The Central American nation of El Salvador Paves the Way with Revolutionary Citizenship by Investment to Foreigners to Acquire Salvador Passport in Just 6 Weeks with $1 Million in USD Tether or Bitcoin, donated once to the well being of the nation.
It is the first and exclusive CBI program in the World, officially accepting Bitcoin as legal tender. El Salvador joins list of countries in Caribbean, Europe running successful the citizenship by donation programs.
The Government has planned to use $1 million contribution towards economic development, cultural enrichment and social programs meant to achieve maximum economic development and rebirth.
The Citizenship legislation was approved on Dec 21, 2023, clearing the pathway to issue fast tracked Freedom passports to qualifying bitcoin donors.
“Limited to 1000 participants per year, this Freedom Passport program is not just an investment; it’s a commitment to building the country of the future.” said the official website of the Adopting El Salvador Freedom Passport Program.
El Salvador shines as one of the safest countries in the region with supportive laws, no property tax, no capital gains tax on bitcoin, being a forward thinking tech driven nation. The country aims to raise $1 billion annually in the form of Donations from this program.
The application process takes 6 weeks can be filed online, in the official website.
“The processing duration allows for meticulous assessment, ensuring that all necessary steps are followed before the exclusive Freedom Passport is granted”, said the official site.
Countries such as North Korea, Syria, Iran, Cuba and under US sanctions are also blocked applying for this program..
On 7 September 2021, El Salvador became the first country to make bitcoin legal tender through the Bitcoin Law, and is used widely in everyday transactions. El Salvador introduced the Chivo Wallet in September 2021 along with incentives to get households to download and use it. Roughly the government has 4% of El Salvador’s national reserves, $150m, invested in Bitcoin.
The El Salvadoran citizens had visa-free or visa on arrival access to 133 countries and territories, ranking the Salvadoran passport 37th in terms of travel freedom according to the Henley Passport Index. Some of the countries include EU schengen states, Russia, Turkey, Japan, UAE, Singapore etc.
