El Salvador Passes Law to Offer Citizenship to Foreign Bitcoin Investors El Salvador‘s Congress has passed a new law enabling foreign citizens to obtain
citizenship by investing in Bitcoin, according to Reuters.
On Dec. 21, the Salvadoran unicameral legislature, dominated by
President Nayib Bukele‘s New Ideas party, voted in favor of the new citizenship law. Conducted during a late-night session, the vote garnered significant support, paving the way for the swift
enactment of the policy. The newly approved law grants expedited citizenship to foreign investors who make Bitcoin
“donations” towards
El Salvador’s social and economic development programs. This approach is part of a broader strategy to attract foreign investment and bolster the
nation’s economy. The law notably omits a minimum donation requirement, making it accessible to a wide
range of investors. Furthermore, the law simplifies the naturalization process for non-Spanish-speaking investors, waiving the typical five-year residency requirement. Instead, individuals who invest in Bitcoin can gain citizenship more rapidly, a move that aligns with
El Salvador’s pioneering adoption of Bitcoin as
legal tender in 2021.
