El Salvador introduced a citizenship-by-investment program, offering residency and citizenship to 1,000 individuals for a $1 million Bitcoin or USDT investment. However, this is pricier than similar schemes in nearby Caribbean nations, starting at $100,000.
The “Adopting El Salvador Freedom Visa Program,” announced by the government and Tether, requires a nonrefundable $999 deposit toward the total investment. If all spots are filled, it could generate $1 billion for El Salvador, resembling successful income sources in countries like Vanuatu.
Alistair Milne, founder of Altana Digital Currency, deems El Salvador’s offering uncompetitive globally, noting that EU citizenship can cost less. Malta, for instance, offers citizenship for €750,000 ($810,000), providing access to the visa-free Schengen Area.
Caribbean nations like Antigua and Barbuda, Dominica, St. Lucia, Grenada, and St. Kitts and Nevis offer citizenship for contributions ranging from $100,000 to $250,000. Despite competitive pricing elsewhere, El Salvador may attract crypto investors due to President Nayib Bukele’s pro-Bitcoin policies, including recognizing Bitcoin as legal tender and tax exemptions for tech companies.
Bukele’s efforts to address El Salvador’s high murder rate, starting in March 2022, have faced criticism for arbitrary detentions and human rights violations, as reported by Amnesty International. Stepping down on Dec. 1, Bukele focuses on his reelection campaign before the February 2024 general election.
Image by www.slon.pics on Freepik
Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.