Nayib Bukele decided to seek reelection and resigned from office on December 1st. He was instrumental in passing the legislation that legalized Bitcoin as currency in El Salvador.
El Salvador’s parliamentary assembly gave Bukele the go-ahead to stand down as president on December 1st. He may now focus on preparing for the 2024 re-election campaign.