O Unbound Fund announced the possibility this week Get a Portugal “Golden Visa” by Buying Bitcoin through its bottom. Such a program, also known as visa for investment staywas created in 2012, but this is the first time Bitcoin has appeared as an option.
The proposal is similar to the proposal citizenship offered by El Salvadorannounced at the end of 2023, which charges $1 million worth of Bitcoin or USDT stablecoin.
However, Portuguese citizenship seems to be more advantageous. The first reason is that the bitcoins remain yours, so it is not a donation to the government. Furthermore, Portugal is part of the European Union, which guarantees free access for other countries in the bloc.
Portuguese Citizenship Through Bitcoin
Although Portuguese citizenship is cheaper than Salvadoran citizenship, Brazilians who want to live in Portugal will need it Pay 500,000 euros to invest in Bitcoin. With direct conversion it is more than R$3 million, which means it does not apply to everyone.
Second Alessandro PalomboFounder and CEO of Unbound Fund, made the investment 100% exposure to Bitcoindone via the BlackRock ETF It is checked by BDOa famous accounting firm.
“Hold Bitcoin and get Portuguese and European Union citizenship. It is now possible to get Portuguese/EU citizenship by indirectly owning 500,000 euros worth of Bitcoin.”
Delay #Bitcoin and acquire Portuguese/EU citizenship
It is now possible to acquire Portuguese/EU citizenship by indirect possession #Bitcoin worth €500,000.
I’m proud to introduce https://t.co/DgqCyGTfgv
Unbound Fund is the first fund eligible for a Golden Visa that you… pic.twitter.com/SVJjjg8x70
— Alessandro Palombo (@0x_ale) July 23, 2024
According to the website of the Aliens and Borders Service (SEF)O Golden Visa gives the investor the right to work and live in Portugallike circulating around the ‘Schengen area’which includes several countries of the European Union, without the need for a visa.
Going further is also possible apply for permanent residence in the country and the Portuguese nationalitySpouse and children are included in the program. For Brazilians it is the language is clearly another big attraction.
One of the few requirements is the A fourteen-day stay in the country every two yearslike visa extension within the same period. This may come with some costs, but it shouldn’t be a problem for anyone who has R$3 million worth of assets as volatile as Bitcoin.
About 700,000 foreigners live in Portugal
According to the most recent SEF report from 2021 About 700,000 foreigners live in Portugal. Favorite destinations include Lisbon, Faro and Setúbalbut regions such as Wood also appear on the list.
As for the investment residence visa, another SEF report from 2023 shows that 1,256 Brazilians have already joined the programThe list also shows the China (5,407), US (781), Turkey (613) and South Africa (574).
In total, Portugal claims to have received 7.3 billion euros in investments through the Golden Visa program between 2012 and 2023.
Finally, the idea of acquiring Portuguese citizenship through Bitcoin could make many Brazilian maximalists happy, especially since it is 100% Bitcoin-centric. In the case of direct conversion, the value of 500 thousand euros corresponds to 8.4 BTC.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
