El Salvador has launched a new citizenship-by-investment program that will provide residency visas and route to 1,000 people willing to make a $1 million Bitcoin (BTC) or Tether (USDT) investment in the country granted citizenship.
However, the price of citizenship in the Central American country appears to be far higher than in neighboring Caribbean countries – which start at $100,000.
The government of El Salvador and stablecoin issuer Tether announced the program called “Adopting El Salvador Freedom Visa Program” on December 7th.
It offers 1,000 citizenships to wealthy investors who pledge a “$1 million investment in Bitcoin or USDT,” starting with a $999 non-refundable deposit that will be applied toward the total amount.
It would raise $1 billion for El Salvador if all spots were filled, and is a significant source of revenue for countries with similar programs, such as Vanuatu, which makes millions annually from its citizenship-by-investment program.
Alistair Milne, the founder of crypto hedge fund Altana Digital Currency, posted on
El Salvador offers visas and citizenship to anyone who invests $1 million (in USDt or Bitcoin) in the country
Frankly not competitive in the global market (can get EU citizenship for less money) so disappointing https://t.co/ALydiMAJRj
— Alistair Milne (@alistairmilne) December 7, 2023
Malta is offering $810,000 (750,000 euros) worth of citizenship by investment, allowing access to the EU's visa-free Schengen area, which covers 23 countries, according to data from investment migration consultancy Henley & Partners.
The company also highlights that El Salvador's neighboring Caribbean nations of Antigua and Barbuda, Dominica and St. Lucia offer citizenship in exchange for a $100,000 contribution to government development funds.
Grenada and St. Kitts and Nevis have similar programs, with contributions starting at $150,000 and $250,000, respectively.
Related: El Salvador’s Bitcoin portfolio records gains
However, crypto investors may be persuaded to move to El Salvador due to the pro-Bitcoin policies enacted by President Nayib Bukele. This included recognizing Bitcoin as legal tender and eliminating income and capital gains taxes for technology companies investing in El Salvador over the next 15 years.
Bukele has also sought to curb El Salvador's murder rate – one of the highest in the world when he took office in June 2019. His crackdown, which began in March 2022, was successful, but led to 66,000 mostly arbitrary arrests and “serious human rights violations.” according to an April report by Amnesty International.
Bukele resigned as president on December 1 to focus on his re-election in 2024 ahead of the country's February general election.
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