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Foreign Investors Not Required to Pay Taxes on Bitcoin Profits in El Salvador

The government advisor of El Salvador has recently announced that foreign investors are exempted from paying taxes on Bitcoin profit gain

The legal advisor to President Nayib Bukele, Javier Argueta, said that they are excluding foreign investors from the payment of taxes so they can encourage foreign investment.

If a person has assets in bitcoin and makes high profits, there will be no tax. This (is done) obviously to encourage foreign investment.

 

Javier Argueta

Many Bitcoin traders are looking for countries that take fewer capital gains taxes. The taxes already make it highly challenging for people to buy Bitcoin, and expecting them to pay the tax for selling Bitcoin is not making the situation any better.

Since one-fifth of El Salvador’s GDP depend on remittances, it is only natural for the country to be the first to make Bitcoin legal tender. By introducing Bitcoin as legal tender, the remittance fees will be significantly reduced and the commissions would be entirely removed.

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