Topic: Permanent residence in El Salvador for crypto entrepreneurs - page 4. (Read 434 times)

Not surprisingly, they rely on remittance and tourism, the rest of the country is dirt poor so no wonder they don't have an account with far too little money to spend on other than necessities, why having a bank account when it will stay empty? As for utilities, internet, all that, welcome to Eastern Europe at the start of the century, paying with a bank account would have been far more troubling than going to their office and pay with cash. I remember waiting in lines even half an hour to be able to pay bills.


Do you think that without a bank account you don't pay taxes?
They tax your employees when they pay you, even if it's in cash, you pay VAT when you buy something from a merchant, just because they only deal in cash it doesn't mean you can void taxation, and in poor countries, it's usually the poor people who are not that keen on doing so, they can't afford the luxury of a lawyer and they are far more afraid than gangs of going to prison.

Besides, even countries like Argentina and Mexico were well below that level at the start of the last decade so, it's more normal than you think.

     Way to go for the guy. This guy's efforts will really pay off in the future, I am very sure of it. This will really make el salvador flourish since this gives way for its people to have more alternatives in terms of investing and managing assets/funds. I really think that thi will make a huge impact on the whole world and depending on the results, may indeed put pressure on other leaders to either support the idea of adopting crypto currencies fully or banning it entirely. I just hope that the plan really works so that world wide adoption of crypto currencies can finally come to fruition.

Regardless of whether the plan has been well considered or not, I am very impressed with the plan that was made,
I don't know if this will interest a lot of people or not but I'm pretty sure it will,
We'll see in the future whether there will be a follow-up to this plan

For many of us, the cost of living is not going to be an issue (even if it gets a bit expensive, the tax waiver on profits from Bitcoin will more than make up for it). My primary concern is the presence of various transnational gangs such as MS13 and Barrio 18. There are an estimated 60,000 gang members in El Salvador. What is the guarantee that they will not target crypto entrepreneurs? And don't forget that many of these gangs are part of the drug war in Mexico and they have thousands of members even in the United States.

I doubt that someone from that country will answer your question - but the internet is full of information that interests you. What should always be taken into account is the fact that we can talk about average prices or prices for a specific city or region - and of course there is a universal rule that big cities are always more expensive to live in compared to some rural areas.

From what I’ve read, El Salvador is somewhere in the middle in terms of the cost of living when it comes to Central America and it’s not exactly cheap if you look at the big cities of San Salvador, Santa Tecla, or Antiguo Cuscatlan.

I will list some interesting facts from the article.


When I look at these prices, I can't say that it's something affordable from my EU perspective - because I pay for a landline phone + high speed internet only around 20 EUR (unlimited calls&data), and the price of real estate in somewhat safer areas seems very high. As for crime, the situation has reportedly improved significantly with the arrival of a new president, but how safe the country actually is... -> more on that topic - Crime in El Salvador

The real question is how the hell Government is operating even if they dont have the income? I mean if 30% peeps have the bank account then only those must be tracked by IRS and get paid for taxes. Wondering how they done with the infra of city and counties in there with such low income and high population.

Secondly, having crypto as option does not seem to be ok for miami if people are not even using the bank accounts? There must be reason why they dont use it. May be hand in hand cash structure is being preferred?

Wow, that's quite a statistic--and I'm not sure how that 70% operates without banking services.  Sure, you can buy food, clothes, and pay your rent with cash but where I live it's pretty hard to pay for things like utilities, internet, and phone service without having a checking account that has a debit card linked to it.  I don't think El Salvadorians are using credit cards for all of that, since it's usually hard to get one unless you have some kind of bank account.

I'm curious about that as well, especially the living situation.  If I'm not mistaken, there's a lot of crime in that country and even if the cost of living was dirt cheap and I could afford a mansion for pennies on the dollar of what it would cost in the US, I'm not sure I'd want to live in a place where I didn't feel safe.

Still, El Salvador has a nice climate and aside from the country's problems it might be a great place to live, especially if they're welcoming bitcoiners (or at least bitcoin entrepreneurs).  Hopefully someone from there will reply here and give us the skinny on what life is really like there.  I'm very curious.

That's actually pretty good but there must be a big catch when they are going to do this to cryptopreneurs, and I think that it will be a lot. Hopefully, just making more jobs and paying a good tax is enough for El Salvador.

That's really a big step forward taken by the President. No country will have the courage to take such an action plan and execute it. Though the country is small, they're well advanced and the president is futuristic. The thought about the future has made home take this perfect decision aiming the life of all levels of people.

Allowing permanant residence will truly allow more people to atleast have a try on making some investment on the country. Mostly Asians will be getting interested on this offer of permanent residence.

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?