Co-founder and CEO of Unbound Fund Alessandro Palombo has revealed a novel way for Bitcoin owners to become citizens of the European Union by applying for a golden visa from Portugal.
In an X post, Palombo asserts that this new fund is the first of its type and enables investors to hold Bitcoin indirectly while meeting the requirements for the Portugal Golden Residence Permit Program.
The Portuguese Golden Residence Permit Program is a five-year residence-by-investment program for non-EU citizens. To be eligible, investors must possess Bitcoin worth 500,000 euros (about $542,000) through the Unbound Fund.
Palombo added that the Unbound Fund invests in companies that don’t try to time the market and instead have 100% passive Bitcoin holdings. The fund also invests in BlackRock exchange-traded funds (ETFs) for further protection and ease of use.
Palombo strongly emphasizes using Bitcoin as a mechanism for reciprocal advantages and freedom of mobility in Portugal, where he and his family currently reside.
The price of Bitcoin peaked at $68,518 on July 22, marking the highest point in the last 40 days. The end of the German government’s Bitcoin sell-off and investor optimism over prospective interest rate reduction by the US Federal Reserve in 2024 are credited with this spike.
The Bitcoin futures premium, which indicates professional traders’ views on whether or not Bitcoin will surpass $72,000, hit a five-week high. According to CoinGecko, as of July 24, the price of Bitcoin fell to $65,550 before rising to $66,404.
Palombo believes that the European citizen-by-investment program is strategically and technically the best option. He has already onboarded customers and is in discussions with complementary teams to enhance the fund’s offerings.
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