El Salvador Poised to Attract $1 Billion Bitcoin Investment Annually Through New ‘Freedom VISA’

El Salvador aims to entice bitcoin (BTC) and cryptocurrency millionaires in its recent initiative to draw permanent residents.

Launching the “Freedom VISA” program, the country offers residency to a maximum of 1,000 individuals annually, provided they invest at least $1 million in Bitcoin or Tether (USDT) stablecoins.

Qualified participants are granted a long-term residency permit and a potential pathway to full citizenship. The application requires a non-refundable fee of $999 payable in BTC or USDT, and the process has commenced from Friday.

The technical procedure is managed by Tether Global, the entity behind USDT. This mirrors the “Golden VISA” concept found in various countries, allowing affluent individuals to invest in bonds or property for residency rights.

Accepting Bitcoin or Tether investments for residency marks a pioneering step for any country. Should the quota be met yearly, El Salvador stands to receive a minimum of $1 billion in deposits.

El Salvador made history in September 2021 by being the first country to legitimise Bitcoin as legal tender. Since then, it has accumulated over 2,700 BTC in its treasury, resulting in over $3 million in unrealised profits.

President Nayib Bukele has emphasised that these measures form a larger strategy to lessen El Salvador’s dependence on U.S. dollars and address hyperinflation by attracting alternative sources of income.