El Salvador has opened World’s first citizenship by investment program for Bitcoin/crypto investors. It is also first south american country to do so, spearheading innovations. The Law on granting citizenship was approved by Assembly on Dec 21, 2023 to grant fast track freedom passport.
The “Adopting El Salvador Freedom Passport” program intends to attract individuals who can make an economic & societal contribution to help El Salvador become a global hub for technology, freedom, new capital markets on bitcoin and peer-to-peer innovation. The eligibility criteria for participating are primarily designed for high-net-worth individuals or investors interested in contributing to building Bitcoin Country. Potential applicants would need to meet the financial threshold specified by the government, set at $1 million in Bitcoin or USDt. Successful applicants are eligible for a Salvadoran passport. The $1 million donations will go toward economic development, cultural enrichment and social programs meant to achieve maximum economic development and rebirth of El Salvador. The Government aims to collect $1 billion donations yearly through this unique program quota for1000 applicants.
Bitcoin became official on Jun 9, 2021 as legal tender (first country to do so) to attract wealthy crypto and property investors. The crypto legislation is approved by parliament making El Salvador among few tax free nations for bitcoin investors. Bitcoin transactions are used alongside the official national currency, ushering in a new era of digital currency acceptance within the country.
El Salvador is a smallest south american country with a $25 billion GDP and 6.8 million population. The country is well known for volcanoes, coffee and surfing. It is the only country in Central America that does not have a coastline on the Caribbean Sea. El Salvador uses US dollar is official currency in use with Bitcoin a legal tender from Sep 27, 2021.
Why El Salvador?
Below are some of the important benefits of investing in El Salvador
- Great weather, world class surfing beaches, beach front properties for sale.
- One of the few countries in the world with no property tax.
- Bitcoin is a legal tender. No capital gains tax for Bitcoin , since it will be a legal currency.
- Immediate citizenship and passport.
Bitcoin Law
In El Salvador, the Bitcoin Law entered into force in September 2021. This positions us as the first country in the world to adopt the bitcoin as legal tender. This has generated interest from foreign investors to establish operations in the country related to Bitcoin and other sectors such as: tourism, real estate, technology, mining and energy, positioning El Salvador at the forefront of financial technology.
1. El Salvador has a huge potential market for digital wallets and other services that promote financial inclusion: 70% of citizens remain unbanked.
2. The level of technology and communications adoption in the country could trigger the development of operations related to financial technology: 68% of adults have a smartphone with internet access (According to a survey conducted by BCR).
3. There is a growing knowledge of cryptocurrency ecosystem in the country. According to a survey conducted by Central Bank, 81% of respondents have heard about cryptocurrencies, 65% know about digital wallets and among the people who have used them, they highlighted among their advantages the speed of transactions, trust and lower costs than traditional channels.
Investment opportunities
1. Digital Wallets
2. Exchange Bureau
3. Bitcoin Custody
4. Bitcoin service providers
5. Bitcoin City
Freedom Passport
The El Salvador Freedom Passport program was launched in Dec 2024, designed to benefit the economy, the culture and the people of El Salvador. It offers a golden opportunity for bitcoin hodlers and entrepreneurs to take an active role in building an entirely new economy and a better future in Bitcoin Country, El Salvador. .
Eligibility
The eligibility criteria for participating are primarily designed for high-net-worth individuals or investors interested in contributing to building Bitcoin Country. Potential applicants would need to meet the financial threshold specified by the government, set at $1 million in Bitcoin or USDt (Tether). Successful applicants are eligible for a Salvadoran passport.
This program is limited to only 1000 participants per year can invest in a renaissance that they help build. Their $1 million contribution will go toward economic development, cultural enrichment and social programs meant to achieve maximum economic development and rebirth. Successful applicants are eligible for a Salvadoran passport.
El Salvador Citizenship
Successful applications will get full rights with Salvadorian citizenship and will be issued a Freedom passport.
Application Process
The Application process for the El Salvador Freedom passport is a straightforward procedure that requires just a few minutes to complete the initial form. Once submitted, the processing time can vary, with approvals typically taking up to 6 weeks. Initial application fee is $999 paid in BTC or Tether. During this period, the provided information is carefully reviewed and verified to ensure compliance with the program’s requirements.
How to Apply?
Online application can be filed in the official website setup by government – https://adoptingelsalvador.gob.sv/
Prohibited countries
The following Prohibited Jurisdictions may not apply for the Freedom Passport Program: Cuba, Democratic People’s Republic of Korea (North Korea), Iran, Syria; Crimea (a region of Ukraine annexed by the Russian Federation), and the following self-proclaimed regions of Ukraine: the Donetsk People’s Republic, the Luhansk People’s Republic, the Kherson People’s Republic and the Zaporizhzhia People’s Republic. OFAC Sanctioned Persons are also ineligible for the Freedom Passport program.
Family members
El Salvador Freedom Passport program allows families to apply together. The main applicant can include one spouse and all children under the age of 18. The total fee for successful applicants & their family members to fast track citizenship is 1 million USD. It includes a non-refundable 999 USD application processing fee to initiate the eligibility check for the Freedom Passport.
Processing Time
Processing times can take upto six weeks.
The provided information is carefully reviewed and verified to ensure compliance with the program’s requirements. While the initial application is swift, the processing duration allows for meticulous assessment, ensuring that all necessary steps are followed before the exclusive Freedom Passport is granted.
El Salvador Passport
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.
El Salvador Migration Authority
The Migration Office of Salvador serves as the gateway to a nation that embraces innovation, progress, and global connectivity. Committed to facilitating seamless travel and fostering a welcoming environment. The authority manage immigration processes with efficiency and integrity.
