From now on it is possible to obtain Portuguese and European Union citizenship using Bitcoin.
Unbound Fund, a Web3 company, has launched an investment opportunity that makes this possible for investors from outside the European Union. Alessandro Palombo, co-founder and CEO of Unbound, announced this last week.
How does it work?
Palombo announced that Unbound Fund is the first “Web3 fund” to participate in Portugal’s ‘golden visa’ program. This program, introduced during the Covid pandemic, offers foreigners the chance to obtain a residence status and eventually EU citizenship. But what exactly does the golden visa program entail?
In short, foreign investors can obtain a Portuguese residency permit by investing a minimum of €500,000 in local businesses or assets. The program quickly gained popularity during the pandemic, but also led to a significant increase in real estate prices in Portuguese cities. Although Portuguese officials initially planned to end the program in 2023, they have decided to continue it, albeit without real estate investments.
Unbound is now partnering with the program and facilitating these investments using Bitcoin. To meet the program’s requirements, Unbound’s Web3 fund must invest at least 60 percent of its portfolio in Portuguese companies. To do so, investments will be transferred to domestic “special purpose vehicles” (SPVs), which will then purchase shares in Bitcoin ETFs.
The Power of Bitcoin
Palombo hopes Unbound will attract crypto investors to Portugal. He emphasizes that this partnership can demonstrate the broader potential of crypto to promote “freedom of movement” globally. He also assures that Unbound will guide investors through the entire golden visa application process.
This is good news for foreign Bitcoin holders, as obtaining a European residency permit is a significant step. As Palombo points out, this illustrates what owning Bitcoin can make possible. However, the program is not for everyone, as not every crypto holder has half a million euros available for investment.
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Source: https://newsbit.nl/verkrijg-portugees-en-eu-burgerschap-via-bitcoin-investeringen/
