El Salvador expected to sell Bitcoin ‘Freedom Visa’ by the end of the year
El Salvador’s National Bitcoin Secretariat said the $1 million Freedom Visa program has already received hundreds of inquiries since its launch on December 7 and is expected to be completely sold out by December 7, 2019.
A spokesperson for El Salvedor’s National Bitcoin Office (ONBTC) said in emailed comments to Cointelegraph that it has received hundreds of inquiries and “dozens of applications” online and in person at embassies and consulates.
“Based on the current level of interest, we expect the program to sell out by the end of the year.”
The Freedom Visa, launched by the government of El Salvador in partnership with stablecoin issuer Tether on December 7, is a donation-based visa that grants a residency visa and a path to citizenship for 1,000 people willing to deposit $1 million in Bitcoin (BTC). It’s a citizenship program. ) or donate Tether (USDT) to the country.
An ONBTC spokesperson clarified that the program is limited to a total of 1,000 slots per year.
However, market commentators such as Altana Digital Current CIO Alistair Milne have described El Salvador’s million-dollar visa program as “uncompetitive” compared to programs offered by countries such as Malta, which offers full European citizenship for $810,000.
El Salvador offers visas and citizenship to anyone who invests $1 million (USDt or Bitcoin) in the country.
It’s disappointing that I’m honestly not competitive in the global market (you can get EU citizenship for less) https://t.co/ALydiMAJRj
— Alistair Milne (@alistairmilne) December 7, 2023
However, the National Bitcoin Office said the $1 million price tag for the Freedom visa is more than fair.
“Actually, the price is too cheap. ‘There are many citizenship programs around the world, but there is only one Bitcoin nation,’ the spokesperson said.
Related: El Salvador’s Bitcoin bond receives regulatory approval and is targeting launch in the first quarter.
Despite the high price compared to other visa programs, the numerous Bitcoin-friendly policies and incentives established by President Nayib Bukele over the past few years may entice Bitcoin users looking for a breakthrough.
In September 2021, Bukele recognized Bitcoin as a legal tender and abolished all capital gains taxes for Bitcoin investors. He later abolished all forms of taxation for technology and cryptocurrency companies that choose to set up business in the country.
Bukele stepped down from office on December 1 to focus on his re-election campaign ahead of general elections in February 2024.
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