El Salvador's $1M Freedom Visa Program Anticipates Sell-out Amid Bitcoin Surge
Summary:
The El Salvador National Bitcoin Office has reported strong interest in its $1 million Freedom Visa program, which grants a residency visa and pathway to citizenship for individuals willing to make a substantial Bitcoin or Tether investment. Despite concerns about the program's competitiveness on a global stage, the office defends the price and expects to reach its annual cap of 1,000 participants by the end of the year. The country's pro-Bitcoin policies, including tax benefits, may further incentivize potential investors.
The El Salvador National Bitcoin Office has reported hundreds of queries regarding its $1 million Freedom Visa program since launching on December 7, projecting a complete sell-out by year's end. An office spokesperson disclosed to Cointelegraph that they had welcomed hundreds of inquiries and multiple applications, both online and through their embassies and consulates. The program was initiated by the El Salvador government, partnering with stablecoin issuer Tether, to offer a path to residency and citizenship for individuals willing to invest $1 million in Bitcoin (BTC) or Tether (USDT) in the nation. The office clarified that the program caps at 1,000 participants annually. Despite the perception of the program being "uncompetitive" in comparison to similar ones offered by nations like Malta, the National Bitcoin Office defended the million-dollar price as fair, if not underpriced, due to the unique status of El Salvador as a 'Bitcoin Country'. The country's pro-Bitcoin policies and inducements, established by President Nayib Bukele, could be appealing to Bitcoin investors, given the benefits like the absence of capital gains taxes on Bitcoin investments and tax exemptions for tech and crypto firms operating in the country. As of December 1, Bukele has stepped away from his presidential role to concentrate on his reelection campaign for the general elections in February 2024. There are also reports of apprehension and skepticism among lawmakers prompting proposed regulatory changes for cryptocurrencies in the US.
Published At
12/13/2023 6:37:43 AM
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