Would you pay $1M dollars worth of BTC or USDT for an El Salvadorian passport?

[DdmrDdmr]

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The 1M $, according to their promotional site (see link listed below) is meant to be used for:

Their $1 million contribution will go toward economic development, cultural enrichment and social programs meant to achieve maximum economic development and rebirth.

In parts of their site, they use the term "invest", though it certainly looks more like a donation than anything (certainly not an investment of a type that one would expect a direct return from). Their terms use the term "donation", which is more adequate the term "investment" used throughout the site.

The offer (so as to say) is delimited to 1K people per year. I’m not really convinced that they’ll really need to apply such a limit in practice, specially for a passport that’s not really very high up in the passport rankings.

See:
https://adoptingelsalvador.gob.sv/welcome

[Dr.Bitcoin_Strange]

Share your thoughts, would you do this if you've a very deep pocket?

This is just a pastor we are talking about here. The first thing I will consider is how many years it took me to save up $1,999,000, after which I will also see if there are fair opportunities in El Salvador that can earn me more than $1,999, 000 in a shorter period of time with low stress. If there's one, then I would consider paying that amount because I know I will only need a very short time to recover the money again, but where there's no better means to earn such an amount, I will not make such a mistake, even if I have a deep pocket. Before someone should spend that kind of money, he or she should ask themselves, "What's in it for them?" What will they gain in El Salvador that they can't see in some other country that will not require them to pay up to that amount for a passport

[sokani]

Thanks guys for your inputs. $1 million dollars is a whole lot of money, especially in some countries. If I wanted another citizenship, El Salvador would be one of the list countries on my mind. Aside being a Bitcoin friendly nation, there's nothing really captivating there and it's still underdeveloped. I don't know why they had to place such a ludicrous pricetag for a passport when one could easily get a european citizenship at $500,000 or less in some countries.

[Dunamisx]

Yes, that's it, as an investor would you pay such an amount to automatically become an El Salvadorian citizen? According to the news on various news site, El Salvadorian government has partnered with Tether to launch a program tagged "Adopting El Salvador Freedom Visa Program.” Applicants are required to pay a non refundable $999 fee in BTC or USDT, if the application is successful, they'd be required to undergo KYC and a $1M dollar deposit in BTC or USDT to secure a freedom visa and citizenship.

The new program is primarily focused on enabling participants to play a role in co-creating a future that will set new benchmarks in culture, safety, technology, and societal progress. By participating in establishing El Salvador as a dynamic global center for cutting-edge technology and financial innovation, individuals become integral partners in steering a nation toward exceptional growth and evolution and offer a path to obtain a Salvadoran Passport.

Share your thoughts, would you do this if you've a very deep pocket?

https://tether.to/en/tether-powers-el-salvadors-visionary-freedom-visa-program-through-technology-support/

If you know what it means by the virtue of what you stand to gain, you will see that those interested in doing so really understand the need for that, not only that, they were very much eager to do so, if you can have a demand of paying huge amount of money to secure you lifetime opportunity of making business, what will be your decision, are you to consider the amount demanded and in question or you will focus on the opportunities doing such will served you later, this are the rich people's kind of mentality.

[KingsDen]

Does anyone know the benefits thereof? There must be benefits that will warrant people to pay upto 1m dollars to go El Salvador. Maybe after the developmental stage of the program, if the program is matured, the country will start paying back to the donors or something like that?

The idea is not really bad, because it is innovative. It is only bad because it is a country like El Salvador. If it was US, many people will buy the idea.

[nelson4lov]

Does anyone know the benefits thereof? There must be benefits that will warrant people to pay upto 1m dollars to go El Salvador. Maybe after the developmental stage of the program, if the program is matured, the country will start paying back to the donors or something like that?

The idea is not really bad, because it is innovative. It is only bad because it is a country like El Salvador. If it was US, many people will buy the idea.

Like you, I really do think it's an awesome program by the El Salvador government but I'm only disappointed that it only caters for the big boys. If all goes right with the program, major developments might that start happening with El Salvador including it's economy that could position it to be one of the top countries in the future — they already have bitcoin on lock and this program could pan out nicely in the long run.

But even if I had that much more, I doubt if I won't put it into the program unless I'm Elon Musk or Michael Saylor  rich.

[Majestic-milf]

 In the clause to becoming an El Salvadoran citizen it says you'd pay a non refundable fee of $999k and that's if your application gets selected. So I'm asking, what happens if my application doesn't get selected? That means I've wasted a lot of money enriching another country when there's the possibility that I may not get selected? I was expecting a better catch than just being a citizen.
 For me, El Salvador gained prominence after they started accepting Bitcoin as a legal tender so I seriously don't get the fuss why I'd be in a hurry to jump on that offer, especially if it's not on my top 5 most interesting locations. So I'd certainly pass.

[sunsilk]

Thanks guys for your inputs. $1 million dollars is a whole lot of money, especially in some countries. If I wanted another citizenship, El Salvador would be the one of the list countries on my mind. Aside being a Bitcoin friendly nation, there's nothing really captivating there and it's still underdeveloped. I don't know why they had to place such a ludicrous pricetag for a passport when one could easily get european citizenship by paying $500,000 or less in some countries.

There are even less figures in some better countries but I guess this price tag is decided by their entire government and people who can really afford will be the one to put up with their application and go through the process.

It's not mandatory and those that are truly rich can avail that. Someone who has probably a lot of citizenships already and wanting to expand and to have more for most business ventures in different countries.

But yeah, we don't have yet that amount for now but who knows in the future if we'll have that and our mind changes and would want to have one.   

[hatshepsut93]

Rich people buy citizenships of jurisdictions that provide them with certain benefits like low taxes or non-extradiction. El Salvador doesn't strike me as a particularly stable and reliable country. Yes, today they have a pro-Bitcoin government, but tomorrow that can change. The whole South American region is well-known for leftist revolutions and governments that replace more right-wing ones, it's quite possible that the same will some day happen with El Salvador.

[Darker45]

If I have a lot of money, am not that busy, love what El Salvador has to offer, and so on, I would do that. But if I only have a lot of money, a supporter of Bitcoin and El Salvador, but has a lot to take care of in my place, I won't do that.

All I'm saying is that I won't be sacrificing a lot for the sake of supporting El Salvador, particularly its strategy of attracting Bitcoin supporters.

I wish that beautiful country and its leader luck and success, of course. They'd be registered on the annals of Bitcoin and forever be remembered as the first and boldest of all countries.

[libert19]

I like this, wish other countries would provide such option (No, I do not prefer, El Salvador).

[MegameSama]

Sorry if I'm wrong, but the question is, for what? Isn't the main attraction of crypto the decentralization and privacy? If everything is known, then what is the difference with conventional banks which have to KYC? What does this country offer anyway? free health? low taxes? big salary or something, besides they legalized btc. Moreover, BTC has also been legalized in my country, even though it is an asset, not a currency. but I think that's enough.

[Chivas Regal]

I wouldn't throw a thousand dollars at a dud passport much less a thousand times that at a Central American country.

Whose deep pockets are being lined with what looks very much like a shady deal?  What's the benefit?

[Mpamaegbu]

Share your thoughts, would you do this if you've a very deep pocket?

What's in the offing for me in El Salvador besides BTC? That's the first question I would ask myself if I ever contemplate being her citizen. I know that life doesn't start or end with Bitcoin and so I've to weigh other options. I don't like the idea of El Salvador, to start with. There are countries I won't want to live in despite how well planned or organized people think that system is. The United States of America is one of them. I don't like the proliferation of arms there and won't want to always be scared of random maniacs who would shoot at people with the least provocation. Some of them even do it for fun, not out of provocation. The road rage there is out of this world. Besides infrastructural development and nice government, peace of mind isn't something to be toiled with. This isn't denigrating the US, after all it's far and way ahead of my country but I'm just stating my POV.

[acroman08]

Share your thoughts, would you do this if you've a very deep pocket?

No, no offense to the people who are from El Salvador but there are a lot of countries that are far far better than El Salvador. also, what exactly are the benefits one will get when one becomes a Citizen of El Salvador? if they want rich people to move into their country, they need to give a benefit that will be extremely tempting to the rich people.

[PrivacyG]

If their country adopts a way to freedom you can not find in other countries.  And they stand as one of the only countries to accept Bitcoin in the far future.  Then MAYBE.  But in todays conditions, no.  With that much money you can do much much more than just get citizenship if you are smart enough.

[kentrolla]

No that's way too much considering my current stream of income and we can get option on citizenship by investment for other nations like Turkey, Cyprus and other nations on Caribbean island with far lesser investment.

I would only think of acquiring El Salvadorian passport only if two conditions are met:

1. If I because ultra rich through crypto currency and I am an active trader and need to transact in Crypto everyday as a part of my business
2. If the country I am residing starts cracking down on crypto transactions and makes it impossible to continue with crypto.

[Lucius]

Did the inflation also affect El Salvador, so they decided to raise the price x10? Just a little over a year ago, the price was 3 BTC or $100 000, but apparently the Presidente doesn't want ordinary holders, but those with deeper pockets.

There are definitely better ways to spend $1 million, without the fear of being kidnapped or shot by a gang.

[DaveF]

Just going to leave this here:
https://www.fodors.com/news/deals/how-to-buy-citizenship-around-the-world
Buying citizenship is not new, and there are a lot of places to do it. And for the most part they don't care if it's BTC or $ or some other form or fiat.

This is just making headlines because they are asking for BTC or USDT personally I would go for St. Lucia but that's just me.

-Dave

[Hamza2424]

Haha, buddy in a few words, I'm not willing to pay even a single penny to just obtain the citizenship of any other country, at least for now. $1M haha I wish I had such an amount in Bitcoin, I would have been so happy because this amount is not a joke at least in the locality you can say it can be a dream amount of anyone (middle-class) to live his/her life peacefully with family.