Nayib Bukele, El Salvador’s president officially announced that he has sent a raft of legislative proposals to Congress. And at least one aims to enable El Salvador citizenship by investment in the Central American country.
“I’m sending 52 legal reforms to congress, to remove red tape, reduce bureaucracy, create tax incentives, citizenship in exchange for investments, new securities laws, stability contracts, etc. The plan is simple as the world falls into tyranny, we’ll create a haven for freedom”, posted president.
Previously, last year, president shared plans for a residence by investment program, a BTC-denominated golden visa. In November 2021, the president specified that the program would have a price tag of US$100,000 (and not BTC3), that it would provide a path to citizenship in five years. Other option was the so-called Volcano bonds, which will pay a coupon of 6.5%, would constitute the qualifying investment.
Five years before citizenship is a very long period in comparison with other options in the immigration citizenship market. In this regard, the final version of the program may change. Of course, changes should be made to the law on naturalization so that participants in the investment citizenship program can obtain legal status.
As president said, starting from this March the volcano bonds must be issued and dozens of legislative changes must be prepared to change country’s financial system for the “new economy”.
The Salvadorian passport allows to travel visa-free to 137 destinations (the Schengen Area, the UK, Hong Kong, South Korea, Japan, Singapore, the UAE, Brazil, etc.) and may compete with already-successful Caribbean citizenship by investment programs.
It is expected that industry professionals will be involved in formulating the final version of the El Salvador citizenship program for investors.
Apex Capital Partners is the global leader in residence and citizenship by investment and is government mandated. Each year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area. Trusted by governments, the firm also runs a leading government advisory practice that has raised more than USD 3 billion in foreign direct investment. We have been involved in strategic consulting and the design, set-up, and operation of the world’s most successful residence and citizenship programs.
Sources: IMIdaily, Wiki
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