El Salvador, Residency by Investment, and Bitcoin City
The government of El Salvador recently announced a new package of reforms (52 in total) wanting to encourage investment in the South American country. In the reforms, the
government states there will be significant tax reductions for those wanting to take part in the investment program, with citizenship automatically being offered as an incentive as well.
These reformations are coming in at a nearly perfect time by President Bukele and his cabinet.
Since last fall, El Salvador has been on the global radar attracting the interest of cryptocurrency fans after it passed a law making Bitcoin legal tender. As with any political decision, it didn’t come without its fair share of uncertainty. Bitcoin has its pros:
- it’s decentralized
- it’s open-sourced
- immune to seizures, and others.
However, as with anything, there are quite a few cons to Bitcoin as well:
- it’s highly-volatile
- it’s irreversible
- it’s not yet highly accepted internationally
Despite the cons, Bukele holds firm in his decision of wanting El Salvador to be a safe haven for anyone desiring financial freedom and individual liberties. On February 20th, President Bukele stated in a viral tweet discussing the reformation package that “The plan is simple: as the world falls into tyranny, we’ll create a haven for freedom.”
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It’s rather fitting that citizenship by investment is part of the reformation plan as well. As we’ve seen prior to El Salvador, citizenship by investment is a popular global trend with countries like Brazil, Portugal, Malta and others, each developing their own citizenship programs to incentivize investment in their countries.
In the case of El Salvador, we can see a want for a citizenship by investment program with the hopes of attracting those wanting to mine, use, and grow their Bitcoin assets in the country. Despite specifics not yet being laid out about the program, President Bukele is rather confident in the implementation of Bitcoin as an official legal tender to help fuel investment in the country.
In fact, Bukele is so confident in these reforms that his government has an entire plan dedicated to the construction of an entirely-new city: Bitcoin City. In theory, the city will be constructed using only funds generated through crypto bonds. A city fueled exclusively by a volcano, Bukele said in a recent interview Bitcoin City would be circular in layout, have extensive residential and commercial areas, and will even have a plaza in the middle of the city designed to look like a bitcoin.
In Bitcoin City, residents can expect the land to be free of taxes, income, property, and other potential financial government setbacks, making investing in El Salvador worthwhile for cryptocurrency fans willing to take a risk.
So, if you are interested in finding out more about El Salvador, contact us today! Below this article you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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