The National Bitcoin Office of El Salvador reports that its $1 million Freedom Visa program has garnered hundreds of inquiries since its debut on December 7, with expectations of a complete sell-out before the year ends.
A representative from El Salvador’s National Bitcoin Office (ONBTC) mentioned that the office had received numerous inquiries and “several dozen applications” through both online channels and in-person submissions at its embassies and consulates. “Based on the current level of interest, we expect the program to sell out by the end of the year,” the rep said.
Introduced by the El Salvador government in collaboration with stablecoin issuer Tether on December 7, the Freedom Visa is a citizenship-by-donation initiative offering a residency visa and a route to citizenship for 1,000 individuals who are prepared to contribute a $1 million donation in either Bitcoin or Tether to the country.
The spokesperson from ONBTC emphasized that the program is capped at a maximum of 1,000 slots per calendar year.
Nevertheless, industry observers, including Alistair Milne, CIO of Altana Digital Currency, characterized El Salvador’s million-dollar visa initiative as “uncompetitive” in comparison to programs offered by countries like Malta, which provide full European citizenship for $810,000.
According to the National Bitcoin Office, the designated $1 million cost for the Freedom Visa was deemed entirely reasonable. The spokesperson said:
“If anything, in fact, it is actually underpriced. While there are many citizenship programs available in the world, there is only one Bitcoin Country.’’
Despite its comparatively high cost, the multitude of pro-Bitcoin policies and incentives implemented by President Nayib Bukele in recent years might prove appealing to individuals in the Bitcoin community seeking a significant shift.
In September 2021, Bukele acknowledged Bitcoin as a legal tender and eliminated capital gains taxes for investors in the cryptocurrency. Subsequently, he eliminated all forms of taxation for technology and crypto companies opting to establish their operations in the country.
