Tether Executives Acquire Citizenship, Invest Millions in Luxury Real Estate in El Salvador

• Tether leads multi-million dollar real estate investments in El Salvador.
• El Zonte transforms with appreciation after Bitcoin Law.
• Cryptocurrencies boost local economy and attract global investors.

The top executives at Tether, a leading cryptocurrency company, have invested heavily in luxury properties in El Salvador, strengthening its presence in the country that adopted Bitcoin as legal tender. According to an investigation conducted by the Salvadoran newspaper El Faro, executives Giancarlo Devasini, Paolo Ardoino and Claudia Lagorio acquired million-dollar properties in prestigious locations and obtained Salvadoran citizenship.

In July 2024, Ardoino and Lagorio purchased two plots of land in the luxury Villanueva Golf Country Club community, known as El Encanto, for $1,7 million. The documents indicate that both have become naturalized Salvadoran citizens, a process that has attracted international investors interested in the country’s tax benefits and crypto environment.

Devasini, one of the founders of Tether, has acquired a $2 million property on San Salvador’s prestigious Tecana Street in partnership with Valentina Picozz, an Italian artist focused on Bitcoin. Each owns 50 percent of the property, and Picozz has also obtained Salvadoran citizenship. Devasini also manages 15 companies in the country, 11 of which are registered with the World Trade Center in San Salvador. These companies, including Inversiones Odomin, GCH Hospitality and GSV Hospitality, have invested in real estate in the city’s historic center.

El Salvador has become a strategic hub for the crypto market since the implementation of the Bitcoin Law in 2021. Areas such as El Zonte, renamed “Bitcoin Beach,” have experienced exponential real estate appreciation. According to data reviewed by El Faro, the average price per square meter in the region rose from $34,33 in 2020 to over $1.000 in 2025 for high-end projects.

El Zonte’s transformation has attracted international investors, including Michael Peterson, who spearheaded the Bitcoin Beach project after receiving an anonymous Bitcoin donation. The area has since become a symbol of the cryptocurrency-based circular economy. However, the real estate boom has also drawn criticism for causing social exclusion in local communities, who face forced evictions to build luxury developments.

The investments by Tether executives and other crypto leaders highlight El Salvador’s growing role in the global cryptocurrency landscape, solidifying the country as an attractive destination for Bitcoin investors and enthusiasts.