A recently disclosed public records request reveals contradictions between the number of visas issued under the ‘Adopting Bitcoin’ program, which allowed millionaires to acquire Salvadoran nationality, and the numbers publicly disclosed on social media.
Public Records Investigation on Salvadoran ‘Adopting Bitcoin’ Visa Program Contradicts Official Numbers
With its improvements in cryptocurrency regulation and personal security, El Salvador promoted itself as a vibrant destination for Bitcoin investors seeking crypto-friendly countries to live in. However, this allure has apparently not been enough to attract the attention of this target audience.
A recent public records inquiry by El Mundo, a local Salvadoran outlet, found that zero passports had been issued as part of the ‘Adopting Bitcoin’ program, which was spearheaded by Salvadoran authorities to provide the so-called ‘freedom passports’ to Bitcoin investors willing to donate $1 million in BTC or USDT to the country. The program aimed to attract at least 1,000 investors to settle in El Salvador, with the goal of raising $1 billion in the process.
The outlet communicated with the General Directorate of Migration and Immigration, the institution in charge of issuing passports. The institution denied having issued any documents deriving from those processes.
This information contradicts social media reports that disclosed at least two families of four had used this fast-tracking procedure to expedite the issuance of their passports. Additionally, Jon Lister, co-founder of the Canadian broker Satstreet, was identified as one of the first recipients of a passport issued through the ‘Adopting El Salvador’ fast track. Since then, official sources have not released further data regarding the number of passports issued.
In February, the Bitcoin Beach project’s X account also mentioned having encountered at least seven individuals picking their Salvadoran platforms after applying to this program.
At that time, Max Keiser, Bukele’s Advisor on Bitcoin, stated that the demand was high and they were “overwhelmed with requests,” disclosing that they were already processing 110 visas linked to the program.
Read more: El Salvador Introduces Exclusive Citizenship Through $1 Million Crypto Investment
Nonetheless, “Adopting El Salvador” has been the subject of criticism since its beginning. Some stated that prices were excessively high, commenting that this scheme was uncompetitive even compared to European Union standards.
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