El Salvador is doubling down on its mission to become the most crypto-friendly nation in the world, as it launches its very own residency by investment program focused on crypto enthusiasts. Known as the groundbreaking “Freedom Program,” this exclusive initiative is issued directly by the state of El Salvador. Is this an interesting option for anyone and if so, how can you apply and how much will it cost? We’ll take a look in this article.
What is the El Salvador Freedom Passport Program?
With an annual intake limited to just 1,000 participants, we can say that the program offers an exclusive opportunity for high net-worth individuals to invest in an upcoming, modern state in the always sunny Caribbean country.
Named “The Adopting El Salvador Freedom Passport”, this state-issued program garners its name because each ‘small’ $1 million USD contribution will be reinvested back into the nation’s growth through education, healthcare, and infrastructure development. Not only will it empower a whole nation, it will provide extra incentives for applicants, who can include their spouse and children in a single application. It’s truly a win-win scenario.
How to get El Salvador Passport and residency by Bitcoin Investment?
Step 1: Initiating the Evaluation Process
Before you begin, gather all necessary personal documentation and decide whether you will be applying with Bitcoin (BTC) or USDt.
Register Your Application
- Access: Navigate to El Salvador’s official Freedom Passport online portal.
- Details: Fill out the application form with accurate personal information.
- Documentation: Have all relevant documents at hand to ensure a smooth registration process.
Submit Your Application Fee
- Payment: The initial fee is $999 USD, paid in BTC or USDt.
- Non–Refundable: This fee is a mandatory part of the application process and is not returned, regardless of the outcome.
- Purpose: This fee initiates the detailed review of your application by the Salvadoran government.
Application Review
- Duration: Allow some time for the authorities to meticulously review your submission.
- Status Updates: Keep an eye on your email for any communication regarding additional information or clarification requests.
Step 2: Proceeding Upon Approval
After your application has been reviewed and approved, the next phase begins.
Approval Notification
- Notification: You will receive an official approval notification via email.
- Check Periodically: Regularly monitor your email inbox, including the spam folder, for this crucial update.
Follow Payment Instructions
- Secure Link: The approval email will contain a secure link to the payment portal.
- Next Steps: Click the link and follow the instructions carefully to proceed with your investment.
Complete the Investment
- Total Amount: The remaining fee of USD 999,001 must be paid in BTC or USDt to fulfil the financial requirement of the program.
Payment Verification
- Confirmation: Your substantial investment will be processed and verified by the Salvadoran authorities.
- Await Verification: This is a critical step and may take some time, so patience is important here.
Step 3: Receiving Your Freedom Passport
Upon completion of the financial transaction and its verification, you’re nearly at the end of your application journey.
Issuance of the Freedom Passport
- Outcome: Once your payment is verified, the Freedom Passport will be issued in your name.
- Citizenship Path: With the issuance of the Freedom Passport, you are granted residency and start the journey towards full Salvadoran citizenship.
Delivery of Your Freedom Passport
- Postal Delivery: If you choose this option, your Freedom Passport will be mailed to the address provided during registration.
- In-Person Collection: Alternatively, you can travel to El Salvador and receive your Freedom Passport in person, perhaps starting your new life adventure right away.
Which Jurisdictions and Persons are Not Eligible to Apply for the Program?
Individuals from Cuba, North Korea, Iran, Syria, Crimea, Donetsk People’s Republic, Luhansk People’s Republic, Kherson People’s Republic, Zaporizhzhia People’s Republic, and OFAC Sanctioned Persons are ineligible.
How Long is the Application Process of El Salvador Passport?
The initial application takes just a few minutes, with the approval process taking up to 6 weeks.
Conclusion
El Salvador is the first country that accepts Bitcoin as legal tender and is pushing boundaries by integrating cryptocurrency with real-life applications. In this case, the country is letting contributions in Bitcoin and USD Tether boost its own cultural and economic development by offering a route to citizenship for those who contribute
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