El Salvador Expects to Sell Bitcoin ‘Freedom Visa’ By Year’s End
El Salvador's national bitcoin office says it has received hundreds of requests for its $1 million freedom visa program since it launched on Dec. 7 and expects it to be completely sold out.
A spokesperson for El Salvador's National Bitcoin Office (ONBTC) said in comments sent to Cointelegraph that it had received hundreds of inquiries and “many dozens of applications” online and in person at its embassies and consulates.
Based on the current level of demand, we expect the program to sell out by the end of the year.
On December 7, the government of El Salvador launched a Freedom Visa citizenship-by-gift program in partnership with Statcoin issuer Tether, offering residency visas and a path to citizenship for 1,000 people willing to download $1 million in Bitcoin (BTC). ) or Tether (USDT) donation to the country.
An ONBTC spokesperson explained that the program is limited to a total of 1,000 places per calendar year.
However, market analysts such as Altana Digital Currency CIO Alistair Milne have described El Salvador's multimillion-dollar visa program as “uncompetitive” when compared to countries such as Malta, which cover full European citizenship at $810,000.
El Salvador offers visas and citizenship to anyone who invests $1 million (in USDt or Bitcoin) in the country
Unbeatable in international market (could get EU citizenship cheaper) Very disappointing https://t.co/ALydiMAJRj
— Alistair Milne (@alistairmilne) December 7, 2023
However, the National Bitcoin Bureau said the $1 million price tag for Freedom Visa was more than fair.
“If anything, in fact, the price is low. While there are many citizenship programs in the world, there is only one Bitcoin country,” the spokesperson said.
Related: El Salvador Bitcoin Bond Gets Regulatory Approval, Targets Q1 Launch
Despite its high cost compared to other visa programs, several Bitcoin policies and incentives instituted by President Naib Bukele over the past few years could be a sea change for Bitcoin seekers.
In September 2021, Buckele recognized Bitcoin as legal tender and eliminated all capital gains taxes for Bitcoin investors. It later canceled all taxes for tech and crypto companies that chose to set up operations in the country.
Bukele stepped down as president on December 1 to focus on his re-election campaign ahead of the country's February 2024 general election.
Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.
