The national treasury holds slightly more than 2,700 bitcoins (BTC), resulting in an unrealized profit of over $3 million to date.
In its latest initiative to attract long-term residents, El Salvador is focusing on Bitcoin (BTC) and crypto millionaires through the “Freedom VISA” program. This program, launched recently, grants residency to a maximum of 1,000 individuals annually who invest at least $1 million in Bitcoin or Tether (USDT) stablecoins. Successful participants not only obtain a long-term residency permit but also have a pathway to full citizenship. The application, priced at a non-refundable $999 in BTC or USDT, is now live, facilitated by Tether Global. This approach, akin to the “Golden VISA” concept, where wealthier individuals invest in a country’s bonds or property for a residency permit, marks a pioneering move by El Salvador. If the quotas are met annually, the country could see deposits of at least $1 billion. Notably, El Salvador, having made history in 2021 by recognizing bitcoin as legal tender, continues to make significant bitcoin investments, currently holding over 2,700 BTC in its treasury, resulting in an unrealized profit exceeding $3 million.
President Nayib Bukele has articulated over the years that these measures form a larger strategy to diminish El Salvador’s dependence on U.S. dollars and address hyperinflation by drawing in alternative sources of income.
