El Salvador’s government and stablecoin issuer Tether have launched a new investment program that offers citizenship and residency visas to 1,000 wealthy investors who invest $1 million in Bitcoin or USDT.

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The program, called “Adopt the El Salvador Freedom Visa Program,” was announced on December 7 and offers citizenship for a fee of $999, starting with a non-refundable deposit.

If all slots are filled, the program could generate a total of $1 billion for the country and could be a significant source of revenue for El Salvador, as well as other countries with similar programs, such as Vanuatu.

However, Alistair Milne, founder of the crypto hedge fund Altana Digital Currency, said in a Twitter statement that El Salvador’s offer is not competitive in the global market and that citizenship can be obtained for a more affordable price in a European Union country.

Similarly, Grenada and St. Kitts and Nevis also have similar programs, with contributions starting at $150,000 and $250,000, respectively. These countries offer attractive options to international investors with a variety of citizenship programs, as reported by investment migration consultancy firm Henley & Partners.

Some key details about the El Salvador Freedom Visa Program

• Eligibility: Applicants must be at least 18 years old and have a clean criminal record.
• Investment: Applicants must invest $1 million in Bitcoin or USDT.
• Fee: Applicants must pay a fee of $999, starting with a non-refundable deposit.
• Processing time: Applications are expected to be processed within 90 days.

The El Salvador Freedom Visa Program is a significant development for the country’s efforts to promote Bitcoin adoption. It remains to be seen whether the program will be successful in attracting wealthy investors, but it is a clear sign that El Salvador is committed to its Bitcoin-friendly policies.

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