El Salvador Axes Income Tax for Investments From Abroad
El Salvador has removed income tax on international investments and money transfers, reducing the rate from 30% to 0%. This move is part of the country's efforts to position itself as a desirable location for foreign investment and bitcoin enthusiasts. El Salvador, the first country to make bitcoin legal tender, has been accumulating the cryptocurrency since September 2021 and currently holds around $84 million in unrealized profit. In December, the country also introduced a law granting citizenship to bitcoin investors who donate to the government. Billionaire investor Tim Draper recently praised El Salvador's embrace of bitcoin, predicting it could transform the country into one of the world's richest and most innovative nations within a few decades.
