El Salvador introduced a program called the Freedom Visa, aiming to sell 1,000 visas for $1 million each in Bitcoin or Tether. Since its launch on December 7, hundreds of people have shown interest, with many making inquiries online or at embassies.
The National Bitcoin Office has already received "many dozens of applications" and expects to sell out all visas before the year ends.
This initiative, in partnership with Tether, offers residency and a path to citizenship for those contributing to El Salvador with a $1 million donation in Bitcoin or Tether. The program has gained considerable attention, with hundreds reaching out to apply for this special visa.
El Salvador's program, introduced on December 7, invites people to become residents and eventually citizens by donating $1 million in Bitcoin or Tether. The National Bitcoin Office has seen strong interest, receiving numerous inquiries and applications, and anticipates selling out all 1,000 visas before the year concludes.
The ONBTC spokesperson confirmed the program's cap at 1,000 slots annually.
Although some experts, like Altana Digital Currency's Alistair Milne, find El Salvador's million-dollar visa less competitive compared to other countries like Malta, which offer full European citizenship for $810,000,.
However, the National Bitcoin Office defended the $1 million price for the Freedom visa, stating it's fair and even suggesting it might be undervalued. The spokesperson emphasized that while other citizenship programs exist, El Salvador's unique offering as the 'Bitcoin Country' sets it apart.
Despite its higher cost compared to other visa programs, the array of pro-Bitcoin policies implemented by President Nayib Bukele might appeal to those in the Bitcoin community seeking a significant shift.
In September 2021, Bukele sanctioned Bitcoin as an official currency and eliminated capital gains taxes for Bitcoin investors. Subsequently, he also waived all taxes for tech and crypto companies establishing themselves in the country.
Bukele recently resigned from the presidency on December 1 to concentrate on his reelection bid preceding the general election scheduled for February 2024.
The impact of the bitcoin bond could be multifaceted. Firstly, it's creating a new avenue for high-net-worth individuals interested in residency and potential citizenship in El Salvador. This unique offering, albeit at a higher cost, ties directly into the country's emergence as a pro-Bitcoin hub.
With the limited quota of 1,000 visas per year, the exclusivity might attract those passionate about cryptocurrency and looking for a novel citizenship option. The interest shown already suggests a considerable draw among the crypto community.
Additionally, Bukele's pro-Bitcoin policies and the recognition of Bitcoin as legal tender could further amplify the card's appeal. The elimination of capital gains taxes for Bitcoin investors and the tax waivers for tech and crypto firms signal a friendly environment for those involved in these sectors.
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