El salvador

[santosg]

Im trying to find current tax laws for EL SALVADOR regarding their offshore banking laws but really cant find much on them... if someone currently living in el salvador wanted to open an offshore bank account with a lot of money $500 million usd or more, how much might they pay in taxes to the salvadoran government then assuming they did?

 

[JohnnyDoe]

With that money you can buy the country

 

[santosg]

With that money you can buy the country

But would they have to declare such money or not?

 

[JohnnyDoe]

But would they have to declare such money or not?

Once you own the country you set your own rules.
Seriously, with that money you can call Nayib and arrange directly with him, no need to ask here, unless someone happens to have his cell n

 

[Martin Everson]

if someone currently living in el salvador wanted to open an offshore bank account with a lot of money $500 million usd or more, how much might they pay in taxes to the salvadoran government then assuming they did?

None

 

[santosg]

None

How do you come to this conclusion my friend?

 

[Martin Everson]

How do you come to this conclusion my friend?

https://www2.deloitte.com/content/d...ts/Tax/dttl-tax-elsalvadorhighlights-2022.pdf
With $500m I have to assume the money is not sourced or present in El Salvador? Otherwise you must be the presidents close family member .

 

[santosg]

https://www2.deloitte.com/content/d...ts/Tax/dttl-tax-elsalvadorhighlights-2022.pdf
With $500m I have to assume the money is not sourced or present in El Salvador? Otherwise you must be the presidents close family member .

I know someone in el salvador who isnt related to the president and has this kind of money offshore...

 

[Martin Everson]

I know someone in el salvador who isnt related to the president and has this kind of money offshore...

I would insert a joke about the Colombian cartel in here but I will let it go this time .

 

[santosg]

I would insert a joke about the Colombian cartel in here but I will let it go this time .

But in plain english, could such wealth be hidden from their government if an offshore banker has everything structured properly?

 

[JohnnyDoe]

But in plain english, could such wealth be hidden from their government if an offshore banker has everything structured properly?

Sure thing, I will give you my IBAN and I will take care of the $500m

 

[Jerry1911]

But in plain english, could such wealth be hidden from their government if an offshore banker has everything structured properly?

Yes of course, with that kind of money you can set up the most complex structure possible

 

[santosg]

Yes of course, with that kind of money you can set up the most complex structure possible

And how would this help in paying little to no taxes?

 

[Jerry1911]

And how would this help in paying little to no taxes?

Depends where is the money coming from. But like Martin said, El Salvador is a poor country and you can easily buy the whole revenue department/government if you have $500M USD at disposal.

 

[JohnnyDoe]

Depends where is the money coming from. But like Martin said, El Salvador is a poor country and you can easily buy the whole revenue department/government if you have $500M USD at disposal.

The guy lives in Salvador, I guess the money is somewhere inside the walls of his hacienda. Unless the guy is Nayib himself.

 

[diatessaron]

The guy lives in Salvador, I guess the money is somewhere inside the walls of his hacienda. Unless the guy is Nayib himself.

In a parallel universe Nayib is looking for help on OFC after buying all the Bitcoin at the top, starting a civil war with politicians as the main target.

All jokes aside, @OP, if you can buy crypto with that money, there are many countries with 0 tax on crypto. Or get the gold membership and dig through the endless knowledge.

 

[santosg]

Depends where is the money coming from. But like Martin said, El Salvador is a poor country and you can easily buy the whole revenue department/government if you have $500M USD at disposal.

But how much might someone pay in taxes in el salvador?

 

[diatessaron]

But how much might someone pay in taxes in el salvador?

30%.

 

[santosg]

30%.

30% is kind of high!!

 

[diatessaron]

30% is kind of high!!

That's the number for anything over ~ 22k on personal income. The CIT (corporate income tax) is also 30% and it applies to the total revenue of the company.