Mikkel Thorup
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El Salvador's President Nayib Bukele has announced an exciting initiative to provide 5,000 free passports to highly skilled professionals worldwide through his X (ex-Twitter) account. The goal is to transform El Salvador into a center of innovation and expertise, attracting the best scientists, engineers, doctors, artists, and philosophers.
Bukele's unconventional policies, such as accepting Bitcoin as legal tender, align perfectly with this new proposal. While we await official details on Bukele's new move, it represents another step in the ongoing effort to attract talented individuals to El Salvador through policy changes.
Highly qualified individuals who settle in El Salvador can access various benefits, including tax incentives. The announcement aims to improve the overall well-being of the country's population, strengthen its economy, and elevate its global position.
Under Bukele's leadership, El Salvador is a country that deserves our attention. The progress made in such a short period is truly remarkable. However, it is still too early to consider El Salvador for Plan-B. If you want a reliable solution to protect your freedom and financial security, I would happily help you create your plan-B. Now is the time to ensure a secure future for yourself and your loved ones. Explore the possibilities by signing up for our free newsletter. Now, let's move on to the details of Bukele's offer.
DETAILS OF THE OFFER
President Bukele's initiative to distribute 5,000 free passports to highly skilled professionals is innovative and unprecedented in the history of El Salvador. Eligible candidates for this program include scientists, engineers, doctors, artists and philosophers.
The program targets individuals with proven track records in their fields, aiming to bring diverse expertise to the country's burgeoning sectors. While details on the application process have not yet been released, applicants can expect a thorough selection process designed to ensure that their skills match El Salvador's development goals.
Bukele makes it clear that the new highly skilled professionals will only represent less than 0.1% of El Salvador's population, assuring his people that the political rights of these new citizens will not be an issue.
Those granted free passports will receive citizenship and benefit from attractive incentives. Bukele has pledged to facilitate their relocation by imposing a 0% tax and customs duty on relocating families and their assets. This exemption covers everything from equipment and software to intellectual property, making the move financially attractive and simple.
Related content: Bukele’s Ambitious Plan: Is El Salvador Ready For Expats?
IS EL SALVADOR A TERRITORIAL TAX SYSTEM?
El Salvador recently passed a law that purports to create a territorial tax system, but there is not yet sufficient data on its implementation. It seems that money flows from abroad, such as remittances and investments in companies, will now be exempt from taxes. However, since this money coming from abroad is not accepted as payment for goods and services, you cannot exempt your foreign earnings from taxes by establishing your company in El Salvador. Therefore, new laws need to be enacted to create a truly functioning territorial tax system in El Salvador.
Related content: What Is A Territorial Tax System?
Monument to the Divine Savior of the World in San Salvador
CONCLUSION
El Salvador's initiative to attract 5,000 highly skilled professionals is a strategic effort to address labour shortages, stimulate economic growth and boost national development by leveraging the expertise of international talent. However, the promise is just an X post until the competent authorities confirm it. But there is no need to worry. There are many well-established and time-tested citizenship by investment or residency by investment programs that you can apply for.
Many expat destinations with political and fiscal stability offer programs to attract skilled professionals and HNWIs (high-networth individuals). Tax advantages, investment opportunities, and a second passport are just some of the benefits on offer. If you want to take precautions against the uncertainties that the future may bring for you and your family, Expat Money, with its team of experts and business partners, is here for you.
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Written by Mikkel Thorup
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