Permanent residence in El Salvador for crypto entrepreneurs

[Darker45]

This is how a country makes the most out of a rising technology. Instead of shunning it off for selfish reasons, it should instead be exploited for what it's worth. A president of a sovereign country making Bitcoin as a legal tender is simply fantastic. An absolutely independent currency, beyond the control and manipulation of the government and its central bank, it should be dismissed right away by countries for being too free it cannot be made to follow the dictations of the powerful government. But El Salvador is simply one of a kind.

This permanent residency offer to crypto entrepreneurs is another huge step. This is enticing, with all the country's beauty. I hope it will be fully supported with smooth business processes up to the local level, perhaps some tax incentives, upholding peace and order, and so on to make sure that not only are they attracted to do crypto business in the country but also for their operations to be sustainable.

[Sithara007]

When the most important person in the country has said that, it means there is certainty that bitcoin will become legal tender in El Salvador

They have already passed the legislation in the parliament (with a super majority). So this was not some empty rhetoric from the president. But still, this is the first time that a country is making Bitcoin as the legal tender. I would like to see how it goes. There can be practical issues on the ground, especially with the exchange rates being so volatile. And for the merchants who would like to accept payments in BTC, there can be tax complexities and paper work to take care of. At least initially, there is going to be a lot of confusion.

[cheezcarls]

This really motivates more people to accumulate more BTC (in which he said that 3 BTC is the minimum to be granted permanent residency in their country). It’s a huge step for them and hopefully that others would be following suit (but not sooner). Few countries like China are anti-crypto, but most of the countries worldwide are categorizing them as securities. El Salvador has just made history by making Bitcoin as legal tender by majority of the votes.

[ven7net]

As we reported a few days ago, the President of El Salvador, Nayib Bukele, announced during the Miami Conference that the country intends to accept bitcoin as a currency in the country. Now the 39-year-old has added to the appeal of his proposal on Sunday with his new remarks on Twitter. Bukele announced in his latest tweet that:
"The government will immediately grant permanent residency to crypto entrepreneurs."
Today, his proposal was approved by 62 official members of parliament against 19 votes against. Explaining the bill, Bukele added that the country is also proposing a new law to parliament that would allow anyone with a 3-bitcoin investment in the El Salvadorian economy to obtain permanent residency.
It is interesting to know that the official currency of El Salvador is the US dollar. About a quarter of El Salvadorians live in the United States, and last year they sent more than $ 6 billion in remittances despite the Corona epidemic.
Nayib Bukele acknowledged that the move was aimed at creating jobs and providing employment opportunities for thousands of people who now operate outside the country's legal economy. He noted that 70 percent of the population now does not have a bank account and operates in an informal economy.

Source: Yahoo News


Anyone from El Salvador can give any feedback about living costs and living situation in this country?

Although I am not a resident of El Salvador, as a crypto user, I am very interested in this situation related to the adoption of BTC as the currency of El Salvador. If earlier in this old age the US dollar was the official currency, and now BTC, then this is probably a big blow to the US dollar. I would say that this is an example of other countries whose main currency is the US dollar. We may soon witness similar situations in other countries. As for the development of the economy within El Salvador and how much everything is as its president claims, I would also like to learn from the real inhabitants of this country. But no matter how it was, this is probably all directed against the US dollar, and BTC was probably developed as a tool to weaken the influence of the US dollar in the world.

[zanezane]

Maybe they can try to add some tax breaks to the potential businesses because that can really help the business but they also have to employ locals for their businesses if they want a tax break, permanent residence isn't that attractive to a business because you will probably be moving around places a most of the time.

[Nhazwrath]

my OP of this is simple.

As a country that has Just decided to do something highly technical, Would you not want to encourage the technical people to move in and help?

Incentives.  My problem with tax breaks is they tend to get abused quickly.   its a local problem and im nowhere near familiar enough with the problems to provide a good answer. 

I would start with tax breaks that allow local business to thrive but try to keep the money IN the country instead of bleed it out.  You want YOUR people to do well Not the first world countries to bleed you out some more.  a case for nationalism right there.

[target]

Very extra ordinary president that has the political will to do all these changes all of a sudden to their country. He certainly put the name of his country on the spotlight and attract new businesses.

He said the government may try to.use their resources to mine BTC thru the energy from volcano. Looke like he had already planned all these before the announcement in Miami conference.

[kryptqnick]

Accepting Bitcoin is one thing and, while great news, cannot help improve the economy of this country much. This, on the other hand, is great news, because simple procedures to get permanent residency for entrepreneurs can stimulate businesses to open or relocate there, creating jobs and boosting the economy. However, given the unstable situation and violence rates, I'm not sure how many would take this opportunity before at least some safety guarantees are put in place. Favorable tax policies are also very important if they truly want the businesses to come to them.

[Pamadar]

This really motivates more people to accumulate more BTC (in which he said that 3 BTC is the minimum to be granted permanent residency in their country). It’s a huge step for them and hopefully that others would be following suit (but not sooner). Few countries like China are anti-crypto, but most of the countries worldwide are categorizing them as securities. El Salvador has just made history by making Bitcoin as legal tender by majority of the votes.

There's always different perceptions with kind of moves El Salvador did, for sure there are people

who wanted to enjoy and take this opportunities, living inside their country and have  permanent residency, though there might be
more relative rules after this but for sure interest still attracts crypto lovers to move or check this one to look for any chance to live to
this place.

[Vishnu.Reang]

I have been thinking about it for the last couple of days. El Salvador government is saying that they will provide permanent residency to anyone who invest at least BTC3 in to the local economy. When compared to the other permanent residence schemes that we have from countries such as Dominica and Antigua, this one looks attractive. But my concerns are about bureaucracy and crime rate. For sure El Salvador is not the safest country in Latin America. And I have heard that the corruption levels are also quite high.

[oHnK]

I want to appreciate the decision made by the president of El Salvador.  He gave a policy on BTC that is as a legal currency.  BTC is back at the original purpose of its creation and in this country will be a role model for other countries.  Can BTC be legalized, all doubts can be answered?  inflation and even bubbles that are always linked to BTC will be shown in the policy results.

[Taskford]

This really motivates more people to accumulate more BTC (in which he said that 3 BTC is the minimum to be granted permanent residency in their country). It’s a huge step for them and hopefully that others would be following suit (but not sooner). Few countries like China are anti-crypto, but most of the countries worldwide are categorizing them as securities. El Salvador has just made history by making Bitcoin as legal tender by majority of the votes.

There's always different perceptions with kind of moves El Salvador did, for sure there are people

who wanted to enjoy and take this opportunities, living inside their country and have  permanent residency, though there might be
more relative rules after this but for sure interest still attracts crypto lovers to move or check this one to look for any chance to live to
this place.

This is good move made by them since for sure they can lure more whales to invest on their country since they are crypto friendly place where people who use crypto loves to live on. I do hope that other countries will follow what El Salvador did since they will be listed on history and will be the content of talks among people.

 For sure they can earn a good benefits for using crypto.

[imstillthebest]

this is a good news for those aliens ( people that are not really from that state ) but wants to stay or to live in there because the most common problem that they are facing  is they are being sent back to their origin if authorites figured out that they arent from the current state as it is illigal .
 this move encourages more crypto users but this was not really a good news for the people that are already a citizen of that place .

[sapnu]

Just imagine how huge the influence bitcoin has made over the years wherein a country and a President is already pursuing to legalize and operate the use of bitcoin within their state. At some point, it is really risky but if ever it causes them lots of advantages over other contries that are against the use of bitcoin, other countries will surely follow his lead. It can also earn you a free citizenship if you are a crypto entrepreneur which can be helpful for those who are having difficulty investing on crypto due to their country's restrictions with the use of it.

[Lorence.xD]

This is tempting but we have to remember that when the businesses go there, they will be considered as crypto pioneers and at the same time a crypto guinea pig for other businesses to see if moving to El Salvador is going to be a success and it is an uncertain future because their growth is in parallel with the growth of bitcoin economy in El Salvador.

[Vishnu.Reang]

This is tempting but we have to remember that when the businesses go there, they will be considered as crypto pioneers and at the same time a crypto guinea pig for other businesses to see if moving to El Salvador is going to be a success and it is an uncertain future because their growth is in parallel with the growth of bitcoin economy in El Salvador.

I would have moved to El Salvador, but the high crime rate and the language issues deter me. Here in India, the cryptocurrency users are facing a lot of harassment from the government due to the vague status of Bitcoin. I think the best thing for people like me to do would be to wait for another couple of years, so that more countries would legalize cryptocurrency. And who knows? We may get the option of moving to an English-speaking country with low crime rates. After waiting for so long, it doesn't hurt to wait for another 2 years.

[beerlover]

I do not know anything about El Salvador, but this sounds like a good reason to move there if you have a decent size company. You do not have to move there completely, if you have a decent size company that makes a bit of money from crypto, you could move there, start a company, get a permanent residence, move all the business there, pay taxes accordingly, then just move back to wherever you were or where you want to go. This way you would feel a lot easier, that is why I believe it is not a bad idea at all. Maybe even live there?


I mean there are people who live there so I doubt it would be unlivable, it is surely a good place to live if you have money as well because I am 99% sure that as long as you have money, every nation is a good place to live, doesn't matter how terrible it may "look" when you are rich you open the doors for beauty in every nation as well.

[macson]

It's just the start-up. I saw some other politicians are also supporting bitcoin as legal tender and they want to propose a bill about it. This is a significant moment in the crypto industry and shows the bright future of crypto. Others will follow up soon for not being so late in the adoption. A courageous decision for country leaders around the world.

Being the first country in the world to try to make Bitcoin a legal tender was not an easy decision, Of course there will be politicians who oppose.  but if this program is a huge success in El Salvador, investors' money goes into El Salvador and makes the economy skyrocket then other countries will surely follow them quickly.

[btc78]

As we reported a few days ago, the President of El Salvador, Nayib Bukele, announced during the Miami Conference that the country intends to accept bitcoin as a currency in the country. Now the 39-year-old has added to the appeal of his proposal on Sunday with his new remarks on Twitter. Bukele announced in his latest tweet that:
"The government will immediately grant permanent residency to crypto entrepreneurs."
Today, his proposal was approved by 62 official members of parliament against 19 votes against. Explaining the bill, Bukele added that the country is also proposing a new law to parliament that would allow anyone with a 3-bitcoin investment in the El Salvadorian economy to obtain permanent residency.
It is interesting to know that the official currency of El Salvador is the US dollar. About a quarter of El Salvadorians live in the United States, and last year they sent more than $ 6 billion in remittances despite the Corona epidemic.
Nayib Bukele acknowledged that the move was aimed at creating jobs and providing employment opportunities for thousands of people who now operate outside the country's legal economy. He noted that 70 percent of the population now does not have a bank account and operates in an informal economy.

Source: Yahoo News


Anyone from El Salvador can give any feedback about living costs and living situation in this country?

I think even those Miners from China that had been reportedly banned are now planning to migrate in El Salvador as it is now a sanctuary for all Bitcoin users and beneficiaries worldwide.
though i Hear that also the State of Miami is thinking of the same action now towards favoring the Bitcoin mining .

It's just the start-up. I saw some other politicians are also supporting bitcoin as legal tender and they want to propose a bill about it. This is a significant moment in the crypto industry and shows the bright future of crypto. Others will follow up soon for not being so late in the adoption. A courageous decision for country leaders around the world.

Being the first country in the world to try to make Bitcoin a legal tender was not an easy decision, Of course there will be politicians who oppose.  but if this program is a huge success in El Salvador, investors' money goes into El Salvador and makes the economy skyrocket then other countries will surely follow them quickly.

there is also a country that lets Bitcoin to be in their Stock market and i believe that it is Bulgaria?

[cabron]

El Salvador must b a good place to live for a bitcoiner.

Like any country, your cost of living varies to where in the country you live in. If in the major cities, you may find it higher because prices of basic needs are higher especially if you rent a house. Living somewhere outside the cities would be cheaper but comes with risk. Be reminded that it's Central America already and things are true with what you see on TV. I'm not from El Salvador but because base on my experience it's how they are.