El Salvador’s new citizenship-by-investment program requires an investment of $1M BTC or USDT

The Government of El Salvador has partnered with cryptocurrency issuer Tether to launch the “Adopt El Salvador Freedom Visa Program” designed to benefit the country's economy, culture and people.

This new citizenship by investment initiative offers a residency visa and a path to citizenship for 1,000 individuals in the country who are ready to make a significant $1 million investment in Bitcoin.

El Salvador citizenship program

Applicants are required to submit a non-refundable $999 deposit in Bitcoin or USDT, and successful candidates must undergo Know Your Customer (KYC) verification, according to the official blog post.

Once accepted, the deposit will be applied to Bitcoin or USDT for the $1 million investment required to obtain the Independence Visa and subsequent citizenship. This investment will enable participants to obtain a free visa and actively contribute to the development of the country.

Moreover, families have the opportunity to apply together, which allows eligible members such as spouses, children and dependent relatives to participate in shaping the future of El Salvador.

Tether CEO Paolo Arduino commented on the development.

“Our partnership with the Government of El Salvador is an important moment for Tether as a technology provider. This initiative demonstrates their commitment to helping cities and communities pursue financial independence and innovation. It represents a unique opportunity for us to leverage our technology capabilities to drive growth and innovation in the region.”

Alastair Milne, founder of the crypto hedge fund Altana digital currency, said El Salvador's program is not competitive internationally. He emphasized that obtaining citizenship in an EU country is done at a low cost.

In particular, the cost of citizenship in El Salvador appears to be higher than in neighboring Caribbean nations, where these programs start at $100,000.

If all positions are filled, the initiative has the potential to generate $1 billion for El Salvador, creating a huge revenue stream comparable to the citizenship-by-investment program in Vanuatu, bringing in millions of people each year.

Bitcoin Initiatives

After making Bitcoin legal tender in September 2021, El Salvador has taken several initiatives to boost its economic growth. Volcanic Energy, an El Salvador-based bitcoin company, launched the first phase of a $1 billion investment in the country earlier this year that aims to mine the sustainably powered digital asset. The project has received support from several entities, including Tether.

This week, El Salvador's president, Naib Bukele, said the country's investment in Bitcoin has become profitable as the asset price has surpassed the $40,000 threshold, for the first time in two years. It currently holds more than $130 million worth of Bitcoin.