El Salvador Removes Taxes on Overseas Funds

El Salvador has recently passed a significant reform aimed at enticing greater foreign investment by eliminating income taxes on funds from overseas. This move, approved by the country’s Congress, is expected to encourage more financial inflows, including remittances and investments in local businesses, by exempting them from taxation. Previously, any income exceeding $150,000 was subject to a hefty 30% tax rate upon entry into the country. Lawmaker Suecy Callejas, advocating for the reform in Congress, highlighted its goal of stimulating both domestic and international investment to drive economic growth and create more job opportunities.

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