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

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.

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 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.

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.

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

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.

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.

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.

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

A lot of the countries have citizenship by investment plans, but the paperwork will take a long time and there is very tight screening. If these issues are not there with the El Salvador program, then I guess a lot of people will apply for the citizenship. Cryptocurrency users in general are facing increasing regulations and harassment, and this is especially true in developing countries such as Nigeria, India and China. If the requirements are reasonable, then I guess a large number of users may be interested in the program, especially from these countries.

Well, that’s quite good, because you will hardly see a news like this about Bitcoin, where the president and others are so keen to accepting Bitcoin. Most of the news you’re going to see are those of them that are banning bitcoin and news like that. You will hardly see any of them are embracing Bitcoin like this.

But that aside, I don’t think that El Salvador is a place I would like to live, despite that. Because based on what I have known, the place has a very high crime rate and countries with high crime rates are the least places I would like to be.

As said, compared with the average. Furthermore, most expats are from rich countries hence saying cheap is correct in general sense. Anyway, data is there for whoever needs to figure out the cents. Quality of life can be measured in different ways and weighted differently. Bogotá and El Salvador are terrible for violence, but I guess that if you are happy living in a rich bubble community and ignoring the rest you will find one and do fine.

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.

I found a website that could give you an idea of ​​the cost of living in El Salvador. It would also be good if you asked yourself what you want to do in El Salvador because the country has the most recent unemployment rate of 7%. You would have to go to El Salvador with the idea of ​​investing in your own business.
You should also know the percentage of insecurity according to official figures in the country that shows an average of three murders a day.
It should be noted that crimes registered so far this year such as homicides, extortion and robbery continue to trend downward.

https://www.expatistan.com/cost-of-living/country/el-salvador

https://www.google.com/amp/s/www.laprensagrafica.com/amp/elsalvador/361-homicidios-en-lo-que-va-de-2021-en-El-Salvador-20210420-0115.html

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!

I have the same opinion. They have made Bitcoin the legal tender and during the last 2-3 years, there have been a sharp reduction in crime rate. But these things are not enough to compel me to move to that country. First and foremost priority for me is my security. It is something that doesn't have a price tag. And historically, El Salvador doesn't have a good reputation on that sector. Let a few thousand entrepreneurs move to El Salvador. If everything works out for them, then I will consider my options after a couple of years.

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

Heard that a few other countries are also exploring the step taken by El Salvador. All we need is a bit more patience. The next spike is going to take Bitcoin above the $100,000 level, and more and more countries will be open to making at a legal tender. So if you are a Bitcoin entrepreneur or an investor, then you will have a lot more choices by then. There is no need to immediately pack your bags and move to El Salvador, which is famous for gang culture and poverty. Personally I would prefer moving to some of the Caribbean island nations.

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:



 The references to the political status of the country are based on the abundant news and information available. If you need a source you can use this one. which states among other facts:


and  this:


Do not assume that my posts are undocumented or that I am speaking without knowing just because I am being kind of funny about it. The reason why nobody from El Salvador is answering is because they are busy trying to survive. That is not factual, just my educated guess.

My other educated guess is that you may achieve far better results asking in the Spanish section of the forum.  Something like this could help "Alguien puede hablarme de las condiciones de vida en El Salvador? Es un buen lugar para ir a vivir y para crear una empresa tecnológica?"

Obviously if you want to live in a decent neighborhood, then the cost of living would be high. Maybe the other posters are talking about living in urban slums, or remote villages. I would not prefer that option, because although the crime rate has declined recently, El Salvador has a reputation of being home to some of the most violent gangs in Latin America. Obviously, the price of security can't be measured, just as Lucius stated. If you get kidnapped by some of these gang members, then none of your savings will come to any use.

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.

Have you been in that country? Because I don't think not all areas have that kind of 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.

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.

This really shows the commitment of El Salvador in BTC. I like it.

Even though others may think that this is a cheap scheme to get overseas investors funds, ask yourself, isn't that precisely what every single advanced nation is currently doing through their significant investor immigration packages? The requirements for those are usually even higher, I know one in my home country that requires an investment of $5 million AUD in local investments for your applicaiton to be even considered.

With the ongoing airdrop and this initiative, it will be a matter of time before grassroot bitcoin adoption skyrockets in El Salvador.

How do you conclude that? I wrote some things about the cost of living in that country, but no one commented on what those prices mean compared to the prices in their countries - but many would be surprised to know that this is not a country where they can live like kings with $500 or $1000 a month, especially in urban areas. In addition, crime is still at a high level - and I don't think anyone wants to live cheaply, and at the same time take risks getting robbed every day when he stops at a traffic light, or becoming a collateral victim of local gangs.

El Salvador is certainly an exotic country for anyone coming from the Western world, but it is far from a country where most of these people would like to live permanently - regardless of Bitcoin as a legal tender.

If political stability is there, then the crime rate may remain low. From what I heard about President Bukele, he is a very genuine guy who has been very tough on crime and corruption. Within the last 2-3 years, he has managed to bring crime rate in El Salvador under control. And it was no easy task, as El Salvador was famous for some of the most violent gangs, such as Mara Salvatrucha 13 (MS 13) and Barrio 18. I am just saying that those who want to move to El Salvador needs to be cautious. It may not turn out to be the paradise which you are expecting.

If they could succesfully supress the criminal rate in their country while also enforcing this law that in favour of cryptopeneur they could be another dubai where rich people gathers.
The bill they gonna pass is some revolutionary ones that have such big potential to gather capital to their country, such a waste for that effort if they can't optimally attract cryptopreneurs from over the world just because of that.

With a country having such a high crime rate, I would not recommend moving to remote rural areas. I know that the crime rate has come down recently, with the president (Nayib Bukele) cracking down on the gang culture. But in Latin America, there is no stability as far as the political situation is concerned. On top of that, the Americans have also made it one of their top priorities to get Bukele out of office. In case he is replaced as the president, then there is a good chance that the pro-Bitcoin policies will be reversed, and the crime rate may go back to the previous levels.

I agree to that, most of the time those who are residing inside the city do have more expensive living.

While for those who are outside they have some lesser amount since developments are very likely much poorer than those from the city.

Liking the idea of El Salvador's offer they are possible to enjoy their crypto while being adopted/migrant to this country. If you have enough crypto to show up then you are most welcome to live their.

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.

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

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.

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.

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.

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.

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.

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 .

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?