<\/p>\n
El Salvador has launched a new citizenship-by-investment program that grants a residency visa and pathway to citizenship for 1,000 people willing to stump up a $1 million Bitcoin (BTC) or Tether (USDT) investment in the country.<\/p>\n
The Central American country\u2019s price tag for citizenship, however, appears far more expensive than those in neighboring Caribbean countries \u2014 which start at $100,000.<\/p>\n
El Salvador\u2019s government and stablecoin issuer Tether announced the program on Dec. 7, dubbed the \u201cAdopting El Salvador Freedom Visa Program.\u201d<\/p>\n
It offers 1,000 citizenships to wealthy investors who pledge a \u201c$1 million in Bitcoin or USDT investment,\u201d starting with a $999 non-refundable deposit credited toward the total.<\/p>\n
It would raise $1 billion for El Salvador if all spots are filled and is a significant income source for countries with similar programs, such as Vanuatu, which earns millions annually from its citizenship-by-investment program.<\/p>\n
Alistair Milne, the founder of crypto hedge fund Altana Digital Currency, posted to X (Twitter) that El Salvador\u2019s offering is \u201cuncompetitive in the global market\u201d and highlighted a European Union citizenship could be purchased for less.<\/p>\n
\nEl Salvador offering Visas and citizenship to anyone investing $1million (in USDt or Bitcoin) in the country<\/p>\n
Frankly uncompetitive in the global market (can get EU citizenship for less) so disappointing https:\/\/t.co\/ALydiMAJRj<\/p>\n