El Salvador unveils BTC 'Freedom Visa' with 10x the cost of other web 3.0 development services.
El Salvador unveils BTC ‘Freedom Visa’ — but it’s 10x the cost of others

Investing in El Salvador

El Salvador has recently introduced a new Citizenship-by-Investment Program that grants a residency visa and a route to citizenship for 1,000 individuals who are willing to invest $1 million in Bitcoin (BTC) or Tether (USDT).

The Central American country’s asking price for citizenship is much higher than those of its neighboring Caribbean countries, which start at $100,000.

On December 7, the government of El Salvador and stablecoin issuer Tether announced the “Adopting El Salvador Freedom Visa Program”. It provides 1,000 citizenships to investors with a “$1 million in Bitcoin or USDT investment”, beginning with a $999 nonrefundable deposit that counts towards the total.

This is a great opportunity for those who want to learn about Web 3.0 development services, explore Web 3.0 data ownership and investigate companies to invest in for Web 3.0 applications. With this program, investors can also gain insight into the definition of Web 3.0 in crypto and even explore Twitter Web 3.0.

Citizenship-by-Investment Programs

El Salvador’s citizenship-by-investment program has the potential to generate $1 billion if all spots are filled, and it is a major source of income for other countries with similar programs, such as Vanuatu, which earns millions annually from its program.

Alistair Milne, the founder of Altana Digital Currency, a crypto hedge fund, recently posted on X (formerly Twitter) that El Salvador’s offering is “uncompetitive in the global market” and mentioned that it is possible to purchase citizenship in a European Union country for less.

Henley & Partners, a data investment migration consultancy, states that Malta offers citizenship for 750,000 euros ($810,000), granting access to the EU’s visa-free Schengen Area, which consists of 23 countries. Additionally, El Salvador’s neighboring Caribbean nations of Antigua and Barbuda, Dominica, and St. Lucia offer citizenships for a $100,000 contribution to sovereign development funds.

Crypto Investors Could Benefit from El Salvador’s Pro-Bitcoin Policies

Grenada and St. Kitts and Nevis offer similar programs, with contributions starting at $150,000 and $250,000, respectively. However, crypto investors may be drawn to El Salvador due to President Nayib Bukele’s pro-Bitcoin policies, which include recognizing Bitcoin as legal tender and eliminating income and capital gains taxes for tech companies investing in El Salvador for the next 15 years.

In an effort to reduce El Salvador’s high murder rate, President Bukele launched a crackdown in March 2022. Although the crackdown has been successful, Amnesty International reported in April that it has led to 66,000 mostly arbitrary detentions and “grave human rights violations”.

President Bukele resigned on December 1st, 2020 to focus on his reelection campaign for the February 2024 general election. This could be an opportune time for investors to explore the possibilities of web 3.0 application development, web 3.0 development services, web 3.0 data ownership, web 3.0 companies to invest in, web 3.0 development company, and Twitter web 3.0, as well as the definition of crypto and web 3.0 data.

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