El Salvador offers citizenship for $1 million in cryptocurrency: is the offer competitive?

El Salvador has launched a new stage in its initiative to attract investors by launching the El Salvador Freedom Visa program, which provides an opportunity to obtain citizenship and residence permit for an investment of $1 million in cryptocurrency, in particular, Bitcoin or USDT. According to ForkLog, the initiative is being implemented in partnership with Tether and is limited to no more than 1000 people.

This program has a great potential to bring significant funds to the government of El Salvador. If all available seats are filled, the revenue from this initiative could reach $1 billion, which would allow the program to continue to grow and make it one of the most profitable in the world. For example, neighboring countries such as Antigua, Barbuda, Dominica, and Saint Lucia offer similar visa conditions, but with a much lower investment amount starting at $100,000.

In turn, experts point out that El Salvador's offer is several times more expensive than in other places. In particular, to obtain Maltese citizenship, you need to invest €750,000 (~$810,000), which gives you access to the EU's visa-free Schengen area.

It is important to note that in the fall of 2021, El Salvador recognized bitcoin as a legal tender, and this decision has already had some positive consequences. The Vice President of El Salvador, Felix Ulloa, considers the legalization of bitcoin to be a key factor in overcoming the crisis, stating that it has attracted new investors and contributed to the beginning of a tourism boom.

Recently, the President of El Salvador, Naib Buchele, said that due to recent changes in cryptocurrency rates, national investments in digital gold have begun to make a profit. This indicates the success of the country's strategy in integrating cryptocurrencies into its economy.