If until now the only way to obtain citizenship in El Salvador was naturalization, starting with February 2022 a new law has high chances of being passed. The law refers to residency or citizenship by investment here. One of the main appealing features of the program is the possibility of acquiring a golden visa in El Salvador is being able to make the investment under the form of bitcoins.
| Quick Facts | |
|---|---|
| Nationalities accepted | All |
|
Business investment option (YES/NO) |
Business investment to be available |
|
Real estate investment option (YES/NO) |
Real estate option to be included in the program |
| Other investment options (if available) | Minimum qualifying investment expected to be USD100,000 |
| Living requirement in El Salvador (YES/NO) |
– |
| Residence or direct citizenship option |
Direct residence |
| Direct immigration with family mmebers (YES/NO) |
– |
| Family members allowed to join the program |
– |
| Residence visa/citizenship processing time (approx.) |
Regular temporary residency is issued in approx. 3 months |
| Additional financial requirements for family members (YES/NO) | – |
| Timeframe for obtaining citizenship/residency by investment |
5 years of living here for obtaining citizenhip |
| Dual citizenship permitted (YES/NO) |
Yes, dual citizenship is permitted under the Nationality Law |
| Reasons to choose El Salvador |
– access to one of the newest golden visas in the world, – low investment requirement, – visa free access to a large number of states |
| Personal income tax rate |
Income tax is applied progressively at rates between 0% and 30% |
| Visa free travel to other countries (approx. number of countries) | Approx. 140 countries |
Below, our local consultants invite you to read more about the possible program that is currently being set in place by the local authorities. Once it starts, our specialists can help you apply for residency/citizenship by investment in El Salvador.
Table of Contents
What could the golden passport for El Salvador imply?
At the moment, there are several aspects left to clear by the Salvadorian government. However, here are the main possibilities:
- the program will first enable the applicants to acquire residency by investment in El Salvador;
- at the beginning, the minimum investment was 3 bitcoins, however, a more traditional approach may be considered;
- this approach could imply investing at least 100,000 USD in a qualifying investment;
- citizenship by investment in El Salvador may be available after 5 years of living here.
It is also predicted that Spanish citizens and people of Latin American countries could obtain citizenship after one year.
If you are interested in other citizenship by investment countries until the new program enters into force, you can rely on our specialists in other Caribbean countries, such as St. Kitts and Nevis.
Application requirements for residency by investment in El Salvador in 2023
Like other countries, the citizenship by investment scheme in El Salvador will most likely address people interested in making a substantial investment in the economy. Also, it is expected for the amount of money injected into the economy to be maintained for a specific timeframe.
Criminal record checks and financial background verifications are expected to be part of the due diligence process when applying for the golden visa program in El Salvador in 2023.
With respect to the possibility of moving here with the family, there is no information available yet. However, it is very likely for close family members, such as life partner and children to be allowed to join the main applicant.
Until then, we have partners in other golden visa countries under similar conditions. One of them is Antigua and Barbuda.
Differences between El Salvador’s residency by investment scheme and ordinary relocation
The main difference between applying for the 2023 residency/citizenship by investment and ordinary relocation to El Salvador is the investment requirement imposed under the first option.
The main options for obtaining citizenship in El Salvador are:
- one year of residency for Latin American and Spanish citizens (just like the new program proposes);
- 5 years of permanent residence for citizens of other countries (just like the conditions of the residency by investment scheme in El Salvador);
- marriage to a citizen of El Salvador after 2 years of living here together;
- citizenship can also be awarded based on exceptional services brought to the country.
If you are interested in citizenship by investment in El Salvador, our golden visa agents can offer updated information on its requirements as soon as they have it.
Why move to El Salvador in 2023
El Salvador is by far the smallest and most densely populated nation in Latin America, with a total area of just over 21,000 sqm. There are small expat communities, primarily made up of people from the United States, Palestine, and other countries in Latin America. The official and most extensively spoken language is Spanish. With the exception of a small number of expats and the 1% of native people who live traditional lifestyles and speak mostly the old languages, such as Maya, the majority of the population are fluent Spanish speakers.
With no more than 6.3 million inhabitants, El Salvador is the smallest country with the highest density of population in Central America, according to data collected by InterNations.org. Foreign citizens seeking to enter the country do not need visas if their stay is less than 90 days.
In terms of taxation, the personal income tax here applies progressively, where the highest rate is 30%.
If you are interested in residency/citizenship by investment in El Salvador, please get in touch with us for updated information.