Portugal is on the verge of becoming the first European country to offer residency in exchange for Bitcoin investments. This groundbreaking initiative, spearheaded by the Unbound Fund, could revolutionize the way digital assets are utilized for global mobility and investment opportunities.
Key Takeaways
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Portugal may offer residency for Bitcoin investments.
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The Unbound Fund is leading this initiative.
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Investments must be worth €500,000 ($542,000).
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The program is part of Portugal’s Golden Visa scheme.
A New Era for Bitcoin and Residency
The Unbound Fund, co-founded by Alessandro Palombo, is set to offer a unique opportunity for Bitcoin holders. By investing €500,000 ($542,000) in Bitcoin through the fund, individuals can qualify for Portugal’s Golden Visa Program. This program grants residency to non-EU nationals who make significant financial contributions to the country.
Palombo announced this innovative approach on his X account, emphasizing the mutual benefits of using Bitcoin for freedom of movement. He believes that Bitcoin can be a tool for enhancing mobility and investment opportunities in Portugal, a country he has chosen to reside in with his family.
Alternatives to Real Estate Investments
Portugal’s Golden Visa Program has traditionally relied on real estate investments. However, due to a housing crisis, the government has terminated this route. As a result, other investment options have gained prominence, including:
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Investment in research and development
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Cultural heritage donations
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Investment in funds or venture capital funds
In addition, Portugal recently introduced the Residence Permits for Social Investment option, allowing foreigners to obtain residency by investing in reception facilities and immigrant integration projects.
The Mechanics of the Bitcoin Investment Fund
The Unbound Fund is designed to meet the stringent requirements of Portugal’s Golden Visa Program. The fund invests in companies with 100% passive Bitcoin holdings and utilizes BlackRock exchange-traded funds (ETFs) for security and simplicity. Investors must hold their investments for five years to become eligible for citizenship, during which they must spend at least 14 days every two years in Portugal.
Palombo assures that the fund operates with total transparency, with independent audits conducted by BDO. The fund’s strategy focuses on security and simplicity, ensuring that investors’ eligibility for the Golden Visa is not affected by Bitcoin price fluctuations.
A Growing Trend in Citizenship-by-Investment Programs
Since its inception in 2012, Portugal’s Golden Visa Program has granted over 12,700 visas, benefiting nationals from countries like China, Brazil, the United States, Turkey, and South Africa. The introduction of Bitcoin as an investment option could attract a new wave of investors, particularly from the cryptocurrency community.
Palombo hopes that this initiative will not only generate interest in Portugal among crypto investors but also demonstrate the broader potential of digital assets in facilitating global mobility. The Unbound Fund aims to be a pioneer in this space, offering a seamless and secure pathway to European citizenship through Bitcoin investments.