El Salvador has announced a new initiative to attract highly skilled workers from abroad in a bid to boost the country's economy through foreign investment. President Nayib Bukele revealed that 5,000 'free passports' will be offered to professionals such as scientists, engineers, doctors, artists, and philosophers. These individuals will be granted 'full citizen status,' including voting rights, upon relocating to El Salvador.
To facilitate their move, the government will waive taxes and tariffs on assets like equipment, software, and intellectual property. President Bukele emphasized the significant impact that these skilled workers could have on the country's future.
El Salvador has been implementing various reforms under President Bukele's leadership, some of which have been met with controversy. In 2021, the country made headlines by adopting Bitcoin as a legal tender alongside the US dollar. However, the International Monetary Fund has expressed concerns about the risks associated with this decision, citing the cryptocurrency's high volatility.
Furthermore, the legislative assembly passed a migration law last year aimed at expediting citizenship for foreigners who support social and economic development programs by donating Bitcoin. This move reflects El Salvador's innovative approach to attracting foreign talent and investment.
President Bukele's administration has also been criticized for its tough stance on crime, which he claims has led to improved security. However, opponents have raised concerns about alleged human rights abuses, including mass detentions and reports of torture in jails.
