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El Salvador’s President Nayib Bukele tweeted on Sunday his plans to introduce a series of reforms to El Salvador’s congress. These reforms include removing red tape, reducing bureaucracy, creating tax incentives, and more importantly, introducing citizenship to foreign investors.
Given the country’s acknowledgment of Bitcoin as a legal tender, the citizenship by investment will extend to crypto investors. President Bukele pushes the initiative despite criticism that his decisions will instead destabilize El Salvador.
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.
— Nayib Bukele 🇸🇻 (@nayibbukele) February 20, 2022
The plan is simple: as the world falls into tyranny, we’ll create a haven for freedom.
In response to the news, the community has voiced positive sentiments toward his plans.
TRON Founder Justin Sun even commented, supporting Bukele’s initiatives for providing citizenships to investors and even showing intentions of being a citizen of El Salvador. In a tweet he said:
CBI (Citizenship by investment) project is the key. I would like to join 🇸🇻 citizenship once the project is live!
Bukele’s acceptance of Bitcoin has turned him into an online sensation, albeit a controversial one. At the time of writing, his tweet has reached almost 50,000 likes.
According to U.K-based citizenship consultancy Henley & Partners, El Salvador would become one of the first countries to offer citizenship to investors. The other countries include Turkey, Malta, and more countries in the Caribbean. The minimum investment required to obtain a passport in these countries ranges in the hundreds of thousands of dollars.
On Feb 20, Bukele tweeted about El Salvador’s exports growing 13% this January compared to the previous year.
On Feb 19, Bukele also tweeted a video about his rebuilding initiatives for the infrastructure of El Salvador. Stressing how 200 years of neglect and looting will take time to rebuild, yet projects are still happening anyway. The project focuses on the new San Antonio bridge and the new Carolina bridge.
On Feb 18, a meeting between Bukele and American actor, director, and producer Daniel Baldwin was tweeted through Baldwin’s account. The meeting teases plans to bring the film and television industry to El Salvador.