El Salvador Launches Citizenship-by-Investment Program for Wealthy Bitcoin Investors

El Salvador has introduced a new citizenship-by-investment program that offers residency and a pathway to citizenship to 1,000 individuals who are willing to invest $1 million in Bitcoin or Tether. This program, called the "Adopting El Salvador Freedom Visa Program," was announced by the government of El Salvador and stablecoin issuer Tether. However, the price tag for citizenship in El Salvador is significantly higher than that of neighboring Caribbean countries, which start at $100,000. Alistair Milne, the founder of a crypto hedge fund, pointed out that citizenship in a European Union country could be obtained for less than the cost of the program in El Salvador. Malta, for example, offers citizenship by investment for 750,000 euros ($810,000), allowing access to the EU's visa-free Schengen Area. Despite the higher cost, some crypto investors may be attracted to El Salvador due to the country's pro-Bitcoin policies, such as recognizing Bitcoin as legal tender and providing tax advantages for tech companies investing in the country.