DLS Dubai - Company Formation & Bank Account
Offshore Bank Accounts
Turner Little - Company Formation Agents
UK Ltd with emi bank account

Question Any one banking or plan to bank in El Salvador?

Bank Accounts, Company Formations, Tax Planning, Residency Solutions, and more
CALL US ON +971 50 4467827 - TO SETUP YOUR NON-CRS COMPANY STRUCTURE IN DUBAI.

Wave!

Silver Member
The news yesterday got the whole crypto community excited (ES, as the world's first, accepted Bitcoin as legal tender and plans to offer citizenship to those investing at least 3 BTC in the country).

Did a bit of reseearch, it was one of those US-backed banana republics but is relatively stable and democratic today.

Not sure if foreigners could apply for the tax number (Número de Identificación Tributaria) though, let alone applying online.

Any personal experiences?
 

azb1

Entrepreneur
Just some info , Hope this help
CRIME: El Salvador has one of the highest homicide levels in the world and crimes such as extortion, assault, and robbery are common.

Typical crimes in El Salvador include extortion, mugging, highway assault, home invasion, and car theft. Shootouts between rival criminal gangs and between police and criminal gangs are common. Home invasions and/or burglaries of residences during broad daylight occur in affluent residential neighborhoods in San Salvador. Some of these home invasions are committed by individuals posing as deliverymen or as police officers.

U.S. Embassy personnel are advised not to walk, run, or cycle in the unguarded streets and parks of El Salvador, even in groups.
 

uplana

Corporate Services
Mentor Group Gold
Second thread about this shithole, why are people coming here and post about a part of this world that should not exists or be far out on the ocean isolated and cold as hell?
 

bizniz

Active Member
El Salvador is a pretty dangerous place, but each to his own. To give a serious answer to the question, I don't see it as a feasible place for serious banking right now. I would certainly consider getting permanent residence there though. Any residence is good to have - you never know when it might come in useful. ;)
 

Tr0nad0r

Active Member
I don't think El Salvador is a good place to have a bank account, one of the reasons for the popularity of BTC (beyond the usage in illegal activities) is the rejection of the population to the local banks.

Most of the locals don't use bank accounts and prefer cash and most of the remittances (that represent a big percentage of the GDP of the country) are done through cash pickups (e.g in Western Union), crypto has some potential in this area as a bridge to send money avoiding WU or bank fees but I don't think its legal usage will expand much beyond this.

To reply to your question, as foreign I doubt you will be able to apply to banks in El Salvador, the two biggest banks Davivienda and Banco Agricola (Bancolombia) apply the same rules for all the countries in the region, they don't accept foreign clients without a residence permit and if you have a temporary residence permit they'll cancel your account as soon as it expires. Although they're happy to accept you as a foreign client in their Panamian branches (Bancolombia Panama and Davivienda Panama).
 

Vor

Active Member
I'd only move there if I wanted to get my toe nails removed one by one while being told to hand over my private keys lol. Any crypto "investor"(gambler) who moves there is either suicidal or brain dead.
 

azb1

Entrepreneur
So many crypto investor forget the the thing "KEY"
All your crypto holding is secure by "KEY".
You can lose all your money in second .
Crypto is not a tradition bank.
decentralized system has its own disadvantage.
Not only this country , It is very dangerous to declare that you have crypto holding.
 
  • Like
Reactions: Vor

Wave!

Silver Member
Thanks to all your replies haha
Yeh sounds like I should wait until another country (that's much safer than ES) declares the same
 

azb1

Entrepreneur
For banana republic , Crypto is like gold mine.
Sooner or later all banana republic will accept bitcoin as Legal tender.
Even in 2021 so many banana republic your can deposit large amount of cash without any problem.
 

Mark Rucken

Entrepreneur
For banana republic , Crypto is like gold mine.
Sooner or later all banana republic will accept bitcoin as Legal tender.
Even in 2021 so many banana republic your can deposit large amount of cash without any problem.
Yes, but those banana republics are one by one being isolated by the regulated western countries. I remember when 5-6 years ago you could open an account for Seychelles IBC in pretty much any country in Europe. Now that is impossible.

Cool, you can get an account in El Salvador, but if you do business in Germany for example, no one will want to work with you once they see wiring instructions.
 

uplana

Corporate Services
Mentor Group Gold
Cool, you can get an account in El Salvador, but if you do business in Germany for example, no one will want to work with you once they see wiring instructions.
this time I have to agree with you. It's make things unnecessary complicated and actually useless.

I would rather go with some of the anonymized solutions in mentor group then considering a single second El Salvador as a destination for my money.

narcos pablo GIF by NETFLIX
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Seriously anyone go there and walk around down town in evening smelling of foreigner and tell us how it is.

P.S At least post a BTC address before you go so we can all chip in for your bodies repatriation.
 

JackAlabama

Entrepreneur
So many crypto investor forget the the thing "KEY"
All your crypto holding is secure by "KEY".
You can lose all your money in second .
Crypto is not a tradition bank.
decentralized system has its own disadvantage.
Not only this country , It is very dangerous to declare that you have crypto holding.
Not much different than declaring to have 500M $ on my bank or with your cards and you are "taken" to the next atms.
Equally can you get kidnapped and ransom will be demanded.
Also there are very rich people (by western standards) living in s-holes like here in Africa. I got a friend whos worth several hundreds of millions of us$, just living down the road from my place in the best part of town in a penthouse, because they love their homeland.
Equally you have those who of course go to places like Dubai (which is popular in Africa) and enjoy the good and safe sleep at night and being able to stroll thru the streets at 2am.

You can also custody crypto with banks or with private institutions like xapo Xapo
 
Last edited:

JackAlabama

Entrepreneur
Yes, but those banana republics are one by one being isolated by the regulated western countries. I remember when 5-6 years ago you could open an account for Seychelles IBC in pretty much any country in Europe. Now that is impossible.

Cool, you can get an account in El Salvador, but if you do business in Germany for example, no one will want to work with you once they see wiring instructions.
It depends on your business, but if you have the typical average newspaper reading person as customer, they will anyway expect a local entity and for compliance heavy stuff you gotta be in the eu for anything being wired to make life easy.
 
Offshore Bank Accounts

Latest Threads

banner-768x909d6f12840c2c058f.gif
Offshore Bank Accounts
Top