Nayib Bukele, President of EI Salvador has offered incentives for the crypto community including immediate permanent residency for crypto entrepreneurs and bitcoin investors won’t face any capital gain tax. This has attracted attention from entrepreneurs and investors alike. All this followed his latest announcement to make Bitcoin a legal tender in the nation.
Bukele retweeted crypto entrepreneur Justin Sun’s tweet, “Crypto entrepreneurs and investors will start to move to EI Salvador”! Not only this, but the president also mentioned privileges and perks, especially for the crypto community, for those who intend to relocate to EI Salvador. Nayib has also promoted the country’s “world-class surfing beaches, great weather and beach front properties for sale” as other reasons that also include the absence of property tax.
The tweet came after a couple of days of President Bukele announcing that EI Salvador will be making crypto a legal tender. This will make EI Salvador the 1st nation to be accepting Bitcoin as a legal national currency.
If the president’s intentions to make Bitcoin an official currency were to be successful, it will also fortify his promise of there being no capital gains tax on the crypto. This will be done since it would no longer be simply an asset but an official national currency of EI Salvador. A step like this is expected to create major waves in the global economic system.
This tweet from president Bukele received warm responses from entrepreneurs and investors alike. EI Salvador’s decision comes as a welcome relief to the crypto community, especially after China lately banned Chinese financial institutions and banks from providing any service related to crypto transactions.