El Salvador has launched a new “Freedom Visa Program” for high-net-worth individuals willing to plunk down $1 million worth of Bitcoin (BTC) or USDT for a passport.
The Central American country officially launched the citizenship-by-investment program on Thursday, noting that 1,000 individuals would be selected for the visa, which offers an “accelerated path” toward citizenship.
Applicants can begin the process by paying $999 worth of BTC or USDT as an application fee, which is nonrefundable but counts towards their overall contribution if they’re picked for the visa. Candidates who are selected will have to give the Salvadoran government a total of $1 million in BTC or USDT.
The program’s website refers to this money as an “investment,” which will be used to build an “entirely new economy and a better future in Bitcoin Country, El Salvador.”
The $1 million fee is 10 times the size of several similar citizenship-by-investment programs in the region, including ones offered by the Caribbean countries Antigua and Barbuda, Dominica and St. Lucia.
Salvadoran President Nayib Bukele has long been a vocal advocate for Bitcoin. El Salvador owns more than $130 million worth of BTC, and the top crypto asset is recognized as legal tender in the country.
Bukele says the country has “no intention of selling” its Bitcoin despite BTC’s price rise this year.
“We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.”
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