Topic: Permanent residence in El Salvador for crypto entrepreneurs - page 3. (Read 434 times)
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.
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.
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.
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.
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.
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.
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.
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.
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?
"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.
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.
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.
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.
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.
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
It is a very nice and bold move from the El Salvadorian president to make the country more crypto friendly by accepting BTC as a legal tender and granting permanent residence for crypto entrepreneurs. Although this decision might make the countries that neighbor El Salvador to follow suit, i highly doubt that it will have the larger effect, that is - Many other countries following in the footsteps of El Salvador.
If countries like the United States, Germany, China and the likes were the ones to have announced acceptance and adoption of btc, by now we would have seen the effect massively on the price and many crypto entrepreneurs migrating to seek residence there. However this is not the case for El Salvador.
For the record, even with the very friendly crypto policies, it is not a country that i will want to seek permanent residence in. It is a country that has many of its citizens seeking a life elsewhere because of poverty and crime rate.
If countries like the United States, Germany, China and the likes were the ones to have announced acceptance and adoption of btc, by now we would have seen the effect massively on the price and many crypto entrepreneurs migrating to seek residence there. However this is not the case for El Salvador.
For the record, even with the very friendly crypto policies, it is not a country that i will want to seek permanent residence in. It is a country that has many of its citizens seeking a life elsewhere because of poverty and crime rate.
I think nations pass pro bitcoin legislation to attract wealthy investors. Who they know will create jobs and business. That will in turn boost their local economy and tax revenues.
Its a basic formula we see repeated all over the world, that has been proven to be effective.
If it is true that embracing emerging innovations and trends lead to economic growth. It will be interesting to see how much china's economy shrinks as a result of its anti bitcoin and anti crypto policies. It may seem like a power move on china's part to ban bitcoin related industry. But there could also be a spectacular backlash as china sees its economy contract as a result.
This trend is probably one of the biggest obstacles to implementing global taxation standards. Many small nations rely upon extending favorable taxes to the wealthy, for their own survival.
Its a basic formula we see repeated all over the world, that has been proven to be effective.
If it is true that embracing emerging innovations and trends lead to economic growth. It will be interesting to see how much china's economy shrinks as a result of its anti bitcoin and anti crypto policies. It may seem like a power move on china's part to ban bitcoin related industry. But there could also be a spectacular backlash as china sees its economy contract as a result.
This trend is probably one of the biggest obstacles to implementing global taxation standards. Many small nations rely upon extending favorable taxes to the wealthy, for their own survival.
This is why we need to see what is going to happen with this and depending on the results this could be amazing news but if it is like Venezuela deal then this will be not important at all. I still believe one nation caring so much for crypto is great but who will care when it is El Salvador? Give me Canada or something and people will actually think about moving their operations there as well.
Venezuela is not really the best example, they only wanted to promote their shitcoin and nothing else.
If you really want to look at a previous fail, that was Belarus, Lukashenko tried the same, no taxation, making crypto legal, attracting business and so on, 1, 2 , well the plan never got any traction apart from a few businesses that were in fact run by government officials. Then the protests started and...who would want to go now there?
But El Salvador might be different, of course only one in a thousand will decide to move there because there are a ton of drawbacks, but despite the crime, you're not dealing with a real dictatorship that in a matter of seconds can decide to seize your whole company, not while they still need US help, both for their currency and their economy. So politically it will be safer, just open a few offices in the good areas and that's it. Of course, I don't see thousands of salvadorians using bitcoin for purchases next month, but there will be a little bit of usage that can grow easily if we adoption would also start with LN in the front, it would be awesome if we fast forward to it from the start.
Maybe yeah, it's a bit of hype, but at the same time, one must think that this might be just the beginning, if tomorrow another country does the same then the hype is justified.
This whole deal with El Salvador is getting bigger than I expected, I mean I like the situation don't get me wrong but I also believe that the news is a good news but people are trying to show it as great news, there is a big difference. At the end of the day we need to still wait and see what it will be, remember Venezuela having petro coin? They wanted to save their economy that way as well but what happened? They ended up with a ton of problem anyway.
This is why we need to see what is going to happen with this and depending on the results this could be amazing news but if it is like Venezuela deal then this will be not important at all. I still believe one nation caring so much for crypto is great but who will care when it is El Salvador? Give me Canada or something and people will actually think about moving their operations there as well.
This is why we need to see what is going to happen with this and depending on the results this could be amazing news but if it is like Venezuela deal then this will be not important at all. I still believe one nation caring so much for crypto is great but who will care when it is El Salvador? Give me Canada or something and people will actually think about moving their operations there as well.
It's a good incentive, but how much of an incentive would it really be for crypto entrepreneurs if El Salvador hasn't much to offer in terms of demand and actual utility for the startups/companies? Perhaps their residency, identity, and legality are covered on all bases of El Salvador, but if there isn't anything that will add value to the company, then it's not really a good decision to move to the country and settle there. It's a good strategy to try to rebuild the economy, but not so much incentive towards companies that may settle there.
I don't know if Bitcoin payments are in vogue here as transaction costs are quite high and it is not suitable for regular use. Admittedly, this country has a good promotion to crypto lovers. They will likely attract more tourists in the coming years.
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?
"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?
Trying to properly understand what they mean by Legal & informal economy.
Guess the opposite of the Legal economy is Illegal economy. The terms should be properly defined to mean safe/moral economy else I see a situation where lawless rulers misinterprete it for their own evil agenda.
That part of the economy has alot of businesses (especially rural/traditions businesses) that provide products that are way better and healthier than businesses that seem regulated.
Government should emphasize on safety and good products and services. Businesses could be penalized if there are proofs their products and services are harmful to people/society.
They could simply follow good and reasonable rules. Blockchain and similar tech could help in automating certification.
Edit: In regards to the incentives to crypto entrepreneurs, I actually prefer to build from any part of the world especially as a nomad.
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.
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.
I think this is the essence of them making bitcoin a legal tender. I can't comment much on this, including in terms of taxes and others, because I haven't seen a significant impact in these policies and regulations. maybe they are still compiling the follow-up. Jump to: