Topic: Permanent residence in El Salvador for crypto entrepreneurs (Read 434 times)

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.

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.

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?

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

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.

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.

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

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.

3 BTC it's actually affordable though but anyone is going to move there? Only people from the countries where cryptos are completely banned can consider about moving.

"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.

From your own link:

And that is the average, including the poor cities! If we go for the capital:
https://www.expatistan.com/cost-of-living/comparison/prague/san-salvador


And are we really going to compare Prague to San Salvador?
This is exactly what Lucius was saying, compared to what, it is cheaper than New York or London or Tokyo but not so much cheaper than a lot of EU cities.
And there is no comparison in the quality of life between these!

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The factual information given about cost of living is based on a report of living conditions and salary adjustments published in the Economist. El Salvador is cheap compared to a world average of capital cities.
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The factual information given about cost of living is based on a report of living conditions and salary adjustments published in the Economist. El Salvador is cheap compared to a world average of capital cities. It is behind a paywall so I cannot link it. You can access a pubic domain source here.
which states:

Cost of living in San Salvador is 34% more expensive than in Bogotá
Cost of living in San Salvador is 50% more expensive than in Buenos Aires

Cost of living in San Salvador (El Salvador) is about the same as in Warsaw (Poland)
Cost of living in San Salvador (El Salvador) is 6% cheaper than in Prague (Czech Republic)
Cost of living in San Salvador (El Salvador) is 5% more expensive than in Budapest (Hungary)

Im sure that Salvador is not a country there i want to be a resident

The cost of living is low compared to which country? Although no one from that country came forward to answer the question, that’s why we have the internet and search engines. I looked at a few sources and post some interesting information that obviously no one wants to read because it is much easier to write in general without referring to the facts.

El Salvador is not a cheap country when I compare it with some EU countries, and some things are even more expensive than here - I won't even mention the price of security at all, because it doesn't really have a price.

Summary of cost of living in El Salvador
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Cost of living in El Salvador is cheaper than in 65% of countries in the World (51 out of 79)

El Salvador has one of the highest rates of crime and murder in the world. The country has been labeled, “the most violent in Latin America.” From 2014 to 2017, about 20,000 people were murdered as a result of gang violence. The gangs are active in 94 percent of the country and run as a continuous threat to children, families and business owners.

About 1.8 million minors between the age of 5 and 17 are forced to work. Often times these children are placed in unsanitary or dangerous work environments just to earn a few dollars for themselves and their families.