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This country is offering 5,000 free passports worth $5 billion!
Nayib Bukele, the President of El Salvador, has announced the allocation of 5,000 free passports worth $5 billion. If reports are to go by, these complimentary passports will be offered to highly skilled professionals. This initiative, valued at $5 billion within the country's passport program, aims to attract scientists, engineers, doctors, artists, and philosophers from abroad.Referring to this, Bukele added that this will account for less than 0.1 percent of the country’s population. And since it’s a small number, granting them full citizenship, including voting privileges, will not pose any logistical challenges. Additionally, he pledged facilitation of their relocation, ensuring zero taxes and tariffs on the transfer of families and assets, including valuable items, such as equipment, software, and intellectual property.
Despite the modest numerical scale, Bukele stressed about the substantial impact these individuals could have on society and the nation's future. Although small in number, these professionals will have a huge impact in their society. Moreover, El Salvador commits to exempting taxes and tariffs on the relocation process for the beneficiaries of this passport initiative, thus fostering an environment conducive to their integration and contribution.
As for El Salvador, it is notable for being the smallest country in Central America, with a population of less than ten million. Its capital city is San Salvador, and it shares borders with Guatemala and Honduras, along with a lengthy Pacific Ocean coastline.
Often referred to as the ‘Land of Volcanoes’ due to its frequent volcanic activity, the country has also been facing challenges with regard to gang violence. As per the reports, official data indicates that more than 1,000 fatalities occurred in El Salvador in both 2021 and 2020, while the toll surpassed 2,000 in 2019.
Addressing this challenge, Bukele's administration has implemented a state of emergency to combat crime gangs, which as per the records, have resulted in a significant decline in violent incidents. Despite previous years witnessing high homicide rates, El Salvador is working towards a more secure future under Bukele's leadership.
Source: Times of India
