According to Bukele, the city, which will be located in the eastern region, will receive geothermal energy from the volcano. Its residents will not be charged any taxes other than value added tax (VAT). “Invest here and earn as much money as you want,” Bukele quoted Reuters as saying.
Half of the VAT levied will be used to finance the city’s construction, and the other half will be used to pay for services such as garbage collection, the president said.
Recall that El Salvador in September became the first country in the world to accept Bitcoin as legal tender.