El Salvador has initiated a new visa program limited to 1,000 participants annually.
Successful applicants, upon investing $1 million in BTC or USDT, secure a free visa and citizenship.
Tether, the issuer of the USDC stablecoin, facilitates this program, potentially raising $1 billion for El Salvador if all slots are filled.
Freedom Residency Visa
Named the Freedom Residency Visa program, it is similar to Golden Visa initiatives seen in other countries, offering long-term residency and citizenship.
The process starts with a $999 USD non-refundable deposit in Bitcoin or USDt, credited towards the $1 million investment upon acceptance.
The Adopting El Salvador Freedom Visa program aims to benefit the economy, culture, and people of El Salvador.
It purportedly provides an opportunity for bitcoin hodlers, entrepreneurs, and those interested in economic liberty to play a role in building a new economy.
The application process for the Freedom Visa is swift, with approvals typically taking up to 6 weeks.
Benefitting the Economy
The $1 million contribution is earmarked for economic development, cultural enrichment, and social programs.
Successful applicants are also eligible for a Salvadoran passport.
El Salvador recognizes Bitcoin as legal tender, which will allow seamless transactions alongside the official national currency.
This duration ensures a careful review to comply with program requirements before granting the exclusive Freedom Visa and citizenship.
The program will also allows families to apply together, extending to spouses, children, and dependent family members.
Fees for collective applications may vary.
Spearheading El Salvador’s dive into bitcoin is President Nayib Bukele, is also dubbed the Bitcoin President.
As his term draws to an end, Bukele is currently intending to run for another term.
Based on a recent research paper done by a Salvadoran university, namely, Universidad Francisco Gavida (UFG) in conjunction with two other university-led organisations – Disruptiva, and Centro De Estudios Ciudadanos (Centre for Citizen Studies), his party enjoys overwhelming support, having at least 70% of the country’s voters indicating they would support him for another term.