2023-12-8 16:01 |
Tether has announced that it has teamed with the government of El Salvador for an ambitious citizenship-by-investment program, “Adopting El Salvador Freedom Visa Program”. The visa programs aim to create an atmosphere where investors contribute towards the socio-economic transformation of the Central American country.
Under the program, El Salvador will target wealthy investors who can put $1 million in BTC or USDT investment. The investors will pay a non-refundable $999 in BTC or USDT, which will be credited to their account after being accepted into the program. Investors will have to pass KYC checks.
Apart from the wealthy individuals, the program will prioritise visionary investors with the urge to contribute towards societal progress. Families can apply for the Freedom Visa collectively.
Tether lauded the partnership as a significant milestone as a technology provider. The cryptocurrency company says the agreement is a unique opportunity to foster technological growth and innovation in the region.
El Salvador is not the first country to offer citizenship by investment. Malta has a similar program that gives entry to the EU’s visa-friendly Schengen Area but at a lower cost. Other countries with citizenship by investment programs are Antigua, Dominica, and Barbuda.
Becoming a hub of technological and crypto innovationThe crypto gateway to citizenship underlines El Salvador’s continued pursuit of emerging and innovative technologies. Commenting on the Tether agreement, El Salvador’s Vice Minister of Foreign Affairs Adriana Mira said,
This collaboration signifies a pivotal milestone in our dedication to economic development and innovation. The ‘Adopting El Salvador Freedom Visa Program’ offers an extraordinary opportunity for individuals to actively participate in shaping a prosperous future for our nation.
El Salvador became the first country to adopt Bitcoin as a legal tender in January 2021 amid criticisms from the global financial institutions. Despite the price of the cryptocurrency crushing in 2022, president Nayib Bukele said that the investment is back in profit after the latest recoveries, stating that the country had no intention of selling the Bitcoins.
El Salvador's #Bitcoin investments are in the black!
After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time…
With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb
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