- Tether plans a 70-story HQ in San Salvador, backed by global USDT custody and SFC digital-asset compliant license.
- El Salvador law grants 30% income tax and 5% VAT waiver for Tether towers, creating on-chain investment incentives.
Tether plans a 70-story headquarters in San Salvador to house its global operations, including Bitfinex and other affiliates. The company holds ongoing design reviews under CEO Paolo Ardoino’s direction. The building will rise above all existing structures, and it will stand as a clear symbol of digital finance moving into Central America.
The project forms part of a broader government effort that includes four additional towers over 35 floors in San Salvador, Santa Tecla and Zona Rosa. The government approved a law in September 2024 that exempts these projects from income tax and VAT. However, critics argue that these tax breaks favor a foreign giant over local firms.
Tether moved its headquarters from the British Virgin Islands after securing a license to operate as a digital-asset service provider in January 2025. The company plans to double its workforce by mid-2025, hiring local talent for roles in AI, financial technology and compliance. This hiring drive aims to build a skilled labor pool in El Salvador.
Ardoino calls El Salvador “the country of the future” and highlights its regulatory clarity and security. Meanwhile, economists warn that the country’s credit reputation could hamper new investments. Compliance officers for Tether need not live in El Salvador, and this detail raises oversight questions.
In addition, local business leaders say the massive incentives create unfair competition. Small and medium-size enterprises lack similar benefits, and they struggle under the same tax and regulatory burdens. Thus, the plan may tilt the market in favor of one large player rather than support broad economic growth.
Tether’s team discarded an initial design in January after Ardoino compared it, with a touch of humor, to the architecture of “Gondor” from The Lord of the Rings. The architects returned to the drawing board to produce a more fitting proposal.
Moreover, the government’s new policy statement outlines support for real-world asset tokenization and a wider crypto licensing framework. The law could attract more blockchain firms, and it may help El Salvador strengthen its position in crypto finance.
Overall, the Tether headquarters project tests the balance between foreign investment and local opportunity. It shows how tax incentives and regulatory rules can reshape a market. Investors and developers will watch closely as construction moves forward.
