After receiving input on the draft bill of the Special Transitory Law of Incentives and Preferential Treatments Destined to Favor the Repatriation of salvadorans, the legislators of the Treasury Commission agreed to rule in favor of the initiative and on tuesday, november 7, it was approved in the Plenary Session.

With the proposed regulation it is intended that compatriots who wish to return to the country are exonerated from taxes when importing their household goods, as well as their vehicles.

The interested parties could have access to this benefit, regardless of the time, migratory condition and nation in which they have resided.

The initiative also contemplates that financial institutions will offer their services to the compatriots that will be able to open bank accounts or have access to any product offered by the banking system.

Regarding this proposal, the parliamentarians heard the opinion of representatives of the Asociación Bancaria Salvadoreña (ABANSA).

Luz María de Portillo, executive director of ABANSA, affirmed that the proposed law is favorable and timely for salvadorans abroad who want to return to the country.

"For banks, this segment of clients is important, to expand their credit, deposit and payment services. It is a segment that they are serving and want to expand", said Portillo.

The delegate said that the country's private banks are already offering these services to salvadorans living abroad, who are required to meet the same requirements as locals. However, Portillo referred to the importance of harmonizing the regulatory frameworks of the financial system in general, as well as the regulations. 

With this approval, the Banco Central de Reserva will have to make the necessary adaptations so that, based on them, the banks can establish their own internal policies, said Portillo.

Congressman Christian Guevara highlighted the importance of facilitating access to financial services to nationals, given that the country is already experiencing the phenomenon of migration to investment.

"These people have made credit histories in other countries, many have complained that they have not been able to open accounts because residence has been confused with domicile and they have the right to the national financial system", said Guevara.

Translated by: A.M