El Salvador Bitcoin. Source: RawBeautyPixels/Adobe
El Salvador has a new, “once in five hundred years” offer for international crypto whales: donate your BTC to the government, and you’ll earn long-term citizenship in Bitcoin country.
As announced by Tether on Thursday, the “Adopting El Salvador Freedom Visa Program” is designed to attract “visionary individuals” including “high-net-worth investors” from around the globe to help empower El Salvador’s vision of economic expansion and societal progress.
Only 1000 people are eligible for the program each year, and they must put forward $1 million in either Bitcoin (BTC) or Tether (USDT) to participate. Tether has been chosen as the initiative’s technology provider.
“This partnership reinforces our dedication to advancing technology, empowering nations, and enabling individuals to invest in a future where innovation and progress go hand in hand,” said Paolo Ardoino, CEO of Tether, in a statement.
In return for their donations, participants will receive a “Freedom Visa” in El Salvador, including eligibility for long-term residency and citizenship, similar to the Golden Visa program in other nations.
According to the initiative’s website, donated funds will go toward “economic development, cultural enrichment, and social programs meant to achieve maximum economic development and rebirth.”
Already got 110 done. https://t.co/L5MvvBvw7F
If you like our job please use our referral code: FREEDOM when applying for the project.
There is a growing realization that #ElSalvador & Pres. @nayibbukele are humanity’s economic freedom lovers last hope.
We are quite… pic.twitter.com/ualNeHvZp2
— Max Keiser (@maxkeiser) December 8, 2023
Revolutionizing El Salvador
For Tether, the program marks its next initiative in support of governments adopting crypto as both an investment-worthy industry and payments technology. The company also backed Lugano, Switzerland in its adoption of BTC and USDT as legal tender, and has invested in El Salvador’s buildout of Bitcoin mining infrastructure.
For El Salvador, the program has doubled down on efforts to be a tourist magnet for global innovators since making Bitcoin legal tender in 2021.
One year after adopting BTC, tourist spending rose by 50% in 2022 to $2.6 billion compared to pre-pandemic 2019 figures.
The nation has also dramatically reduced its homicide rate to just 2.2 per 100,000 inhabitants as of July 2023 following a historic crackdown on gang violence. In 2015, that figure was 106 per 100,000 inhabitants.
As of this month, the Salvadoran government’s Bitcoin investment has returned to profit.
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