Foreign investors will not be required to pay taxes on profits from Bitcoin, a government adviser told the AFP this week.
Javier Argueta, legal adviser to President Nayib Bukele, told the news source, “If a person has assets in bitcoin and makes high profits, there will be no tax. This (is done) obviously to encourage foreign investment.”
“There will be no taxes to pay on either the capital increase or the income,” Argueta said.
El Salvador is making the most of its first-mover nation advantage. There are many Bitcoiners around the world looking to move to countries that try to take fewer capital gains taxes. The irony of these taxes is that many states make it extremely difficult to buy Bitcoin in the first place and then expect people to pay capital gains taxes for selling.
