5.2 C
Manchester
February 22, 2024
BTC Hunts
Image default
Blockchain

El Salvador launches $1 million ‘Freedom Visa’ program

In a groundbreaking move, El Salvador has introduced the “Adopting El Salvador Freedom Visa Program,” a unique initiative designed to attract high-net-worth individuals and investors by offering a path to citizenship in exchange for a significant crypto investment. This program aligns with the country’s broader strategy to embrace cutting-edge technology and financial innovation, further establishing itself as a dynamic center for global tourism and economic liberty.

Participants are required to invest $1 million in either Bitcoin or Tether’s USDT. This substantial investment threshold is notably higher than similar citizenship by investment programs in other countries, such as those in the Caribbean.

The program is capped at 1,000 participants per year, offering a select group the opportunity to gain residency and, eventually, citizenship​.

The initiative is not just about investment but also about contributing to El Salvador’s socio-economic landscape, encompassing economic development, cultural enrichment, and social programs.

The Salvadoran government anticipates that the program could generate up to $1 billion annually, assuming full enrollment each year. These funds are earmarked for vital social development projects, such as improving education and medical infrastructure, and enhancing essential services and national infrastructure.

Tether, the prominent stablecoin issuer, is collaborating with the Salvadoran government as the technology partner for the program. This partnership emphasizes the country’s commitment to leveraging technology for economic growth and societal advancement​.

The post El Salvador launches $1 million ‘Freedom Visa’ program appeared first on Crypto Reporter.

Related posts

BlackRock files for bitcoin ETF

Leslie Kim

The Bankman-Fried verdict: Reflecting on the crypto climate

Leslie Kim

Despite the crypto winter, more than 700 tokens were created in just one month

David Bradley