El Salvador Launches Innovative ‘Freedom VISA’ Program for Bitcoin Millionaires

El Salvador is in the news once more, but this time it’s for the wrong reasons: their ground-breaking “Freedom VISA” program is aimed at Bitcoin and cryptocurrency billionaires. The scheme, which was unveiled on Thursday, offers residence to up to 1,000 individuals each year who invest at least $1 million in Bitcoin or Tether (USDT) stablecoins in an effort to attract long-term inhabitants to the nation.

A Unique Residency Opportunity for Crypto Wealth

Those who meet the requirements not only obtain a permanent residency permit but also pave the route for eventual full citizenship. The application procedure opened on Friday and costs $999 in BTC or USDT, with no return. The technical parts of the procedure are overseen by Tether Global, the company that issues USDT.

This action has similarities to the notion of ‘Golden VISA’ schemes implemented by some countries, when wealthy individuals may get permanent residency through their investment in the nation’s bonds or real estate. But El Salvador’s creative twist is that it welcomes investments in Bitcoin and tether, which is a first for the world. Every year, if every seat is taken, the country might get at least $1 billion in deposits.

El Salvador made history in September 2021 by becoming the first country to recognize Bitcoin as legal tender. Since then, it has actively embraced cryptocurrency investments, holding over 2,700 BTC in its treasury. This strategic move has already resulted in unrealized profits exceeding $3 million.

El Salvador’s president, Nayib Bukele, stresses that these steps are a part of a larger plan to lessen El Salvador’s reliance on US dollars and deal with the threat of hyperinflation. The nation wants to strengthen its economic resiliency by drawing in cryptocurrency investors and diversifying its sources of revenue.

El Salvador’s ongoing dedication to creating a crypto-friendly atmosphere and utilizing digital assets to propel economic expansion is demonstrated by the ‘Freedom VISA’ initiative. As the program develops, the country hopes to increase its cryptocurrency holdings and draw in a swarm of Bitcoin and tether investors looking for a special chance to live in the center of Central America.