{"id":48772,"date":"2024-01-28T11:44:28","date_gmt":"2024-01-28T16:44:28","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=48772"},"modified":"2024-01-28T13:44:52","modified_gmt":"2024-01-28T18:44:52","slug":"el-salvadors-1m-freedom-visa","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/el-salvadors-1m-freedom-visa\/","title":{"rendered":"El Salvador\u2019s $1M Freedom Visa"},"content":{"rendered":"

El Salvador announced in December 2023 that they were launching their Freedom Visa program in a bid to attract foreign investment to the country, as well as to attract \u201ctransformative individuals who are interested in building a legacy\u201d. (Source: Forbes.com<\/a>)<\/p>\n

So, does the Freedom Visa hit the bullseye or miss the mark? Let\u2019s discuss.<\/p>\n

Bukele, Bitcoin, and Crime<\/strong><\/h2>\n

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In June 2021<\/a>, El Salvador\u2019s President Nayib Bukele announced a bill to adopt bitcoin as legal tender in the country. With El Salvador being the first country in the world to do this, the move was touted as a step towards greater economic freedom and a way to make it easier for Salvadorans abroad to send money back home. The government also thought it would be a great way to bring in more foreign investment, particularly from crypto investors.<\/p>\n

Another move Bukele\u2019s administration has made to increase foreign investment and tourism is his crackdown on crime, specifically gang-related crime, which has plagued the country for decades. Through these efforts, El Salvador has gone from having the highest murder rate in the world to having the highest incarceration rate in the world.<\/a><\/p>\n

And it looks like the combo of bitcoin and crime reduction is working, as El Salvador saw a 30% increase in tourism<\/a> alongside a 70% reduction in murders<\/a> in 2023. While it still lags behind other countries in the region, the future looks to be heading in a positive direction for El Salvador, if they can stay on this course.<\/p>\n

The Freedom Visa<\/strong><\/h2>\n

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Doubling down on their commitment to bitcoin as legal tender in a bid to attract more investment, El Salvador announced their new Freedom Visa program in December 2023. All for the low, low price of US$1,000,000!<\/p>\n

Per the official government website<\/a>, this is the premise of the Freedom Visa program:<\/p>\n

El Salvador extends an exclusive invitation of citizenship to 1000 individuals who aspire to make a difference in the world. Successful applicants are eligible for a fast-track Salvadoran passport, becoming an integral part of this transformative journey. El Salvador is experiencing a renaissance driven by bold leadership, economic liberty, and a commitment to financial freedom. We are actively seeking the brightest minds globally to join us in building this vision of a better tomorrow. Limited to 1000 participants per year, this Freedom Visa program is not just an investment; it’s a commitment to building the country of the future. <\/em><\/p>\n

Essentially, El Salvador\u2019s Freedom Visa is a nation-building project. They are trying to attract foreign investment to the country to build up local infrastructure and make improvements in areas like education and healthcare.<\/p>\n

If they are successful in attracting 1000 individuals a year to invest in this program, they\u2019ll be bringing in a cool US$1,000,000,000 annually.<\/p>\n

Here are some of the program details:<\/p>\n