El Salvador is targeting Bitcoin (BTC) and crypto-rich billionaires in its latest effort to attract long-term residents to the country.

The country launched its “Freedom VISA” program on December 7th, allowing investors to invest at least $1 million (approximately 145 million yen, equivalent to 1 dollar = 145 yen) worth of Bitcoin or stablecoin Tether (USDT). Grant residency rights to up to 1,000 people per year.

Those eligible will be allowed long-term stay, paving the way to full citizenship. The application requires $999 (approximately 145,000 yen, non-refundable) in BTC or USDT, and the process began on December 8th.

The technical process will be handled by Tether Global, the issuer of USDT.

This is similar to the “golden visa” concept offered by some countries, where wealthy people invest a certain amount in bonds or real estate in that country in exchange for a residence permit.

This is the first time a country has allowed residents to invest in Bitcoin and Tether. El Salvador could receive at least $1 billion in deposits if the seats were filled each year.

El Salvador made history in September 2021 by becoming the first country to recognize Bitcoin as legal tender. Since then, El Salvador has invested in Bitcoin and has over 2,700 BTC in its treasury.

The measures are part of a broader plan to fight hyperinflation by reducing El Salvador’s dependence on the U.S. dollar and attracting new sources of income, long-held President Nayib Bukele said. I’ve talked about it for a long time.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: El Salvador Could Rake In $1B Bitcoin Investment per Year With New ‘Freedom VISA’