In a significant step toward enhancing its investment climate, El Salvador’s Legislative Assembly Committee on Salvadorans Abroad, Legislation, and Government has issued a favorable opinion supporting a proposed reform to the country’s Immigration and Foreigners Law. The amendment, championed by the Executive Branch, seeks to grant permanent residency to foreign investors through a streamlined and efficient process.
The announcement came after an official presentation by Ricardo Cucalón, Director of Immigration and Foreigners, who emphasized the urgent need to modernize the residency system to attract international capital. “It takes one year, five years to obtain residency, and that can’t happen. There are many people interested in investing. A reform like the one being requested is an incentive for those who want to come and invest in El Salvador,” Cucalón stated.
He reassured lawmakers that El Salvador possesses robust legal and technological infrastructure capable of verifying applicants and monitoring compliance. “Anyone who wants to take advantage of this measure has the full authority to revoke that residency and ask them to leave the country immediately,” Cucalón added.
In addition, Cucalón proposed the elimination of the current entry fee and the Migratory Entry Card (TIM) fee, suggesting these charges create unnecessary barriers for international visitors and investors.
The full Legislative Assembly is expected to review the committee’s favorable opinion and consider the proposed legal reforms in its plenary session scheduled for tomorrow.
This move aligns with El Salvador’s broader strategy to attract sustainable foreign direct investment, reinforcing its position as an emerging destination for global business.
