El Salvador may soon grant citizenship to foreign investors

El Salvador’s pro-Bitcoin president Nayib Bukele has now revealed plans to offer citizenship to foreign investors as part of the multiple reforms he seeks to propose to Congress.

According to a tweet shared Monday, Bukele will soon send a proposal of 52 legislative amendments to the El Salvador parliament. One of these proposals, if passed, would allow foreigners that invest in the country to gain citizenship.

I’m sending 52 legal reforms to congress, to remove red tape, reduce bureaucracy, create tax incentives, citizenship in exchange for investments, new securities laws, stability contracts, etc.

The plan is simple: as the world falls into tyranny, we’ll create a haven for freedom.

— Nayib Bukele (@nayibbukele) February 20, 2022

The president plans to remove “red tape, reduce bureaucracy, create tax incentives, citizenship in exchange for investments, new securities laws, stability contracts, etc.,” with the latest amendment proposals. Per the tweet, Bukele aims for El Salvador to become a country that emphasizes freedom even as “the world falls into tyranny.”

The latest initiative would result in El Salvador joining the likes of Turkey, Malta, and several Caribbean countries to offer citizenship to investors.

Each country has a minimum amount of investment required to become eligible for citizenship. For instance, Malta requires interested investors to invest at least EUR 738,000 for a minimum residence period of 36 months or EUR 888,000 for a minimum of 12 months.

Meanwhile, Bukele has not clarified whether the amendment would apply to only Bitcoin investors or all foreign investors.

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