By combining cryptocurrency and immigration policy, Bitcoin holders will be able to purchase EU citizenship through a new investment option. Backed by the Unbound Fund, the initiative uses Bitcoin as a key Open Portuguese citizenship through the country’s Golden Visa program.
It also outlines a pioneering approach towards a huge step forward in accepting digital assets as part of international mobility or residence rights.
How to get EU citizenship with Bitcoin?
Alessandro Palumbo, co-founder and CEO of Unbound Fund, recently revealed the option in a post on Elon Musk’s social media platform X. According to Palumbo, by investing in Bitcoin through the fund, individuals can now qualify for Portugal’s Golden Residence Permit program.
To qualify, investors must own the equivalent of €500,000 (about $542,000) worth of bitcoin in the fund. This is an indirect holding, to meet financial criteria set by Portugal’s immigration policy.
Palumbo explains that the fund’s investment strategy is firmly rooted in long-term holding rather than speculative trading, focusing on companies that maintain a 100% negative position in Bitcoin.
Catch #Bitcoin and obtain Portuguese/European citizenship
It is now possible to obtain Portuguese/European citizenship through indirect possession. #Bitcoin It is worth 500 thousand euros.
I am excited to present https://t.co/DgqCyGTfgv
Unbound Fund is the first Golden Visa eligible fund that gives you… pic.twitter.com/SVJjjg8x70
— Alessandro Palumbo (@0x_ale) July 23, 2024
For added protection and convenience, the fund also de-risks securities by investing in BlackRock exchange-traded funds (ETFs) to further diversify its investments.
In this way, the dual approach ensures investment. It makes it more attractive to investors who see the benefit in investing their Bitcoin directly through the mindset of direct and permanent residence in the European Union.
Strategic mobility?
The program is seen as Portugal’s answer to attracting non-EU citizens, offering them a path to residency – and possibly citizenship – through investment.
However, Palumbo added more context. In his view, this program is not just about revenues, but also about using bitcoin to enable freedom of movement across borders “in a mutually beneficial way for Portugal.”
Beyond the financial operations, Palumbo’s assessment of Portugal’s program points to a bigger picture in this type of innovative financing mechanism. Palumbo noted:
I believe it is time to use Bitcoin as a tool for freedom of movement in a mutually beneficial way with Portugal, the country I have chosen to live in with my family. There is no better EU citizenship by investment program than the European one, for both technical and strategic reasons.
So far, interest has been generated from potential investors since the program was implemented, and Palumbo revealed ongoing discussions about developing and expanding the Unbound Fund’s offering.
Featured image created using DALL-E, chart from TradingView
