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.

El Salvador promoted itself as a top destination for Bitcoin investors looking for crypto-friendly countries to live in, with its new cryptocurrency regulation and a special program that promised fast-tracking passports to millionaire investors. However, a recent investigation reveals contradictions in the numbers.

El Salvador’s ‘Adopting Bitcoin’ Visa Program

In an effort to attract foreign investment and crypto adoption, El Salvador launched the “Adopting Bitcoin” program, promising to grant “freedom passports” to Bitcoin investors who donated $1 million in BTC or USDT to the country. The program aimed to attract at least 1,000 investors to settle in El Salvador, aiming to raise $1 billion in the process.

However, a recent public records investigation by El Mundo, a local Salvadoran outlet, found that zero passports had been issued as part of the program. The institution in charge of issuing passports, the General Directorate of Migration and Immigration, denied having issued any documents deriving from those processes.

This information contradicts earlier reports on social media, which disclosed that 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 earlier 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.

High Entry Prices Criticized

Despite the initiative, “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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