EL SALVADOR INVITES INTERNATIONAL INVESTORS WITH ZERO INCOME TAX

[Judi Lynn]

By Jai Hamid

March 14, 2024

TL;DR

El Salvador cuts income tax from 30% to 0% for foreign investments and remittances to attract more international investors.

The reform aims to boost the economy and create more and better job opportunities.

The country’s economy is growing fast, partly due to profits from Bitcoin investments.

El Salvador’s Congress voted unanimously to eliminate the income tax for foreign money.

El Salvador has made a bold move that screams, “Come hither, international investors!” By slashing the income tax for money entering from overseas from a steep 30% right down to zero, nada, zilch. The country’s legislative assembly gave this radical reform the green light, planning to turn El Salvador into a magnet for foreign investments. The motive behind this is to spark a boom in both domestic and foreign investments, firing up the economy and opening the floodgates to more job opportunities.

The Ripple Effect of Tax Elimination
When El Salvador’s Congress put their heads together and decided to axe the income tax on foreign money. They had a vision. A vision to transform the country into an investment paradise. Money that flows into the country, be it from families sending cash back home or corporations looking to plant their flags, will no longer be nibbled away by taxes, regardless of the amount. Previously, any incoming amount north of $150,000 was greeted with a 30% tax rate the moment it crossed the border. Not anymore.

This whole thing is about invigorating the economy and creating a job market that’s not just bigger, but also better. It’s about saying, “Hey, world, El Salvador is open for business!” With a rapidly expanding economy, thanks in part to its savvy Bitcoin plays, the country is setting its sights high. The lawmakers and the President, Nayib Bukele, believe in the power of cryptocurrency to not only strengthen the economy but to also shine a spotlight on El Salvador as a hub of innovation and investment.

A Nation on the Rise
El Salvador’s journey from a traditional economy to a Bitcoin haven is the stuff of legends. Since Bukele’s ascendancy to the presidency in 2019, El Salvador has been on a rollercoaster ride of transformation. From being the first country to embrace Bitcoin as legal tender to accumulating impressive profits from its Bitcoin stash, El Salvador is on a mission to redefine its place in the global economy.

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More:
https://www.cryptopolitan.com/el-salvador-investors-zero-income-tax/

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No doubt Bukele should thank the thousands of young Salvadoran men he swept off the streets and threw into prison to wait perpetually before any chance of a trial. With all the young poor men from the streets imprisoned, people feel so much safer, now, don't ya know!

Bukele instantly became a mega hero with the criminally insane MAGA element in the United States. They adore his swaggering little arse.











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El Salvador: Inhumane Prison Lockdown Treatment
President’s Call for Lethal Force Ignores Basic International Standards



Inmates are lined up during a security operation under the watch of police at Izalco prison in San Salvador, El Salvador, on April 25, 2020. © 2020 El Salvador presidential press office via AP


(Washington, DC) – El Salvador’s President Nayib Bukele has ordered a mandatory lockdown in prisons holding gang members, imposing inhumane conditions on the inmates, Human Rights Watch said today. He also announced that he was authorizing “the use of lethal force” by security forces for “self-defense and to protect the lives of Salvadorans” even if it is not a measure of last resort, as required by Salvadoran and international law.

After weeks of very few reported killings in El Salvador, 77 people were murdered between April 24 and 27, 2020. The president claimed he had “intelligence information” that the homicides were orchestrated by gang members inside prisons. The lockdown he subsequently ordered involves holding them in inhumane conditions that may amount to torture or cruel, inhuman, or degrading treatment or punishment. He also tweeted about using lethal force against gang leaders in the streets.

“Given the Covid-19 pandemic, prisons in El Salvador, as elsewhere, are a potential epicenter for an outbreak, and the Bukele administration’s lockdown has exacerbated an already heightened risk,” said José Miguel Vivanco, Americas director at Human Rights Watch. “President Bukele’s get-tough-on-crime discourse to address 77 killings in 4 days is, ironically, putting more lives at risk of a potential contagion – inside and outside detention centers.”

On April 25, Bukele, via Twitter, ordered the country’s prisons director to declare a “maximum emergency in every detention facility holding gang members” in the country. Authorities then carried out an “absolute lockdown” on gang members, locking them inside a cell for 24 hours, and “solitary confinement” for gang leaders for an undefined time.

More:
https://www.hrw.org/news/2020/04/29/el-salvador-inhumane-prison-lockdown-treatment