El Salvador has launched a new citizenship-by-investment initiative in partnership with Tether that provides a residency visa and a path to citizenship for 1,000 individuals per year who are willing to invest $1 million in Bitcoin (BTC) or Tether (USDT) in the country.
In a new release, Tether unveiled the program, naming it the “Adopting El Salvador Freedom Visa Program.” This program offers citizenship to affluent investors who commit to a $1 million investment in Bitcoin, or USDT, with an initial nonrefundable deposit of $999 that is deducted from the total investment.
If all 1,000 slots are filled, this program will generate $1 billion for El Salvador, similar to how other countries like Vanuatu earn millions annually from their citizenship-by-investment programs.
Alistair Milne, the founder of the crypto hedge fund Altana Digital Currency, expressed on social media that El Salvador’s offer is not competitive on a global scale. He pointed out that acquiring citizenship in a European Union country could be done at a lower cost.