Under El Salvador’s recently approved immigration reform law, foreigners who donate to the government’s social and economic development programs will be eligible for expedited citizenship. However, the reform law does not reveal the amount of bitcoins that foreigners must donate to become eligible for expedited citizenship.
El Salvador’s Successful Bitcoin Bet
According to reports, El Salvador’s legislature recently passed an immigration law that promises an expedited path to citizenship for foreigners who donate bitcoin (BTC) to the country’s social and economic development programs. The law, which was approved on Dec. 20, has the backing of President Nayib Bukele’s New Ideas party.
Following bitcoin’s recent surge, which has seen the top crypto asset breach the $44,000 market, Bukele and his party have been touting El Salvador’s successful bitcoin bet. For instance, on Dec. 4, Bitcoin.com News reported that the value of the country’s bitcoin holdings was exceeding the initial outlay by more than $3 million. Another report revealed that El Salvador is now on course to launch in Q1 of 2024.
The approved reform law is set to come into force in the coming days, according to a Reuters report. The reform law states that “altruistic foreigners interested in supporting the economic, social and cultural development of El Salvador…by donating bitcoin” will be eligible for expedited citizenship. However, the reform law does not reveal the amount of bitcoins that foreigners must donate to become eligible for expedited citizenship.
It states that those who meet the donation threshold will be exempted from the five-year naturalization process of permanent residence that normally applies to applicants from non-Spanish-speaking countries. On September 7, 2021, El Salvador became the first nation globally to adopt bitcoin as legal tender.
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