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Almost two years have passed since the announcement that El Salvador would return Legal Bitcoins. Since then, El Salvador’s government, led by President Nayib Bukele, has taken many other steps to attract capital to the country, offering favorable tax policies, streamlining corporate regulations and generally developing a more positive reputation.
But can El Salvador go even further and launch a Citizenship by Investment (CBI) program?
What is a Citizenship by Investment (CBI) program?
For the uninitiated, a CBI program allows you to apply capitalism to a government service. In this case, individuals can donate or invest money in the nation’s economy and, in return, receive a passport to that nation.
The risks of running CBI programs
El Salvador certainly has the legal authority to run a CBI program, however, launching one can potentially create a hornet’s nest.
Although I opened the road to the Bitcoin revolutionhas earned the respect of Bitcoiners, some groups, such as the International Monetary Fund (IMF) and the World Bank, see El Salvador’s adoption of Bitcoin as a threat and have publicly voiced their concerns.
The same could be true for a CBI program.
El Salvador’s passport is already powerful, providing visa-free access to around 150 countries, including the EU, the UK, all of Latin America and most of Eastern Europe.
However, all of these relationships could be at risk if a CBI program causes concern within countries that have treaties with El Salvador.
What could a CBI program mean for El Salvador?
Now, El Salvador has the opportunity to completely disrupt the market.
If done right, the country could become the preferred choice among wealthy migrants who view themselves as sovereign individuals. If you are among these people, you can start buying Bitcoins through reliable apps like Bitcoin upin a few simple steps.
When done right, it also presents an opportunity to give an orange pill to a large amount of high net worth individuals globally.
El Salvador is about to lead the way for one new era of relationships between citizen and government, where citizens are treated as customers and governments are treated as service providers. And, luckily for El Salvador, this isn’t the first time a CBI program has been implemented.
But would there be demand from a Latin American country or Italy?
Of course, the tax regime and regulatory environments for business are a top priority, however, a country’s political stance also plays a huge role in a Bitcoiner’s decision-making process.
El Salvador is perfectly placed compared to all these factors and its president is boldly taking a stand against the World Economic Forum (WEF) 2030 agenda of “own nothing and you will be happy”.
El Salvador’s geographic location also adds to the value of your passport. Unlike the Caribbean, it is not an island and allows access by land while also allowing access by water.
Is there a Bitcoin investment citizenship program?
Bitcoin enthusiasts also see citizenship-by-investment programs as ways to bring power back to the individual.
These programs are seen as a form of pure capitalism applied to government services, allowing individuals to choose their “government service provider” based on price and services offered, and bring their own funds with them.
As competition between nation states for capital and talent increases, the mobility of capital and people has the potential to transform the way we think about citizenship and national identity, and CBI programs could be at the forefront in this transformation.
Conclusion
While a CBI program could be a productive move for El Salvador, it is not without risk. However, with a powerful passport, favorable tax policies, a positive reputation and the support of Bitcoin enthusiasts, El Salvador is well positioned to attract foreign investment and talent.
If done correctly, a CBI program could be the next step in its transformation, putting power back to the individual and changing the way we think about citizenship and national identity.