El Salvador introduced a citizenship program on Dec. 7, allowing 1,000 individuals to obtain residency and citizenship by investing $1 million in Bitcoin or Tether. The program, named the “Adopting El Salvador Freedom Visa Program,” offers citizenships for wealthy investors, with a nonrefundable deposit of $999 credited toward the total.

However, this cost exceeds similar programs in Caribbean nations, which start at $100,000. While the investment could generate $1 billion for El Salvador if fully subscribed, critics argue that it’s more expensive than citizenship programs in the European Union and neighboring Caribbean countries. Despite the high price tag, El Salvador’s crypto-friendly policies, including Bitcoin recognition as legal tender and tax exemptions for tech companies, might attract investors.