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El Salvador abolishes income tax on foreign investments and remittances

El Salvador abolishes income tax on foreign investments and remittances

In this way, leader Nayib Bukele seeks to attract capital and wealthy foreigners to the country. Previously the rate was 30%. The tax is waived regardless of the amount of money deposited.

Source:https://www.bloomberg.com/news/articles/2024-03-13/el-salvador-eliminates-income-tax-on-investment-from-overseas?srnd=undefined

Some cryptocurrency enthusiasts have moved to El Salvador in recent years after Bukele made bitcoin legal tender. In addition, the crime rate in El Salvador has decreased significantly due to some actions taken.

The country’s dollar bonds have risen in recent weeks after Bukele told investors the country was working to reach an agreement with the International Monetary Fund. El Salvador recently achieved credit rating upgrades from S&P Global Ratings and Fitch Ratings.

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