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 El Salvador recently passed a new law that eliminates income taxes on foreign money coming into the country.
 This news was announced on X (formerly Twitter) by Nayib Bukele, the self-described ‘coolest dictator,’&nbsp; who has become a prominent player in the crypto ecosystem thanks to El Salvador declaring bitcoin a compulsory tender and investing public funds into bitcoin and bitcoin mining.
 This change follows a recent initiative that will allow <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> investors to purchase a visa and eventually become eligible for citizenship in <a rel="noopener noreferrer nofollow" title="El Salvador" href="https://thebittimes.com/tag/el-salvador.html">El Salvador</a>.&nbsp;
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 Congress has reformed our <a rel="noopener noreferrer nofollow" title="income" href="https://thebittimes.com/tag/income.html">income</a> tax law, for international investments and money transfers, dropping the rate from 30% to 0%. La Asamblea ha reformado la ley del impuesto sobre la renta, para inversiones internacionales y transferencias de dinero, bajando la tasa del 30% al 0%. https://t.co/YRDVegSbb5— Nayib Bukele (@nayibbukele) March 13, 2024
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 Read more: Did Bukele lie about El Salvador’s bitcoin profits?
 Bukele is also known for his extensive ‘anti-gang’ crusade — an emergency decree was recently extended for the 24th time — and he has engaged in mass incarceration without due process. He has also been accused of a variety of human rights abuses.&nbsp;
 Bukele has asserted that he recently won re-election in El Salvador, despite a constitutional provision preventing him from being re-elected. The election was reportedly marred by serious issues, including mismarked ballots and a remarkably high turnout, but despite these problems, Bukele is set to remain as president of El Salvador.&nbsp;
 Fiscally, <a rel="noopener noreferrer nofollow" title="El Salvador" href="https://thebittimes.com/tag/el-salvador.html">El Salvador</a> has been struggling, defaulting last year on some pension debts. Many of the previously proposed remedies, such as the ‘Volcano <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>’ Bond, have been delayed, forgotten, or reimagined. <a rel="noopener noreferrer nofollow" title="El Salvador" href="https://thebittimes.com/tag/el-salvador.html">El Salvador</a> has been relying on debt buybacks as a way to try to assuage these fears.&nbsp;
 Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;Instagram,&nbsp;Bluesky, and&nbsp;Google News, or subscribe to our&nbsp;YouTube&nbsp;channel.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/el-salvador-ends-income-tax-on-foreign-funds-after-launching-bitcoin-passport-tbt82518.html">https://thebittimes.com/el-salvador-ends-income-tax-on-foreign-funds-after-launching-bitcoin-passport-tbt82518.html</a>

El Salvador ends income tax on foreign funds after launching 'Bitcoin Passport'

TheBitTimes

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