Start by soaking the salted codfish in water. Place the bacalao in a bowl and cover it with water. Allow it to soak for at least 24 hours, changing the water several times.
Once the bacalao has soaked and is tender, drain it and pat it dry with paper towels. Use your fingers or a fork to flake the fish into small pieces, ensuring there are no bones.
In a large mixing bowl, combine the flaked bacalao, diced red onion, diced bell peppers, chopped chives, and minced parsley. In a separate bowl, whisk together 2 eggs, 3 tablespoons of milk, and 4 tablespoons of cornstarch until smooth. Pour this mixture over the bacalao and veggies, stirring until everything is well combined.
In a frying pan, pour in 1 cup of vegetable oil and heat it over medium-high heat. You can test if the oil is hot enough by dropping a small bit of batter into the oil; it should sizzle immediately.
Using a tablespoon or an ice cream scoop, drop spoonfuls of the batter into the hot oil. Fry the fritters in batches, being careful not to overcrowd the pan. Cook for about 3-4 minutes on each side or until they are golden brown and crispy.
Once fried, remove the Bacalaitos from the oil with a slotted spoon and place them on a plate lined with paper towels to drain excess oil. Serve warm with your favorite dipping sauce.