Portugal May Become First European Country to Offer Residency in Exchange for Bitcoin Investments
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Loading... - Lily Walter
- 26 Jul 2024
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Portugal is poised to make history as the first European nation to offer residency to foreigners in exchange for investments made through decentralized cryptocurrencies like Bitcoin. This groundbreaking opportunity was announced by Alessandro Palombo, co-founder and CEO of Unbound Fund, on his X account.
Palombo proposes using Bitcoin to facilitate mutual benefits and enhanced mobility in Portugal. According to his plan, investors who indirectly hold Bitcoin worth 500,000 euros (approximately $542,000) through Unbound Fund will qualify for the Portugal Golden Residence Permit Program. This program grants a five-year residency to non-EU nationals who make qualifying investments.
Investment Strategy
Unbound Fund's strategy includes investing in companies with a 100% passive Bitcoin holding approach, avoiding market timing for selling BTC. Additionally, the fund plans to invest in BlackRock exchange-traded funds (ETFs) to ensure security and simplicity. Palombo emphasized:
"I believe it’s time to use Bitcoin as a tool for freedom of movement in a mutually beneficial way with Portugal, a country I have chosen to live in with my family."
Palombo asserts that the European citizen-by-investment program is optimal for both strategic and technical reasons. He also mentioned that Unbound Fund has already onboarded clients and is in discussions with complementary teams to advance this initiative.
Implications for Portugal and Bitcoin Investors
This innovative residency-by-investment proposal could attract significant international interest, positioning Portugal as a forward-thinking hub for cryptocurrency investors. By leveraging Bitcoin investments, Portugal stands to benefit from increased foreign capital while offering a unique value proposition to global investors seeking residency in Europe.
The initiative aligns with Portugal's progressive stance on cryptocurrencies and blockchain technology, potentially setting a precedent for other countries to follow. As this plan unfolds, it could pave the way for new forms of investment and residency programs worldwide, further integrating cryptocurrencies into mainstream economic practices.
Portugal's potential move to offer residency in exchange for Bitcoin investments is a bold step towards embracing the digital currency revolution. With the support of Unbound Fund and visionary leaders like Alessandro Palombo, this initiative may well transform Portugal into a beacon for crypto investors seeking both financial and geographical freedom.
