Tether, the largest dollar-referenced stablecoin issuer by market cap, says it is working with El Salvador on its “Adopting El Salvador Freedom Visa Program.”
The Visa program aims to attract individuals who will help boost the economy of the Central American country. The program is said to focus mainly on individuals interested in pursuing initiatives in the “culture, safety, technology, and societal progress” sectors.
El Salvador has long been noted for its excessive crime and gang activities. The current administration has taken a strict approach to battling crime by incarcerating alleged gang members. A recent report indicates that around 70,000 individuals accused of gang activity have been locked up – about 2% of the adult population. They are housed in the largest prison in the Americas.
By creating a safer environment for the population, El Salvador is looking to boost external investment by seeking “partners in steering a nation toward exceptional growth and evolution and offer a path to obtain a Salvadoran Passport. High net worth (HNW) and “visionary individuals” are at the top of the list for the Visa.
The Visa application costs USD $999 in Bitcoin or dollars. Individuals must pass a KYC process and then commit $1 million in Bitcoin or USD (Tether). Once a Visa is approved, the individual is on a path to receiving citizenship.
Families may also apply collectively, allowing eligible family members, such as spouses, children, and dependent relatives, to join the main applicant.
Paolo Ardoino, CEO of Tether, called the partnership a significant moment for his company.
“This initiative highlights our commitment to supporting cities and communities in their pursuit of financial freedom and innovation. It represents a unique opportunity for us to utilize our technological capabilities to foster growth and innovation in the region. Being chosen as the tech provider underscores the importance of robust infrastructure in driving meaningful change. This partnership reinforces our dedication to advancing technology, empowering nations, and enabling individuals to invest in a future where innovation and progress go hand in hand.”
Adriana Mira, El Salvador’s Vice Minister of Foreign Affairs labeled the program a milestone in economic development describing it has an extraordinary opportunity for interested parties.