El Salvador Bitcoin. Source: RawBeautyPixels/Adobe
El Salvador has announced a citizenship-by-investment scheme powered by Tether, the company behind stablecoin, USDT that allows people to acquire citizenship through Bitcoin (BTC) and USDT investments.
The stablecoin issuer disclosed the partnership in a Dec 7 press release rolling out the El Salvador Freedom Visa Program where people can contribute to the country’s development and earn citizenship status as a reward.
“This visa program is designed to foster an environment where individuals contribute to shaping a new socio-economic landscape for El Salvador, a growing hub of international tourism, and attract individuals deeply committed to catalyzing economic expansion and driving transformative societal change.
Targeted at high net worth individuals, the policy sees investors as positioning El Salvador as a global hub for technology and financial innovation to obtain a passport.
$1 million investment
According to the release, the program will incentivize support for the region’s development, cultural enrichment, and upliftment. The first step toward application is a non-refundable $999 deposit in Bitcoin or USDT and necessary Know-your-customer (KYC) requirements.
All accepted candidates are required to credit the deposit of up to $1 million in BTC and USDT investments to secure the Freedom Visa and citizenship.
The process has been described as mutually beneficial to all parties as El Salvador gains investment in its tourism and socio-cultural heritage while the people get to become citizens after investing so much in the country.
El Salvador’s Freedom Visa plan encompasses collective contributions to secure citizenship meaning families, spouses, parents, and guardians can apply to the country.
However, the $1 million price appears on the high side with other neighboring countries with similar citizenship by investment model pegging investment funds at $100,000. El Salvador plans to raise $1 billion if all 1000 spots are filled with like-minded investors giving it the needed capital for other projects.
Tether and El Salvador strike key partnership
This new policy favors both EL Salvador and Tether along several lines starting from adoption to exposure and more foreign investment. In recent months, Tether has been pushing expansion plans to more regions while integrating new business solutions.
Paolo Ardiono Tether’s CEO underscores the deal with the country as a significant moment for the company as a technology provider to many solutions highlighting the firm’s commitment to expanding innovation to many spheres.
“This initiative highlights our commitment to supporting cities and communities in their pursuit of financial freedom and innovation. It represents a unique opportunity for us to utilize our technological capabilities to foster growth and innovation in the region.”
Adriana Mira, El Salvador’s Vice Minister for Foreign Affairs hailed the milestone as a significant moment in economic development and innovation adding that it is an extraordinary opportunity for people to participate collectively for the future of the nation.
El Salvador’s Bitcoin drive is expected to attract new cryptocurrency investors and executives with this policy.
El Salvador’s Bitcoin Strategy Pays Off with $3.6 Million Profit – Will President Nayib Bukele Sell BTC Holdings?$BTC price surpasses $42,000. Rising above El Salvador’s average purchase price, putting the bet back in the green.#CryptoNewshttps://t.co/aR6G4ZAqvL
— Cryptonews.com (@cryptonews) December 4, 2023
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