El Salvador
President Nayib Bukele offers 5,000 free passports, valued at $5 billion, targeting highly skilled professionals for El Salvador. This initiative aims to attract talent from various fields, including science, engineering, medicine, arts, and philosophy.
Bukele noted that this accounts for less than 0.1 percent of the country’s population, minimizing logistical challenges for full citizenship rights. He pledges tax and tariff exemptions to facilitate their relocation and integration.
Despite the modest scale, Bukele stresses the significant impact these professionals could have on society and the nation’s future. El Salvador also commits to tax and tariff exemptions to promote integration and contribution.
El Salvador, Central America‘s smallest country with a population under ten million, shares borders with Guatemala and Honduras. Bukele’s administration implements a state of emergency to combat crime gangs, resulting in fewer violent incidents.
Despite past challenges with high homicide rates, El Salvador strives for a more secure future under Bukele’s leadership.
El Salvador, officially the Republic of El Salvador, resides in Central America, bordered by Honduras and Guatemala, and the Pacific Ocean. San Salvador serves as both its capital and largest city, with a population estimated at 6.5 million in 2023.
In 2021, El Salvador’s GDP, estimated at $57.95 billion in purchasing power parity, saw a real growth of 4.2%. The service sector dominates the GDP at 64.1%, followed by the industrial sector at 24.7%, with agriculture contributing 11.2%. From 1996 onwards, the GDP experienced an average annual real growth rate of 3.2%. With a commitment to free market initiatives, the 2007 GDP’s real growth rate peaked at 4.7%. By December 2017, net international reserves totaled $3.57 billion.
Startup Ecosystem
In El Salvador’s startup ecosystem, there’s been a surge in Fintech startups in 2023, with notable success stories like Hugo App. The country excels in Fintech, Software & Data, and Transportation industries, Startup Blink
With the Innovation and Technological Manufacturing Promotion Law enacted on June 5th, 2023, fiscal benefits are offered. Minister of Economy María Luisa Hayem anticipates increased company attraction. The ministry streamlines digital processes for investors, incorporating electronic signatures.
