The same citizenship-by-investment schemes in nearby Caribbean nations start at $100,000, and one EU country has a citizenship pathway for just over $800,000.
El Salvador has launched a new citizenship-by-investment program that grants a residency visa and pathway to citizenship for 1,000 people willing to stump up a $1 million Bitcoin
investment in the country.
The Central American country’s price tag for citizenship, however,
appears far more expensive than those in neighboring Caribbean countries, which start at $100,000.
El Salvador’s government and stablecoin issuer Tether announced the program on Dec.
7, dubbed the “Adopting El Salvador Freedom Visa Program.”
It offers 1,000 citizenships to wealthy investors who pledge a “$1 million in Bitcoin or USDT
investment,” starting with a $999 nonrefundable deposit credited toward the total.
It would raise $1 billion for El Salvador if all spots are filled and is a significant income source for
countries with similar programs, such as Vanuatu, which earns millions annually from its citizenship-by-investment program.
Alistair Milne, the founder of crypto hedge fund Altana Digital Currency,
posted to X (formerly Twitter) that El Salvador’s offering is “uncompetitive in the global market” and highlighted that citizenship in a European Union country could be purchased for less.