President of El Salvadore on twitter: No Capital Gains taxes to be paid for Bitcoin, and Permanent Residence (greencards) will be granted for crypto entrepeneurs!
1. Great weather, world class surfing beaches, beach front properties for sale.
2. One of the few countries in the world with no property tax.
3. No capital gains tax for #Bitcoin, since it will be a legal currency.
4. Immediate permanent residence for crypto entrepreneurs. https://t.co/j3eugJQCMd— Nayib Bukele 🇸🇻 (@nayibbukele) June 6, 2021
View Reddit by sgtslaughterTV – View Source
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So…if I had millions in crypto, could I move there, cash out, and pay less taxes to the USA, or would I have to revoke citizenship?
Edit: If I ever become Crypto Rich, I’ll just get a good CPA to try to keep as much of my money as I can. Thanks, everyone!
Is he hoping to turn El Salvador into a tech hub? No capital gains could mean a lot of money in taxes left on the table.
Seems like a few boaters might settle in El Salvador
I’m all for greater adoption and I hope the President’s heart is in the right place. But El Salvador does have a number of problems everything from high rates of poverty, to inequality, unemployment, high rates of school drop-outs, dysfunctional family structures, easy access to arms, alcohol and drugs among other things.
Is all of this Bitcoin and investment related news simply to detract from bigger issues or is it part of an ongoing list of measures to improve El Salvador as a place to live I would really like to know.
I kinda get the impression this guy is doing it for himself…
Even so, there’s plenty of tax havens the average crypto entrepreneur would move before El Salvador.
Hell yeah! Plenty of poor people whose labor you can exploit for a dollar a month without those pesky laws getting in the way.
Smells like a trap to me… what’s the catch?
On the off chance that you don’t travel…
Putting this in simpler terms: Permanent Residency is usually handed off to people who spend 5-10 years in a country for a lot of countries. I’m a foreigner in the country where I live now.
The president of el salvador is very serious about attracting crypto talent to his country.
EDIT: From what I have read here – if you are American and you want to get a permanent residence in el salvador, you will likely need to stay in the country at least three years first – https://www.globalization-partners.com/globalpedia/el-salvador-employer-of-record/work-visas/
So he want to be cayman island but in Cripto
Modern problem required modern solution I guess
All the poor people, running out of El Salvador due to cartels, gangs and corrupt government. But sure Crypto investors will flock to a corrupt country to avoid paying taxes, but loose their life maybe?🤔 Nah!! I’m good!!
Is this the new Cayman Islands?
couldn’t pay me to move to El Salvador
Yeah I have a lot of co workers from El Salvador and let’s just say…no one wants to be there. I rather pay capital gains.
Nothing to lose for that country. Imagine if Haiti did it.
Define a crypto entrepreneur
Let’s go!
# B U L L I S H
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Theres no “e” on the end of El Salvador.
So, basically he wants to create a tax haven to attract capital.
McAffee would love this
It’s time to gentrify El Salvador bois
*El Salvador* indeed
Time to open a Salvadoran crypto account…
Such a good idea considering 20% of El Salvador gdp is from foreign workers sending money back to their families in El Salvador (might be outdated % but it’s huge nonetheless). BTC just streamlines this process massively – families could have the same access to funds as the foreign worker through a shared wallet, or even if they used separate wallets, transfers are totally streamlined. Great country to take the first step
El Salvador about to be gentrified 🤣
Reading through these comments wondering how many people have actually been to El Salvador or read anything about it. I’ve visited and let’s just say have no desire to go back. Imagine parking your car and needing to pay some random guy lurking around for the privilege (even though parking is free) because if you don’t the gang will come after you.
Will El Salvador become the nation that pushes cryptocurrency innovation? That would be interesting for their economy.
“We are programmed to receive.
You can check-out any time you like,
But you can never leave! “
5 years from now: President of El Salvador announces a surprise implementation of 50% capital gains on crypto, plus a 10% retroactive balance fee for any new citizens wishing to remain in the country; those attempting to flee the country will be penalized an additional 20%.
In El Salvadore you don’t need Proof of Work, you just need Proof of Life.
The problem for US citizens is we are forced to pay taxes worldwide and when you renounce citizenship there is some sort of exit tax.
No capital tax is a huge step. Wish more countries implement that
This guy is serious as fuck! He saw an opportunity and took it.
I said it before, and I’ll say it again:
El Salvador adopting Bitcion as a legal currency is a small step for Bitcoin, but a giant leap for El Salvador.
It’s going to improve the quality of life of that country in so many levels…