A Bitcoin pass. Since September 7, 2021, the El Salvador has adopted Bitcoin (BTC) as legal tender. And, the small Central American nation, under the leadership of its president Nayib Bukelehas not stopped since encourage adoption cryptocurrencies. A brand new “ Freedom Visa », based on Bitcoin, allows foreign investors to obtain a card of resident permanent, with even in the long term a possible Salvadoran citizenship. But, it will still cost the equivalent ofone million dollars in crypto-assets.
A resident visa for El Salvador for $1 million in Bitcoin or USDT
Although the president Nayib Bukele should have, out of constitutional curiosity, resigned from his position to prepare for re-election (for a second term), the El Salvador remains firmly on track with the adoption of Bitcoin and cryptocurrencies.
Thus, via a press release published on December 7, 2023, launched a new program of residency and citizenship through investment, with the help of the crypto-society Tether. From his full name “ Adopting El Salvador Freedom Visa Program “, this program promises a long-term residence visa, which can lead to obtaining Salvadoran citizenship, 1000 strangers wishing to invest at least 1 million dollars in the country in Bitcoin or in stablecoin USDT.
“This partnership [avec Tether] marks a decisive step in our commitment to economic development and innovation. The residency visa program Adopting El Salvador Freedom Visa Program » provides an extraordinary opportunity for foreign citizens to actively participate in shaping a prosperous future for our nation. »
Adriana Mira, Deputy Minister of Foreign Affairs of El Salvador
Tether provides technical and crypto support for this government initiative
It is therefore the company Tether, issuer of several stablecoins (including the market leader, USDT) which ensures the technical side of this new Salvadoran visa program. It must be said that the crypto-society gets involved a lot in this Central American country, since it is already helping the government in the creation of its first government bonds based on Bitcoin – the Volcano Tokens – and also in the creation ofgreen energy infrastructure for BTC mining.
“Our partnership with the government of El Salvador is an important moment for Tether as a technology provider. (…) This initiative highlights our commitment to supporting cities and communities in their quest for financial freedom and innovation. It represents a unique opportunity for us to use our technological capabilities to drive growth and innovation in the region. (…) and allow individuals to invest in a future where innovation and progress go hand in hand. »
Paolo Ardoino, CEO of Tether
It will be noted in passing that El Salvador has chosen to not to sell off its citizenship as do some of its neighboring Caribbean countries, which can sometimes offer it as early as 100,000 dollars. Thus, if the maximum quota, of 1000 foreign nationals, attempts this adventure: the program will bring back 1 billion dollars investment (in BTC and USDT) to the Central American nation. This is precisely the sum that the International Monetary Fund (IMF) has refused to lend in El Salvador, if the country did not end its adoption of Bitcoin as a national currency.