El Salvador has emerged as an attractive destination for international investors, thanks to its focus on surfing and its bold bet on Bitcoin, according to Forbes magazine. The strategy, centered around these two elements, has played a significant role in the transformation of the country under the administration of President Nayib Bukele.
Forbes highlights in a publication this Wednesday how El Salvador has bolstered its tourism sector by showcasing its ideal environmental conditions for surfing. The country has positioned itself as a nation that embraces Bitcoin and cryptocurrency usage to enhance its economy.
“The recent changes in El Salvador are garnering a lot of attention for this small Central American country. Surfing legend Kelly Slater summed it up clearly during his first competition in the country in early June: ‘The government has truly emphasized surfing (and bitcoin)’. This optimism and interest have already reached the Bitcoin industry,” emphasizes Forbes.
Forbes further emphasizes the exclusive focus on Bitcoin exhibited by El Salvador and the incredible talent that companies are finding within the country. Nevertheless, the regulatory framework also plays a crucial role, according to the magazine.
In this context, Forbes highlights the legal framework approved by the Legislative Assembly and sanctioned by President Bukele to drive the technology industry in El Salvador. “Due to the approval of the Law for the Promotion of Technological Innovation and Manufacturing in April 2023, technology companies that invest in El Salvador will be exempt from paying income taxes and capital gains for 15 years,” it comments.
The bets on Bitcoin and surfing have gained recognition from various international organizations. Furthermore, in the case of surfing, these efforts have allowed the country to establish itself as one of the primary hosts for official tournaments in this sport.
El Salvador’s strategic focus on surfing and Bitcoin, combined with favorable regulations, has positioned the country as an appealing destination for global investors. As it continues to make waves in the world of finance and sports, El Salvador is attracting attention as an innovative and forward-thinking nation.