Why El Salvador is the New Destination for Bitcoin Investors and Digital Nomads
Discover the Benefits of Obtaining Residency and Citizenship in El Salvador and How to Do It. Learn About the Country's Bitcoin Adoption, Zero Tax Policy, and the Future of the Bitcoin City.
El Salvador, under the leadership of President Nayib Bukele, has become a hub for cryptocurrency enthusiasts. In June 2021, the country passed a law making Bitcoin legal tender, making it the first country in the world to do so. This move has attracted many crypto investors and entrepreneurs to the country, with the government planning to build a Bitcoin City in the near future.
The Bitcoin City will be located on the coast of El Salvador and will operate as a special economic zone with zero taxes on income and capital gains. The city will also have its own cryptocurrency, the Colon, which will be pegged to the US dollar. The government plans to fund the construction of the city through Bitcoin bonds, which have been offered to investors with the promise of high returns.
For those interested in obtaining residency and citizenship in El Salvador, there are several options available. One of the most popular ways to obtain residency is through investment. Investors can invest in a local business or real estate and obtain residency in the country. The minimum investment required is $30,000 for real estate or $100,000 for a business.
Another option is to obtain residency through a family member who is a citizen or permanent resident of El Salvador. This is known as family reunification and requires proof of the relationship and financial stability.
For those who have been living in El Salvador on a temporary residency permit for at least three years, they may be eligible to apply for permanent residency.
The cost of obtaining residency and citizenship in El Salvador varies depending on the method used. For investment-based residency, the minimum investment amount starts at $30,000. For family reunification, the cost can range from $2,000 to $5,000. The cost of the application for permanent residency is $1,000, and the cost of the citizenship application is $5,000.
In conclusion, obtaining residency and citizenship in El Salvador can be an attractive option for those interested in the country's growing cryptocurrency industry and potential economic opportunities. With the Bitcoin City project and the government's efforts to promote investment in the country, El Salvador could become a hub for innovation and entrepreneurship in the years to come.
Please update this? The fees have gone up enormously.