El Salvador’s recently launched Bitcoin ‘Freedom Visa’ program has garnered significant attention, with the National Bitcoin Office (ONBTC) reporting a surge in inquiries and applications since its debut on Dec. 7. The ONBTC anticipates the program reaching its capacity before 2023 concludes.
An ONBTC spokesperson revealed that they have received numerous online and in-person applications at embassies and consulates, along with hundreds of inquiries.
Based on the current level of interest, we expect the program to sell out by the end of the year.
The ‘Freedom Visa,’ a joint initiative by the El Salvador government and stablecoin issuer Tether, is a unique citizenship-by-donation scheme. It offers residency visas and a path to citizenship to 1,000 individuals in exchange for a $1 million donation in Bitcoin or Tether. The program has an annual cap of 1,000 participants.
Despite comparisons to other countries’ citizenship programs, like Malta’s $810,000 offer for full European citizenship, the ONBTC defends the program’s pricing:
“If anything, in fact, it is actually underpriced. While there are many citizenship programs available in the world, there is only one Bitcoin country,” the spokesperson remarked.
El Salvador’s aggressive pro-Bitcoin stance, spearheaded by President Nayib Bukele, who legalized Bitcoin as tender and eliminated capital gains tax for Bitcoin investors, adds appeal to the program. Bukele also eliminated taxes for tech and crypto firms setting up in El Salvador.
As of Dec. 1, Bukele has stepped down from the presidency to concentrate on his reelection campaign for the upcoming general election in February 2024.