Permanent residence in El Salvador for crypto entrepreneurs

[Magicalking]

El Salvador is now a popular name in the crypto community. The President took a bold step to formally endorse bitcoin in the country.
Other nations aren't pleased with El Salvador's decision and are putting pressure to regulate Bitcoin. I wonder how long El Salvador can hold on

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[paxmao]

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

No, nobody from El Salvador can tell you about living conditions because the are on one or more of this categories:

- Too busy trying to go about their lives without being randomly killed in the streets.
- Too busy Working for a drug cartel.
- Too busy In prison.
- Too busy being members of a band that would rather not talk to you.
- Corrupt government officials Too busy getting bribes.

Please notice that you can find this quite mixed, e.g. a Corrupt government official working for a drug cartel in prison, belonging to a band and trying not the get randomly killed.

Apart from all this, the cost of living  is low, the climate is great and you can buy pretty much anything with money.

Have you been in that country? Because I don't think not all areas have that kind living conditions. Just like other 3rd world countries, which are being tagged as terrorist country or drug war killing country. But they also have very good tourist destinations. I don't think we need to confine a certain country to its negative aspect. They always have good ones to offer.

And it must be marvellous to go there, to a touristic area, just for a while, living in a bubble where you do not have to deal with the harsh reality of the country. Most Latin America has such a destinations and locations even in relatively violent cities. However, that does not speak of the country, but of the way things can be when you actually want to have peace for the tourism that brings in foreign currency.

You can also argue that Mexico City is marvellous because you got Colonia Roma and it is OK if you do not go to Doctores.

[bryant.coleman]

El Salvador is now a popular name in the crypto community. The President took a bold step to formally endorse bitcoin in the country.
Other nations aren't pleased with El Salvador's decision and are putting pressure to regulate Bitcoin. I wonder how long El Salvador can hold on

I don't understand why the other countries should complain about it. Whether to make Bitcoin as a legal tender or not is an internal matter of El Salvador. Why the neighboring nations try to intervene in this decision? I can understand the frustration from the United States, because the USD was the sole legal tender in El Salvador for so long. Now it has got a competitor. But that is not the case with countries other than the US. Anyway, there is zero chance that the measure will be revoked some time in the future, because the president (Nayib Bukele) looks quite adamant.

[arwin100]

El Salvador is now a popular name in the crypto community. The President took a bold step to formally endorse bitcoin in the country.
Other nations aren't pleased with El Salvador's decision and are putting pressure to regulate Bitcoin. I wonder how long El Salvador can hold on

I don't understand why the other countries should complain about it. Whether to make Bitcoin as a legal tender or not is an internal matter of El Salvador. Why the neighboring nations try to intervene in this decision? I can understand the frustration from the United States, because the USD was the sole legal tender in El Salvador for so long. Now it has got a competitor. But that is not the case with countries other than the US. Anyway, there is zero chance that the measure will be revoked some time in the future, because the president (Nayib Bukele) looks quite adamant.

They intervene because they are worried on what will happen on El salvador if major collapsed happen and we can't deny that this events always happen every year. And I can't also blame other country be worried about them some goverments in other big countries doesn't believe the potential of bitcoin so maybe this is a good wake up call to other nation that if this country became successful when adopting bitcoin then maybe this will be their basis to adopt it on their systems.

[Vishnu.Reang]

They intervene because they are worried on what will happen on El salvador if major collapsed happen and we can't deny that this events always happen every year. And I can't also blame other country be worried about them some goverments in other big countries doesn't believe the potential of bitcoin so maybe this is a good wake up call to other nation that if this country became successful when adopting bitcoin then maybe this will be their basis to adopt it on their systems.

If a financial collapse occur in El Salvador, then they the other nations need to worry about it? Latin America is full of failed economies such as Venezuela and Ecuador. And in none of these cases, cryptocurrency was involved. If a financial collapse occurs in El Salvador (although there is hardly any chance of that occurring), the Salvadoran public know how to deal with it. The so called neighboring countries should worry about their own economies first. From what I can see, they are not doing that good.

[MellowD]

Anybody travelled to El Salvador till now? Is it a good place to live? I am thinking about spending some holidays there.

[Sithara007]

Anybody travelled to El Salvador till now? Is it a good place to live? I am thinking about spending some holidays there.

From what I heard, El Salvador is sort of OK, if you have enough money in your pocket. But if you are looking for a cheap destination such as Thailand or Vietnam, then you will be disappointed. For a family of 4, monthly expenses would come in the range of $2,000-2,500, and if you are single then it can be reduced to around $1,000 per month. That is almost 2-3 times more expensive when compared to Thailand. On top of that, crime is a big concern. Although crime rate has fallen steeply in the recent years, organized gangs are still active in the country.

[KaliLinux]

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 believe tomorrow the 7th of September is the big day With El Salvador’s Legal Tender Plans in Sight, Will Bitcoin Break $60K?] the President of El Salvador, Nayib Bukele, and the country, in general, is proving that this can be done, that Bitcoin can be adopted as a legal tender even though there might still be some hurdles and we understand that another south American country like Panama is also considering the move for Bitcoin adoption.
Investing 3 Bitcoins about $150,000 at the moment by foreigners is going to be a big economic bust for the country.

[sana54210]

And it must be marvellous to go there, to a touristic area, just for a while, living in a bubble where you do not have to deal with the harsh reality of the country. Most Latin America has such a destinations and locations even in relatively violent cities. However, that does not speak of the country, but of the way things can be when you actually want to have peace for the tourism that brings in foreign currency.

You can also argue that Mexico City is marvellous because you got Colonia Roma and it is OK if you do not go to Doctores.

What you are missing out is in two parts. One of them is the area that is touristic could be the place you decide to live, even though the nation as a whole is horrible, they do not touch those places because they want foreigners to come in and spend money and leave which is why even though the nation itself could be bad, those areas are untouched by bad stuff to make it look like they are a good place.

Secondly every nation has its troubles, obviously not as horrible as El Salvador and they are at the bottom of most lists, but if you are living a horrible life, barely surviving in USA and you want to move to El Salvadors touristic place to live rest of your life not caring about money and having a better life, there is a "chance" you can do that. I rather be living like kings in a horrible nation then be starving to death in a great nation honestly.

[paxmao]

And it must be marvellous to go there, to a touristic area, just for a while, living in a bubble where you do not have to deal with the harsh reality of the country. Most Latin America has such a destinations and locations even in relatively violent cities. However, that does not speak of the country, but of the way things can be when you actually want to have peace for the tourism that brings in foreign currency.

You can also argue that Mexico City is marvellous because you got Colonia Roma and it is OK if you do not go to Doctores.

What you are missing out is in two parts. One of them is the area that is touristic could be the place you decide to live, even though the nation as a whole is horrible, they do not touch those places because they want foreigners to come in and spend money and leave which is why even though the nation itself could be bad, those areas are untouched by bad stuff to make it look like they are a good place.

Secondly every nation has its troubles, obviously not as horrible as El Salvador and they are at the bottom of most lists, but if you are living a horrible life, barely surviving in USA and you want to move to El Salvadors touristic place to live rest of your life not caring about money and having a better life, there is a "chance" you can do that. I rather be living like kings in a horrible nation then be starving to death in a great nation honestly.

I do not think I am missing anything, I am clearly saying that you can choose to live in a bubble, although be very mindful that even in those bubbles there can be situations that you may think could not be. For some people that is not a problem, for my personal taste, if I choose to change my country for another it would be to be able to live safer and travel and have a better life. Unfortunately that usually comes with taxes, since safety, education and opportunities come at a cost.

[stompix]

Secondly every nation has its troubles, obviously not as horrible as El Salvador and they are at the bottom of most lists, but if you are living a horrible life, barely surviving in USA and you want to move to El Salvadors touristic place to live rest of your life not caring about money and having a better life, there is a "chance" you can do that. I rather be living like kings in a horrible nation then be starving to death in a great nation honestly.

You are missing reality.
The people who can't make out a living in the US will obviously not be able to make a living in Salvador.

The vast majority of Salvadoran migrants, almost 2 million, work in the United States, where the economic effects of the pandemic resulted in lost income.

If you have 2 million people driven out of their country by poverty and getting a job in another country, how do you expect an unemployed poor person from country B to make a living when 2 millions couldn't there but were able to do so in the US.

Second, you're deeply mistaken if you think life in Salvador is that cheap in the "good" areas.
Just the capital, so an average including the poverty-stricken zone is just barely 6% cheaper than Prague and if we compare with a bottom living costs US city, just 25% cheaper than Oklahoma City.
Now, do you think the guys who couldn't get a job and live on the poverty line in the US would manage to get a job at least at the same pay rate in Salvador? Let's be serious

I do not think I am missing anything, I am clearly saying that you can choose to live in a bubble, although be very mindful that even in those bubbles there can be situations that you may think could not be. For some people that is not a problem, for my personal taste, if I choose to change my country for another it would be to be able to live safer and travel and have a better life. Unfortunately that usually comes with taxes, since safety, education and opportunities come at a cost.

It's not a bubble, it's more like a cage for farm animals, you go over the fence you get eaten by wolves, I don't understand how anybody could promote this kind of nearly dystopian way of life.

Investing 3 Bitcoins about $150,000 at the moment by foreigners is going to be a big economic bust for the country.

Heard it before, Estonia, Malta, Cyprus, Ukraine, Belarus, all of them were luring millions of investors, what happened we all know.

[LUCKMCFLY]

They intervene because they are worried on what will happen on El salvador if major collapsed happen and we can't deny that this events always happen every year. And I can't also blame other country be worried about them some goverments in other big countries doesn't believe the potential of bitcoin so maybe this is a good wake up call to other nation that if this country became successful when adopting bitcoin then maybe this will be their basis to adopt it on their systems.

If a financial collapse occur in El Salvador, then they the other nations need to worry about it? Latin America is full of failed economies such as Venezuela and Ecuador. And in none of these cases, cryptocurrency was involved. If a financial collapse occurs in El Salvador (although there is hardly any chance of that occurring), the Salvadoran public know how to deal with it. The so called neighboring countries should worry about their own economies first. From what I can see, they are not doing that good.

I believe that in a worldwide collapse of the economy, El Salvador would have much more lifebuoy thanks to BTC, the reason is simple, history has shown us that each collapse of the economy, as in 2008, always causes great losses for those who do not take advantage of the crash. , the economies of South America also enter a collapse, since most are ruled by the dollar according to its hegemony, most countries do not have a corresponding stability.

If a Country like El Salvador manages BTC, its citizens who have savings there becomes an investment as good as gold, because its price will tend to rise, and those who have investments in Gold, BTC and Real Estate would not have any problem or the crisis would affect.

[jaberwock]

"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.

This is not a bad idea, ideas like this are always going to attract big investors to El Salvador.So the president knows what he’s doing. Another area I think they should look into is the area of security. I have seen a lot of people who complain about how bad it can be living in El Salvador, and they have said that it is not a safe place to live because of things like street gangsters and the rest of them. Before people choose a place to live they always consider a lot of things,although the kind of offer that we get is also included in that, but safety always comes first.

[savetheFORUM]

Honestly, if they have a better electricity rate then it would have been awesome. Think about it this way, they have 16 cents for business and 20 cents for houses, if they dropped that down to half for business then they could get all the miners there and could make a lot more on income taxes as well. Don't get me wrong I am not saying give them the electricity for free, of course make them pay for it, but nobody will move to Elsalvador with a 16 cent cost, 10 cents or something would make it better. It is still profitable at 16 cents but doesn't worth to change your nation.

This is just the miner situation, you could still do an exchange or something else, crypto is growing so big that there are a million different stuff going on there. Which is why I personally believe that it is quite important to have a business in a nation that sees you as good business, instead of risky one.

[The Sceptical Chymist]

Honestly, if they have a better electricity rate then it would have been awesome.
<snip>
This is just the miner situation

Right, if you were planning on moving to El Salvador to mine bitcoin (or anything else), then that rate (I assume you mean $0.20/kWh) is quite high--over double what most utility companies charge in the US.  Still, even with a rate that high, don't you think it would still be profitable to mine?  That isn't a completely outrageous electricity cost, just higher than average.  I wouldn't think it'd be a deal-breaker.

This is not a bad idea, ideas like this are always going to attract big investors to El Salvador.So the president knows what he’s doing. Another area I think they should look into is the area of security. I have seen a lot of people who complain about how bad it can be living in El Salvador, and they have said that it is not a safe place to live because of things like street gangsters and the rest of them.

That would be my main concern if I were contemplating a move there--and frankly, I do find the idea to be enticing even if I'm not a crypto entrepreneur myself.  El Salvador does have a problem with crime, and that's putting it mildly.  I'm not sure how safe it'd be for a gringo like me to move there and expect to not be hassled when going about my daily business. 

Anyone know if there's a section of the country where the wealthy live?  I'd be curious to know what the houses look like and how much they go for.

[stompix]

Honestly, if they have a better electricity rate then it would have been awesome. Think about it this way, they have 16 cents for business and 20 cents for houses, if they dropped that down to half for business then they could get all the miners there and could make a lot more on income taxes as well.

One major problem!
Salvador is a net importer of electricity, around 20% of their demand is covered by imports.

Total exports to other markets in Central America were 64.83 GWh and imports were 1,449.7 GWh, mainly from Guatemala.

So, if anyone would be indeed interested in mining they would rather go to Guatemala than to Salvador as you can't really set up mining in a country that can't guarantee enough electricity even to its citizens, not considering what a 10k ASICs farm would do to such an unbalanced grid, one such facility thing alone would require 6% of entire consumption and an increase of 20% in imports.

I believe that in a worldwide collapse of the economy, El Salvador would have much more lifebuoy thanks to BTC, the reason is simple, history has shown us that each collapse of the economy, as in 2008, always causes great losses for those who do not take advantage of the crash. , the economies of South America also enter a collapse, since most are ruled by the dollar according to its hegemony, most countries do not have a corresponding stability.

If the entire world is bankrupt, how will the price of Bitcoin go up since everyone is too poor to afford any investment?
They will end with something so precious that nobody affords it and they will have to sell it for pennies.
Let's not even count the 2 million that will have to go back and end all the remittance flow into the country.

[LUCKMCFLY]

If the entire world is bankrupt, how will the price of Bitcoin go up since everyone is too poor to afford any investment?
They will end with something so precious that nobody affords it and they will have to sell it for pennies.
Let's not even count the 2 million that will have to go back and end all the remittance flow into the country.

Although it is a difficult scenario to determine, I think that in these cases the only one that can take value would be gold, Bitcoin in this case would function as a possible store of value, if FIAT money explodes in its big bubble, BTC would not lose its value, that is, their intrinsic value would be maintained, which actually if I have a big doubt is if they could make a pair of BTC / Gold, if both represent money.

Of course, this enters into a purely speculative topic, but when a world crash arises, FIAT money is the one that must recover, plus the value of BTC not, because it would remain and perhaps rise, it would be somewhat complicated.

[Sithara007]

So, if anyone would be indeed interested in mining they would rather go to Guatemala than to Salvador as you can't really set up mining in a country that can't guarantee enough electricity even to its citizens, not considering what a 10k ASICs farm would do to such an unbalanced grid, one such facility thing alone would require 6% of entire consumption and an increase of 20% in imports.

OK.. I have a question here.. What if the miners themselves setup giant solar farms or something, to generate electricity? From what I have heard, industrial scale solar power facilities can generate electricity at a rate of <$0.10 per KWh. But I don't know how much it will cost to import these solar panels to El Salvador and for installation/maintenance. I don't think that an impoverished country like El Salvador will waive off the import duty and other taxes on mining/solar equipment. In the end, mining farms won't be able to compete against those from other countries.

[stompix]

~
OK.. I have a question here.. What if the miners themselves setup giant solar farms or something, to generate electricity?

Why is not anyone doing this on a large scale?
Why are they investing in coal power powerplants and gas-powered ones?

Because you need constant power to mine, with solar you have at most 6 hours peak time in Salvador, which means roughly (not the really correct way but let's go with this)  you have to install 400kw of capacity for each 100kw consumption and enough capacity to store the remaining 75% to be used in the other 18 hours. This assuming you have no days with completely no sun. On what are you going to rely on these days? More imports?
Mine 6 hours a day and ROI in not 300 days but 1200?

OK.. I have a question here.. What if the miners themselves setup giant solar farms or something, to generate electricity? From what I have heard, industrial scale solar power facilities can generate electricity at a rate of <$0.10 per KWh.

!10cents per kwh is not that attractive to most miners.
People underestimate how cheap coal energy is, how could you compete with 2.8 cents? Solar can compete only with the government taxing others and subsidizing it, which means ripping off customers, and for poor countries like Salvador where is this money going to come from? Look what's happening in Europe with us closing down fossil fuel plants and taxing them to deaths and relying on solar and wind, energy prices are through the roof, that of course, unless your France and you have 56 nuclear reactors.

[OnlineCasinoBoard]

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?

This was dam good news for the crypto entrepreneur. Most of freelancer struggling hard at the dip market. In additional, they lose huge money, if they withdrew the cash during the dump market. This help the people near the El Salvador. Because this is like the gifted opportunity for the entrepreneur.They also struggled to pay house rent during the dip, this permanent residence help them a lot.