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El Salvador’s National Bitcoin Office (ONBTC) says its $1 million Freedom Visa program has already received hundreds of inquiries since it was launched on December 7 and expects to be fully sold out before the end of 2023.
In an email statement to Cointelegraph, a spokesman for El Salvador’s National Bitcoin Office said it had received hundreds of inquiries and “many requests” online and in person at its embassies and consulates.
“Based on the current situation, we expect to sell the program by the end of the year.”
Launched by the government of El Salvador on December 7 in partnership with stablecoin provider Tether, the Freedom Visa is a citizenship-by-donation program that provides a residency visa and a path to citizenship for 1,000 people are willing to put down a $ 1 million Bitcoin (BTC). ) or Tether (USDT) donation for the country.
An ONBTC spokesperson clarified that the program is limited to a total of 1,000 slots per calendar year.
Market analysts such as Altana Digital Currency chief investment officer Alistair Milne described El Salvador’s multimillion-dollar visa program as “unprecedented” when viewed alongside offered by countries such as Malta, where European citizens are fully registered for $810,000.
El Salvador offers Visa and citizenship to anyone who invests $1 million (in USDt or Bitcoin) in the country
Honestly competing in the world market (EU citizens can be found for less) is very frustrating https://t.co/ALydiMAJRj
— Alistair Milne (@alistairmilne) December 7, 2023
However, the National Bitcoin Office says that the $1 million price tag for the Freedom visa is more than reasonable.
“If there is, in fact, the fact is that the price is very low. Although there are many citizenship programs available in the world, there is only one Bitcoin country,” said the spokesman .
Target: El Salvador’s Bitcoin bond receives regulatory approval, expected Q1 launch
Despite the high cost associated with other visa programs, many policies and incentives supported by President Nayib Bukele in the past few years can tempt Bitcoiners to find a sea change.
In September 2021, Bukele recognized Bitcoin as legal tender and removed all income taxes for Bitcoin investments. He later abolished all types of taxes for technology and crypto companies that decided to set up operations in the country.
Bukele resigned as president on December 1 to focus on his re-election ahead of the country’s general election in February 2024.
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