Narayan AmmachchiSalvadoran President Nayib Bukele, known for his crypto-first approach, launched a new program offering citizenship in exchange for a US$1 million “donation” to the country.
Dubbed the “Freedom Visa,” the program aims to attract Bitcoin millionaires (identified as”transformative individuals” by Salvadoran authorities) who can contribute to rebuilding the nation.
Only 1,000 applications will be approved annually, with a non-refundable US$999 processing fee and the donation payable solely in Bitcoin or Tether (USDt).
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“Experience Freedom, Security and a Bitcoin lifestyle by adopting El Salvador as your home,” reads the official website of the Freedom Visa program. “El Salvador has been reborn as the land of economic liberty. But this is just the beginning. Come help us build the future you want to see.”
This initiative marks a distinct departure from the investment-based citizenship programs offered by some Caribbean nations. El Salvador emphasizes the “donation” aspect, highlighting the intent to attract individuals committed to the country’s development, not just investors seeking a second passport.
Analysts remain cautious, questioning the program’s viability and highlighting the steep price tag compared to other regional citizenship-by-investment options. Dominica, Saint Lucia, and Grenada offer similar programs for significantly less amount of money.
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