The government of El Salvador has announced the “Adopting El Salvador Freedom Visa Program,” offering wealthy international crypto investors a chance to gain long-term residency and potential citizenship in the first country to adopt Bitcoin">Bitcoin as legal tender. By contributing either $1 million in BTC or in the stablecoin Tether to El Salvador’s national development fund, participants will receive special “Freedom Visas” granting eligibility to become permanent residents.
Only 1,000 visas will be allotted per year under the new initiative backed by Tether, the blockchain firm powering El Salvador’s historic crypto adoption. Tether CEO Paolo Ardoino praised the program for advancing financial technology and empowering nation-building. The donated crypto funds will go towards economic growth programs, cultural projects, and social initiatives in El Salvador.
The visa represents the country’s latest appeal to global crypto entrepreneurs and investors with incentives around Bitcoin’s legal status. Since making BTC legal tender in 2021, El Salvador has already seen a 50% tourism spending boost. Tether previously aided the buildout of BTC mining infrastructure there. If the new residency offer gains traction, it could further cement the country’s reputation as a hub for the crypto wealthy.
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