Invest in Bitcoin, Get Residency: El Salvador’s Unique ‘Freedom VISA’
El Salvador has recently passed a law that allows investors to gain residency by investing in the country’s digital currency, called the “Freedom VISA”. The law grants residency to individuals who buy a certain amount of El Salvador’s digital currency, known as the El Salvador Colon (SVC). The SVC was recently backed by the government and is now a legal tender as of June 2021.
The residency permits foreign citizens to become temporary residents of El Salvador and legally travel to the country. To qualify, applicants must invest the equivalent of USD 25,000 by buying SVC crypto tokens, which can be done at an accredited exchange or through the El Salvador government’s digital currency, the El Salvador Colon (SVC).
The residency is similar to the U.S. EB-5 visa, which requires investors to invest at least half a million USD into a region-approved U.S. investment…
The law is designed to both attract foreign capital and generate investment within El Salvador’s own digital currency. It’s also an effort to create jobs and promote economic growth in the country, which has been struggling economically in recent years. While the law is certain to attract investors from around the world, it’s important to note that all applicants must go through a thorough background check and fulfill all requirements before being granted a residence permit.