El Salvador has launched a program to attract investors from all over the world who are ready to participate in the country's economic and social development. In collaboration with Tetherthe company behind the first stablecoin on the market, USDTthe Salvadorian government created theAdopting El Salvador Freedom Visa Program (El Salvador Freedom Visa Program). This initiative enables participants to obtain a residency visa in exchange for an investment of $1 million in Bitcoin or USDT.
- The investor must deposit a non-refundable amount of 999 $ in Bitcoin or USDT.
- Successful applicants will also have to go through an identity verification process.
- Once the requirements have been met, the investor will be eligible to obtain a "freedom visa" and subsequently Salvadoran citizenship.
The goal: to contribute to the country's development and support pro-Bitcoin policies
According to the country's authorities, the main aim of this innovative program is to promote technological and social integration throughout the country, thanks to the contribution of superior financial resources. If if all sites were filled, the initiative could generate up to $1 billion in El Salvador.
The Chairman Nayib Bukele, in office since 2021, has already shown its interest in crypto-currencies and committed itself to a pro-bitcoin policy. At the same time, the legalization of Bitcoin as a second legal currency in 2021 has included around 70% of unbanked residents and paved the way for more intense economic development.
Benefits for investors and the country despite certain risks
While the "freedom visa" program is expensive compared to similar programs in neighboring countries (around 100,000 $), it does have several attractions:
- Investors actively contribute to El Salvador's cultural, technological and societal development.
- From a tax point of view, El Salvador's advantageous tax regime is highly attractive to international investors.
Nevertheless, it should be pointed out that the security situation is still worrying, although there have been significant improvements in recent years. The methods employed by the government to combat crime are controversial, and have been criticized by organizations such as Amnesty International.
How do I apply for a Salvadoran "freedom visa"?
People interested in the program Adopting El Salvador Freedom Visa Program can submit their application by following the steps below:
- Make a non-refundable deposit of 999 $ in Bitcoin or USDT.
- Fill in the application form with personal and identification information provided by the Government of El Salvador on the dedicated website
- Pass identity check and wait for government approval.
- Once approved, make a $1 million investment in Bitcoin or USDT to obtain the "freedom visa".
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