It expects 1,000 millionaires a year to become citizens.

El Salvador has rolled out an exclusivist fast-track program for rich, crypto-minded individuals willing to become citizens – and hopefully business residents – of this Latin American nation. 

Called “Freedom Visa”, it is meant for 1,000 successful applicants every year who invest one-million-dollar worth of bitcoins or tether stablecoins in the impoverished Salvadoran economy.

The concept is similar to the golden visa program that exists in many countries that offer citizenship or residency permit to a limited number of wealthy people in return for their investments in bonds or properties.

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However, El Salvador is the first nation to accept bitcoins (BTC) and tether stablecoins (USDT), expecting to earn this way minimum one billion dollars a year.

“The Adopting El Salvador Freedom Passport program is designed to benefit the economy, the culture and the people of El Salvador. It offers a golden opportunity for bitcoin hodlers and entrepreneurs as well as those just simply interested in living in a land of economic liberty to take an active role in building an entirely new economy and a better future in Bitcoin Country, El Salvador,” the government said in a message for crypto entrepreneurs.

The country’s treasury already owns just over 2,700 bitcoins, which until now have yielded more than 3 million dollars in unrealized profits.

Eligible participants receive a long-term residency permit before jumping on a path to full citizenship. An application costs 999-dollar worth of BTC or USDT, which is a non-refundable, and the technical process is managed by Tether Global, the issuer of USDT.

The registration process takes place online, via a special governmental portal. 

The eligibility criteria are primarily designed for high-net-worth individuals or investors interested in contributing to building a bitcoin-based economy in Central America.

Yet, not everyone is welcome. El Salvador’s included a number of countries and territories in a prohibited jurisdictions list: Cuba, North Korea, Iran, Syria, and Russia-annexed regions in Ukraine (Crimea, Donetsk, Luhansk, Kherson, and Zaporizhzhia). OFAC Sanctioned Persons are also ineligible for the program.

Once the application is submitted, the processing time can vary, with approvals typically taking up to 6 weeks. During this period, the information is carefully reviewed and verified to ensure compliance with the program's requirements. While the initial application is swift, the processing duration allows for meticulous assessment, ensuring that all necessary steps are followed before the exclusive Freedom Passport is granted, the official note says.

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The program allows families to apply together - the main applicant can include one spouse and all children under the age of 18- and the total fee for successful applicants and their family members remains at the same level, one million US dollars.

El Salvador made history in September 2021 after becoming the first nation to recognize bitcoin as legal tender. The measure was mainly intended to reduce the country’s reliance on U.S. dollars and to combat hyperinflation by attracting new income sources, according to President Nayib Bukele, a fan of crypto trading.

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