El Salvador's 'Freedom VISA' May Garner $1B in Annual Bitcoin Investments

• El Salvador Aims to Attract Bitcoin Millionaires
• 'Freedom VISA' Program Details
• Bitcoin or Tether Investments for Residency: A Global First
• El Salvador's Bitcoin Adoption
• Reducing Dependence on the US Dollar

El Salvador Aims to Attract Bitcoin Millionaires

In the latest attempt to entice long-term migrants to its shores, El Salvador is targeting bitcoin and cryptocurrency millionaires. The 'Freedom VISA' scheme, which was launched on Thursday, offers residency to up to 1,000 individuals each year who are willing to invest at least $1 million in either bitcoin or tether (USDT) stablecoins.

'Freedom VISA' Program Details

Those who qualify for the program are granted a long-term residency permit and are provided with a route towards full citizenship. The application, which costs a non-refundable $999 in either BTC or USDT, went live on Friday. The technical aspect of the procedure is managed by Tether$1.000 -0.12% Global, the issuing authority of USDT.

Bitcoin or Tether Investments for Residency: A Global First

This investment-based residency initiative, likened to the 'Golden VISA' programs offered by numerous countries, is the first of its kind to accept bitcoin or tether. Such programs typically require affluent individuals to invest heavily in the host country's bonds or real estate in exchange for a residency permit. If the yearly quota is met, El Salvador could potentially see at least $1 billion in deposits annually.

El Salvador's Bitcoin Adoption

El Salvador made history in September 2021 by becoming the first nation globally to recognize bitcoin as legal tender. Since then, the country has invested in and currently holds more than 2,700 BTC in its treasury, resulting in over $3 million in unrealized profits so far.

Reducing Dependence on the US Dollar

Embracing cryptocurrencies is part of a larger strategy to decrease El Salvador's dependency on the U.S. dollar and battle hyperinflation. By attracting new sources of income, President Nayib Bukele has repeatedly stated this strategy over time.

Edited by Jonathan Stoker