El Salvador recently established a “Freedom Visa” that requires cryptocurrency investment.
Launching a $1 million “Adopting El Salvador Freedom Visa” initiative, El Salvador made news in 2021 for making Bitcoin legal money.
Like other nations’ Golden Visa schemes, the Freedom Visa program has a yearly cap of 1,000 applicants and seeks to entice people to pursue residence and citizenship by investment.
El Salvador’s Vice Minister of Foreign Affairs, Adriana Mira, said in a release, “The Adopting El Salvador Freedom Visa Program gives people a unique chance to help make our country’s future prosperous.”
According to El Salvador’s Ministry of Foreign Affairs, the initiative has the potential to bring in $1 billion per year for the government if all spots are filled. Stablecoin issuer Tether is working with the initiative as a technological partner.
A migration company called Henley & Partners found that the initiative’s cost is ten times more than comparable citizenship by investment initiatives in nearby Caribbean Island countries, including St. Lucia, Dominica, and Antigua and Barbuda.
In its role as El Salvador’s technological partner, Tether is lending its assistance to the endeavor. “This initiative showcases our dedication to assisting cities and communities in their quest for financial independence and innovation,” said Paolo Ardoino, CEO of Tether. This partnership further solidifies our commitment to advancing technology, empowering nations, and empowering people to make investments in a future where innovation and progress are interdependent.
This month, Ardoino, who had previously served as CTO, took over as CEO of Tether, replacing Jean-Louis van der Velde, who moved into an advisory position.
In a rebuttal to those who questioned El Salvador’s choice to buy Bitcoin, President Nayib Bukele said on Monday that the country’s portfolio is now positive by around $3.6 million after being negative for a long time. Still others challenged Bukele’s assertion, arguing that the details he provided on El Salvador’s Bitcoin treasury were demonstrably inaccurate.
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