El Salvador Launches Bitcoin Citizenship Program

The Central American country partners with Tether to offer citizenship for a $1 million Bitcoin investment, potentially generating $1 billion annually.

El Salvador has launched a new initiative, 'Adopting El Salvador Freedom', which allows foreigners to obtain Salvadoran citizenship in exchange for a $1 million investment in Bitcoin.
The program, which is being run in partnership with the stablecoin company Tether, is targeting 'high-net-worth investors' and could potentially bring in $1 billion in deposits annually.
The move comes as part of President Nayib Bukele's broader plan to reduce El Salvador's reliance on U.S. dollars and attract new income sources.
Despite the potential economic benefits, the program has sparked controversy, with concerns over the influx of tourists pushing out lower-income families, particularly in coastal cities.
The cost of the 'Freedom Visa' is significantly higher than similar citizenship-by-investment schemes in neighboring Caribbean nations and some EU countries.