To attract large-scale foreign investors who can contribute capital to the country’s development, the Salvadoran Government launched a new “Freedom Visa Program.”
The Freedom Visa Program offers 1000 investors who invest one 1 million US dollars in El Salvador residency with a path to Salvadoran citizenship. Adriana Mira, Vice Minister of Foreign Affairs of El Salvador, announced the visa program on Friday December 8.
The funds generated from these visas will be directed toward financing initiatives in various sectors, including culture, security, technology, and projects promoting social well-being.
Some of the projects for these investments include interventions in schools, improvements in public health infrastructure, increasing access to health services, and strengthening road connectivity and telecommunications.
The program will be open to 1,000 people per year, with a donation of $1,000,000. Participants will obtain a Freedom Visa, with multiple benefits, to establish themselves in the country; they may also be eligible to opt for Salvadoran citizenship,
With this program, El Salvador will obtain various benefits such as an increase in foreign investment, job creation, development of services and infrastructure, increase in tax revenue, and incentives for tourism.
Vice Minister of Foreign Affairs Adriana Mira stated that the program is for people who want to join the construction of the new El Salvador. “Calling all US and Canadian nationals! El Salvador awaits! Join us in our unprecedented transformation,” wrote Mira on her X social media account.
This program, called “Adopting El Salvador,” is run by the Ministry of Foreign Affairs and supported by the Crypto company Tether; it is one of the most aggressive strategies launched by the Salvadoran Government since bitcoin became a legal tender in September 2021.
The government assures that the process is simple and takes six weeks to review the documentation to accredit the investment project and residency. The investor can also apply for a visa for family members.