By: Staff Writer
April 9, 2024
Nayib Bukele’s administration is offering 5,000 passports to highly skilled foreign workers in an effort to boost the El Salvadorian economy with foreign investment.
Bukele is looking for Scientists, engineers, doctors, artists, and philosophers and if granted a passport will be granted “full citizen status” including voting rights, he announced on the platform X.
El Salvador will also help their relocation by eliminating taxes and tariffs on “moving families and assets” such as equipment, software, and intellectual property.
Bukele wrote that the the group’s contributions would have a huge impact on the future of the Central American country.
Commenting on the new announcement, Bukele said that the contributions of foreign skilled workers will significantly influence society and the future of El Salvador.
He said: This represents less than 0.1 percent of our population, so granting them full citizen status, including voting rights, poses no issue. Despite the small number, their contributions will have a huge impact on our society and the future of our country.
Bukele further noted that the government will facilitate the relocation of beneficiaries, by guaranteeing zero taxes and tariffs on moving both their families and assets. “This includes commercial value items like equipment, software, and intellectual property.”
Bukele stated that further detailed information will be provided regarding this matter.
On December 7, 2023, El Salvador launched a new program called “Freedom Visa” offering residency and a pathway to citizenship to foreign investors who would invest $1 million in Bitcoin (BTC) or Tether (USDT) in the country.
This scheme, limited at 1,000 participants per year, was designed to draw rich foreign investors to support the country’s goal of becoming the “land of economic liberty.”
In 2021, El Salvador adopted Bitcoin as a legal tender alongside the US dollar. But the International Monetary Fund has repeatedly recommended that the country ditch the cryptocurrency, citing risks including high volatility.
Last year, the legislative assembly approved a migration law meant to expedite citizenship to foreigners who support social and economic development programs by donating Bitcoin, Reuters reported.
Bukele has also overseen a brutal and widely criticized crackdown on crime, which he claims has significantly improved security, but opponents say it has resulted in large-scale human rights abuses, including mass detentions and alleged torture in jails.