Several companies are considering moving operations to El Salvador due to laws favorable to bitcoin.
The event included bitcoin and local market forums, strengthening tourism and the economy.
300 businessmen and investors, all bitcoiners, participated last weekend in an invitational golf tournament held at the El Encanto Golf Club course, located in the department of La Libertad, southwest of El Salvador. The event was organized by Max Keizer and Stacy Herbert, advisors to Salvadoran President Nayib Bukele on the pioneering digital currency.
The sporting event, which was held in a festive atmosphere, offered the opportunity for visitors to explore the potential of El Salvador for future investment projects. In fact, some of them are considering moving their operations to the Central American country, following the example of companies like Strike and Tether.
Nick Neuman, CEO of Casa, an American company that provides solutions for the self-custody of bitcoin, stated that his arrival on Salvadoran soil responds to his desire to “be part” of the development that Nayib Bukele’s Government is promoting, according to reported by local media.
Neuman announced that he is also considering moving the operations of the company he directs “motivated by laws favorable to their sector”, such as the Bitcoin Law and the Law to Promote Technological Innovation.
The latter grants five tax incentives for the next 15 years for those who invest in technological development in El Salvador. It means that they will be excluded from the Income Tax (ISLR), from all municipal taxes on the declared net assets and will enjoy the total elimination of customs duties and other taxes on the importation of goods, inputs, machinery, equipment and necessary tools. for the development of technological activities.
This favorable framework has begun to attract innovative companies, as demonstrated by the presence of Adam Reed and Mauricio Di Bartolemeo, founders of Ledn, a company dedicated to the development of financial services that facilitate savings in bitcoin and other digital assets. During the event, they presented their guide to “buy your dream home in El Salvador with a loan backed by bitcoin,” which highlights how these policies are encouraging not only investment in technology, but also in the cryptocurrency-based real estate and financial sector.
For Max Keizer, the importance of living in a country that has become a “mecca” for tourism lies in the ability to attract a large amount of investment, especially in the field of cryptocurrencies, aligning perfectly with the tax incentives offered by El Salvador to encourage the country’s economic and technological growth.
Simultaneously, forums about Bitcoin were organized and a small market with Salvadoran entrepreneurs took place. Additionally, the Minister of Tourism, Morena Valdez, highlighted the relevance of sporting events like this, since they contribute to strengthening the tourism value chain.
On the other hand, Geoff Barrett, CEO of Asset Market Cap, a British financial company that closely follows global market movements, said that he sees how a great possibility of moving the center of its operations to El Salvadorfor which I would also seek to obtain local residency. «The country has a great vision for the future with President Nayib Bukele, especially with the strategic reserve of bitcoin. I think there will be a lot of opportunities here in the future. From the outside I could see a lot of progress in security,” he commented.
