The desire to become the burgeoning Bitcoin hub in Central America has inspired El Salvador to explore ways to attract more foreign investment. In a December 7 update, the Salvadorian authority launched an “Adopting El Salvador Freedom Visa Program” to invite forward-thinking individuals to the pro-Bitcoin state. The program was officially launched by the government of El Salvador in collaboration with the world’s largest stablecoin issuer, Tether.
El Salvador Explores Ways to Attract Foreign Investors
The newly launched visa program will allow the first 1000 individuals to obtain residency visas in El Salvador. The eligible candidates will receive a Freedom Visa that grants them rights and responsibilities to contribute toward the development of the El Salvador economy.
Additionally, the qualified applicants for the ongoing Freedom Visa Program will be allowed to positively impact the development of El Salvador’s culture and economy.
The program aims to attract foreign investment to Central America. Based on the El Salvador development plan, every investment in the country directly or indirectly contributes to the development of primary sectors such as education, infrastructure, and healthcare.
A review of the program requirements demonstrated that the eligible candidate must be financially stable. The applicant must be willing to invest around $1 million in Bitcoin or USDT in El Salvador. In addition, the applicant will deposit $999 non-refundable towards investment.
The Salvadoran government urges foreign investors to apply for the program to be part of the imminent rebirth of pro-Bitcoin state. From the visa program, Central America country envisages that it will generate around $1 billion if all the slots are applied.
The report demonstrated that the Freedom Visa Program will expand El Salvador’s revenue streams. For years, El Salvador has been striving to build a promising future for Salvadorians by creating a friendly environment for businesses to grow.
Lately, Salvadorian policymakers have focused on formulating policies that protect the interest of the citizens and drive innovation to the region.Also, the authority has invested in decarbonizing Bitcoin mining and other production activities to produce carbon-free products while improving production crypto assets and other primary commodities.
To attain the El Salvador mission the authority has teamed up with key private and public sector players to establish renewable energy projects.
Benefits of El Salvador’s Freedom Visa Program
Besides establishing green energy sources, the country has embraced eco-friendly policies to attract more investors. The launching of the freedom visa sparked criticism among the Salvadorian crypto investors.
On the X platform, the founder of Altana Digital Currency, Alistair Milne, described the newly launched Freedom Visa as an uncompetitive program for the global market. The official admitted that citizenship for El Salvador or other countries in the European Union was to be acquired at a considerable cost.
He argued that Malta’s citizenship program costs approximately $810,000. This visa program allows the applicant to receive the benefits of the EU’s visa-free Schengen Area. Other EU countries with similar visa programs included St. Lucia, Dominica, Antigua, and Barbuda.