El Salvador’s $1M Bitcoin Freedom Visa Expected to Sell Out By Year End
Just one week after its launch, the novel Bitcoin “Freedom Visa” residency program by El Salvador has already received hundreds of inquiries and applications. The latest updates are according to the details shared with CoinTelegraph.
- $1 million visa grants residency and a pathway to citizenship for 1,000 applicants.
- Hundreds of inquiries have been received since the Dec. 7 launch. The office expects a full sellout by year’s end.
- Pricey compared to similar programs, but incentives for Bitcoin fans could prove appealing.
The program offers permanent residency and an eventual route to full Salvadoran citizenship for foreign nationals willing to invest $1 million worth of Bitcoin. The program is in collaboration with stablecoin issuer Tether.
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ONBTC expects the program to sell out by year-end
ONBTC representatives state that the Freedom Visa has garnered “many dozens” of applications both online and in person over the past week.
“Based on the current level of interest, we expect the program to sell out by the end of the year,” the office spokesperson said.Ā
While countries like Malta provide full EU citizenship for $810,000, El Salvador is specifically targeting Bitcoin enthusiasts with its crypto-denominated offer. The visa capitalizes on a raft of Bitcoin-friendly policies pioneered by the country’s pro-crypto President Nayib Bukele.
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By embracing the world’s largest cryptocurrency as legal tender in 2021, El Salvador shattered norms and vaulted itself to prominence within the global Bitcoin community. Freedom Visa’s early success hints that the tiny Latin American nation could emerge as a hub for Bitcoin enthusiasts.
Bukele had recently announced that he was stepping back from the presidency to campaign ahead of the 2024 elections. Despite his future political plans, Bukele remains steadfast in his Bitcoin game. According to the latest data from the Nayib Bukele tracker, El Salvador holds 2,771 Bitcoin.
