El Salvador’s Leader Offers 5,000 Free Passports to Top Professionals Worldwide

Event Synopsis: Bukele revealed via Twitter last Friday that El Salvador is set to distribute 5,000 complimentary passports, a move valued at $5 billion within their passport scheme, targeting elite scientists, engineers, medical practitioners, creatives, and thinkers from overseas. He highlighted that these individuals account for a mere fraction, under 0.1%, of El Salvador’s populace, and their full integration as citizens, inclusive of suffrage, is unproblematic. Additionally, he assured a tax-free and duty-free transition for relocating families and their belongings, encompassing high-value items such as machinery, software, and patents.

Significance: El Salvador’s passport is ranked 38th on the Henley Passport Index, granting visa-free entry to 136 locales, notably many Western European and South American countries.

This strategy aligns with El Salvador’s recent endeavors to draw foreign capital and expertise. The nation’s legislature recently enacted a law expediting citizenship for foreign benefactors who contribute Bitcoin to El Salvador’s societal and economic growth initiatives, as per a Benzinga report.

Moreover, El Salvador has the distinction of being the inaugural nation to recognize Bitcoin as official currency, as detailed in another Benzinga piece. Bukele’s current proclamation is perceived as an extension of these measures to establish El Salvador as a prime nexus for innovation and skilled individuals.

Sentiment: Positive