El Salvador Residency by Bitcoin Investment
In June 2021, the president of El Salvador revealed he would start preparing a bill that will enable El Salvador to grant permanent residence permits to those who would invest ฿3 in the country.
These BTC investments may take the form of real estate, business capitalization, and a number of still-undefined investment types to be defined by the government. The minimum amount is denominated in BTC rather than dollars. It is not clear yet whether or if those minimum investment amounts would change with the fluctuation of BTC’s price.
We are currently learning more about these developments by actively talking to the El Salvador government in order to be able to start offering this option to Bitcoin Hodlers.
Learn more about Residency in El Salvador
In June 2021, in El Salvador, a historic and pioneering vote took place at a global level. Even more historic was the fact that the most important part of the event did not take place in the national parliament, but in a Twitter “space”. There, in the Club House clone created by Twitter, the president of the country, Nayib Bukele, gave many more details about the law to thousands of listeners compared to the points of the bill that the deputies were debating in the chamber. The Central American country had just become the first on the planet to legalize bitcoin as a legal currency. And what does that mean? It is still too early to tell, but this is what the bill says. He also hinted and later tweeted about a permanent residency by making a 3 BTC investment.
Permanent residency status in El Salvador can also lead to citizenship through naturalization, on a time-frame of 1-5 years. Those eligible include:
- Persons who are nationals of Spain or Latin American countries, who have established a one-year residency;
- Foreigners from anywhere who have established a five-year residence in the territory;
- Foreigners who are married to Salvadoran spouses and have established a two-year residency; or
- Persons who have rendered exceptional service to the nation. (Available only by legislative decree).
Salvadorian citizenship provides for a great deal of mobility; according to the Henley & Partners Passport Index, holders of Salvadorian passports are welcome without a visa in 134 destinations worldwide, including the Schengen Area, the UK, Hong Kong, South Korea, Japan, Singapore, the UAE, Brazil, and a host of other desirable countries.