El Salvador's unicameral legislature, in a major overnight decision on December 21, enacted a new immigration law that provides a path to quick citizenship for foreign investors who make bitcoin donations. This historic law, backed by President Nayib Bukele's New Ideas party, aims to accelerate the process of acquiring Salvadoran citizenship for those who contribute to the nation's social and economic initiatives through bitcoin.
Revolutionizing immigration: encouraging global investment through a bitcoin-powered citizenship policy
Under this new regulation, which will be implemented soon as reported by Reuters, there are no minimum donation amounts specified. The law effectively allows qualified individuals to bypass the conventional naturalization requirement of a five-year continuous residence for citizens of non-Hispanic countries, or a two-year residence for those married to a Salvadoran citizen.
At the same time, it has been noted that the El Salvador Freedom Visa can be obtained by anyone who invests a sum of $1 million in bitcoin (btc) or USDT, an effort aimed at the development of the country. The overall goal of this policy is to foster an environment conducive to individual contributions to shaping the economy of El Salvador and advancing the stature of bitcoin.
This move comes after El Salvador's groundbreaking step in 2021 in adopting bitcoin as its national currency. Despite its gradual adoption and limited utilization, the Salvadoran government has been actively purchasing 1 btc daily since November 2022, in a strategic effort to bolster the national treasury.
The initiative is anticipated to not only transform El Salvador's economic landscape but also culturally enrich the nation, with an emphasis on empowering people to play a direct role in building a new economic framework and ensuring a promising future for the former. cryptocurrency of the world.
This recent legislative development reflects El Salvador's commitment to integrating bitcoin into its national fabric and its quest to attract global investments through innovative economic policies.
El Salvador passes law to offer citizenship to foreign bitcoin investors
The Congress of El Salvador approved a new law that allows foreign citizens to obtain citizenship by investing in bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin.#CryptoNewshttps://t.co/3hCj6BXhK7
– Criptonoticias.com (@cryptonews) December 22, 2023
