Bank account in El Salvador
- Thread starter BalnearioCamboriu
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I'm in South America and want to check it out. As recently as 1-2...5 years El Salvador was considered to be a failed state. But now it's completely changed for the better, huh?
Success story in the making.
Singapore has also been fucked before they became what they are now.
Singapore has also been fucked before they became what they are now.
Thats what I have written. To clarify for you 😉
Singapore had one of the biggest slums of asia before lky reforms and became what they are.
Singapore had one of the biggest slums of asia before lky reforms and became what they are.
LKY is one of the greats. Here is one passage from his book "From Third World to First, The Singapore Story", from Chapter 7 - "A Fair, Not Welfare, Society":
"Watching the ever increasing costs of the welfare state in Britain and Sweden, we decided to avoid this debilitating system. We noted by the 1970s that when governments undertook primary responsibility for the basic duties of the head of a family, the drive in people weakened. Welfare undermined self reliance. People did not have to work for their families’ wellbeing. The handout became a way of life. The downward spiral was relentless as motivation and︀ productivity went down. People lost the drive to achieve because they paid too much in︁ taxes. They became dependent on the state for their basic needs."
"Watching the ever increasing costs of the welfare state in Britain and Sweden, we decided to avoid this debilitating system. We noted by the 1970s that when governments undertook primary responsibility for the basic duties of the head of a family, the drive in people weakened. Welfare undermined self reliance. People did not have to work for their families’ wellbeing. The handout became a way of life. The downward spiral was relentless as motivation and︀ productivity went down. People lost the drive to achieve because they paid too much in︁ taxes. They became dependent on the state for their basic needs."
How can El salvador, which is a gang filled shithole, be compared to Singapore? I don't think it will ever be close to what Singapore has became.
Why would you want to open a bank account there let alone travel there?
Why would you want to open a bank account there let alone travel there?
So what? They work directly in the government as crypto advisors to the president. That doesn't answer any of my questions of why you would move there or open a bank acct there. Doesn't change the fact that el salvador is a gang infested dangerous shithole. I am assuming people who value their life will never choose El salvador as a place to move to given the plethora of other options.
Thats a question asked to Singapore 50+ years ago, how can a backwater city with one of the biggest slums become a place where people are dying to park their money in?
It needs correct reforms and leadership which is on board with the betterment of the people. Then it can turn around.
Will it succeed? Has to be seen
It needs correct reforms and leadership which is on board with the betterment of the people. Then it can turn around.
Will it succeed? Has to be seen
I dont know. There's controversy around it because locals say that the reduction in crime in El salvador was just due to the reduction of people outside during covid.
But why would you want a bank account there, I still don't understand?? I probably wouldn't keep more than 20 euros in it lol.
But why would you want a bank account there, I still don't understand?? I probably wouldn't keep more than 20 euros in it lol.
Well there is something to be said for shitholes, I have lived many years in Switzerland as well as in West Africa which is much poorer than El Salvador. While I like Switzerland there are the advantages of living in West Africa/shitholes:
-Many more economic opportunities - with a fast growing population and fast growing economy, and little competition. You can do stuff that would be difficult in Switzerland unless you are a centi-millionaire,︀ like buying or building whole buildings, or become the dominant business in a particular niche.︁
-You directly become part of the top 1% (or top 0.1%) which opens access to︂ the elite. Doug Casey talks a lot about this - it's true. Also if you︃ are single it's a bit like being a star.
-And if you have a family︄ and children, the support you get is unbeatable. You can have a team of live︅ in domestic staff, nurses that take turns of helping out with a baby, gardener, personal︆ trainer, chauffeur - all affordable even on normal first world incomes. Plus that people in︇ general are much more helpful in taking care of children.
-Since many people in the︈ West are afraid of going to Africa/shitholes, it serves as a filter. The people that︉ actually come are usually high quality, entrepreneurial and interesting, (well except NGO-workers of course, and︊ the worst, spouses of NGO workers that didnt really want to move).
-Tax wise it's︋ great, no personal tax returns, local authorities and financial institutions de facto dont report stuff︌ abroad, and if a western bank/EMI sends info to West Africa, it goes nowhere, like︍ a black hole.
-The government doesnt keep track of people much, there are no street︎ names and numbers, the economy is cash based, there were practically no covid restrictions.
-Many more economic opportunities - with a fast growing population and fast growing economy, and little competition. You can do stuff that would be difficult in Switzerland unless you are a centi-millionaire,︀ like buying or building whole buildings, or become the dominant business in a particular niche.︁
-You directly become part of the top 1% (or top 0.1%) which opens access to︂ the elite. Doug Casey talks a lot about this - it's true. Also if you︃ are single it's a bit like being a star.
-And if you have a family︄ and children, the support you get is unbeatable. You can have a team of live︅ in domestic staff, nurses that take turns of helping out with a baby, gardener, personal︆ trainer, chauffeur - all affordable even on normal first world incomes. Plus that people in︇ general are much more helpful in taking care of children.
-Since many people in the︈ West are afraid of going to Africa/shitholes, it serves as a filter. The people that︉ actually come are usually high quality, entrepreneurial and interesting, (well except NGO-workers of course, and︊ the worst, spouses of NGO workers that didnt really want to move).
-Tax wise it's︋ great, no personal tax returns, local authorities and financial institutions de facto dont report stuff︌ abroad, and if a western bank/EMI sends info to West Africa, it goes nowhere, like︍ a black hole.
-The government doesnt keep track of people much, there are no street︎ names and numbers, the economy is cash based, there were practically no covid restrictions.
Even reputable crypto exchanges are moving to El Salvador these days.
https://fintelegram.com/estonian-cr...trong-growth-again-without-providing-details/
https://fintelegram.com/estonian-cr...trong-growth-again-without-providing-details/
You are out here spilling the beans on our niche. Come on,︍ man. smi(&%
Remember...
Give a man a fish and he'll eat for a day.
Teach a︎ man to fish and you'll create an ungrateful competitor who will call you a liar️ and blame you for his bad fishing daysrof/%
PS. I wrote about this a few days ago and most people went into an anaphylactic shock! rof/%
People started calling me names and whatnot. Full-blown ad hominem fallacies were spewing like an out-of-control AK-47 with a jammed trigger 😛
Remember...
Give a man a fish and he'll eat for a day.
Teach a︎ man to fish and you'll create an ungrateful competitor who will call you a liar️ and blame you for his bad fishing daysrof/%
PS. I wrote about this a few days ago and most people went into an anaphylactic shock! rof/%
People started calling me names and whatnot. Full-blown ad hominem fallacies were spewing like an out-of-control AK-47 with a jammed trigger 😛
El salvador cannot be compared to Singapore for this exact reason. Cultural differences. I 100% agree with this, as Asians culturally are extremely docile, obedient, and respectful compared to some of the violent nationalities of LatAM. It's just a fact. Hence, I highly doubt El salvador will be the next big anything. It's just false hope.
I regret ever going even for the︁ 2 days I went. I bought into that bulls**t bitcoin paradise and was looking into︂ their proposed bitcoin CBI option so I went for 2 days. I felt the most︃ danger I have ever felt in my life. Definitely not the preferred place to die︄ in.
There are different types of shitholes. Eastern european, LatAm, Asian and︂ African countries are not all the same. I prefer them too as the beurocracy is︃ more effective and your money goes a long way, but because of cultural differences some︄ are more violent than others. Doug Casey went to live in some gated community in︅ Argentina that is similar to California.
I regret ever going even for the︁ 2 days I went. I bought into that bulls**t bitcoin paradise and was looking into︂ their proposed bitcoin CBI option so I went for 2 days. I felt the most︃ danger I have ever felt in my life. Definitely not the preferred place to die︄ in.
There are different types of shitholes. Eastern european, LatAm, Asian and︂ African countries are not all the same. I prefer them too as the beurocracy is︃ more effective and your money goes a long way, but because of cultural differences some︄ are more violent than others. Doug Casey went to live in some gated community in︅ Argentina that is similar to California.
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