Today, I want to chat about something that grabbed my attention – El Salvador's new citizenship gig tied to crypto investments. Now, you can snag residency and, down the line, Salvadoran citizenship by dropping a cool million in bitcoin or tether.
Honestly, though, a million bucks seems a bit steep, especially for a developing Latin American country. I'm left wondering: just how attractive is Salvadoran citizenship? If I stack it up against other spots that I reckon are economically juicier and where you can buy citizenship through investment. An example of this are the following:
Malta, with its picturesque Mediterranean scenes, you can bag a European passport by splurging about €900,000 on real estate and contributions. Then there's Portugal – known for its sunny vibes – where you can crack the European Union door with an investment of at least €500,000 in properties or research. And not just in Europe – check out the Caribbean! Antigua and Barbuda only ask for a $100,000 contribution to their development fund, and voila, you're sipping on paradise beaches with citizenship in your pocket.
These three are solid options and just some instances where the investment is more wallet-friendly and appealing. Of course, that's just my two cents, and let's be real, scraping together that kind of cash is no walk in the park.
Now, we know plenty of countries worldwide are running these "citizenship by investment" or "golden passport programs." Essentially, you splash the cash, and they hand you a passport. While the specifics can vary, you're generally looking at throwing a hefty amount into real estate, local businesses, or government funds.
Props to El Salvador, though, for being the first to embrace bitcoin as legal tender during Bukele's tenure. Still, let's be honest and acknowledge that, despite some serious human rights issues, they've managed to slash violence to almost zero – a major plus for security. But is that enough to entice investors to see it as a potential tax haven? The whole residency and citizenship deal through crypto investment is a fresh twist, but personally, it's not exactly grabbing my attention.
Would I relocate to El Salvador and drop a million in crypto for a Salvadoran passport? Nah, I'm not exactly living the dream in my current country, especially on the economic front, but this alternative isn't calling my name.
I don't have that kind of cash lying around, not even close. But hypothetically, if I did, I think there are sexier options out there. Kudos to El Salvador for being trailblazers, but my burning question is – just how tempting is this? Personally, I'd roll the dice in a place with better economic stability and promising prospects down the road.
It only remains to wait and see how effective this measure is. If it is able to attract bitcoin and tether investors. Personally I will risk to predict that it would not have the desired result, or at least close to it. For this they should be able to be competitive with at least the countries in the region. What is your opinion?
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