El Salvador’s unicameral legislature, in a significant late-night decision on December 21, sanctioned a new migration law that provides a pathway to rapid citizenship for foreign investors making Bitcoin donations. This landmark law, endorsed by President Nayib Bukele’s New Ideas party, aims to expedite the process of acquiring Salvadoran citizenship for those contributing to the nation’s social and economic initiatives via Bitcoin.
Revolutionizing Immigration: Encouraging Global Investment Through Bitcoin-Driven Citizenship Policy
Under this new regulation, which is slated to be implemented soon as reported by Reuters, there are no specified minimum donation amounts. The law effectively allows qualifying individuals to bypass the conventional naturalization requirement of a five-year continuous residency for non-Hispanic country nationals, or a two-year residency for those married to a Salvadoran citizen.
In parallel, it has been noted that the El Salvador Freedom Visa is obtainable by anyone who invests a sum of $1 million in Bitcoin (BTC) or USDT, an effort directed towards the country’s development. The overarching aim of this policy is to foster an environment conducive to individual contributions towards shaping El Salvador’s economy and advancing the stature of Bitcoin.
This move comes after El Salvador’s groundbreaking step in 2021 to adopt Bitcoin as its national currency. Despite its gradual uptake and limited utilization, the Salvadoran government has been actively buying 1 BTC daily since November 2022, in a strategic effort to bolster the national treasury.
The initiative is envisioned to not only transform El Salvador’s economic landscape but also to culturally enrich the nation, with an emphasis on empowering people to play a direct role in building a new economic framework and securing a promising future for the world’s first cryptocurrency.
This recent legislative development reflects El Salvador’s commitment to integrating Bitcoin into its national fabric and its pursuit to attract global investment through innovative economic policies.
🇸🇻 El Salvador Passes Law to Offer Citizenship to Foreign Bitcoin Investors
El Salvador‘s Congress has passed a new law enabling foreign citizens to obtain citizenship by investing in #Bitcoin.#CryptoNewshttps://t.co/3hCj6BXhK7
— Cryptonews.com (@cryptonews) December 22, 2023
Credit: Source link
