El Salvador launches a new visa for wealthy investors:
- El Salvador launches the “Freedom Visa” in exchange for a $1 million investment in BTC and USDT.
- The program is limited to 1000 people on an “annual” basis.
- Tether supports the program as a technological partner.
A Bold New Program for El Salvador
El Salvador, already known for adopting Bitcoin as legal tender in 2021, is launching an audacious new program: the “Freedom Visa” (Adopting El Salvador Freedom Visa)
This program offers the opportunity to obtain Salvadoran citizenship in exchange for a $1 million investment in Bitcoin or USDT (Tether). In other words, successful applicants will not only be able to reside in El Salvador but also obtain Salvadoran citizenship and passport.
It has been announced that only 1,000 people will be able to participate in the program each year.
Adriana Mira, Deputy Minister of Foreign Affairs of El Salvador, emphasizes that this program represents an exceptional opportunity for investors to “actively contribute to the country’s prosperous future.”
According to the Ministry of Foreign Affairs, this program could generate one billion dollars per year for the country if all the spots are filled.
The Role of Tether in the Salvadoran Initiative
Tether, the company behind the USDT stablecoin, plays a crucial role in this project as a technological partner.
Paolo Ardoino, CEO of Tether, highlights his company’s commitment to supporting financial freedom and innovation initiatives.
“This initiative underscores our commitment to supporting cities and communities in their pursuit of financial freedom and innovation.”
The CEO of Tether stated
However, this initiative is not without controversy. It is ten times more expensive than similar programs in neighboring Caribbean islands.
Furthermore, the validity of the information on El Salvador’s Bitcoin wallet provided by President Nayib Bukele has been called into question, raising concerns about the country’s transparency and financial management.
