A recent New York Times article reported that young cryptocurrency millionaires are moving to Puerto Rico for its lower taxes and island of culture. This is a good thing for the island, but it also poses a risk for inequality. Having so many high earners can push up home prices and push locals out of the island’s economy. But this influx of foreigners may be just what the island needs.
Crypto investors and Bitcoin millionaires are flocking to the island for its low taxes and friendly tax laws. For example, Michael Terpin, who owns a blockchain consultancy in Silicon Valley, moved to the island in 2016. In a recent interview, he revealed that he had considered moving to the territory for tax reasons back in 2013. Even legendary hedge fund manager John Paulson has moved to the island for the same reason.
A former Facebook executive moved to Puerto Rico in March in order to be closer to his crypto friends. He cited a health condition as the main reason for moving to the island. The island is a beautiful place, with beaches, rainforests, and Spanish Colonial architecture. In recent years, it has become a hub for cryptocurrency investors. And it’s not just wealthy people that are flocking there.
Crypto millionaires are heading to Puerto Rico to take advantage of the island’s tax laws. This is particularly advantageous for those with large amounts of cryptocurrency. It’s the only place in the world that doesn’t follow FATCA and U.S. domestic tax law. This means you’ll enjoy full tax exemptions for profits from Puerto Rican-based dividends and capital gains.
In addition to the lower taxes and island l, crypto millionaires are relocating to Puerto Rico to take advantage of the tax benefits and the tax-free status. They’ll be able to avoid the complicated acronyms of the tax code, and will also benefit from the lower taxes and looney tones of the island. In a way, the benefits of this new move are a win-win situation for both sides of the equation.
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In the past year, the island has seen a spike in real estate prices, and cryptocurrency billionaires are taking advantage of the island’s lower taxes and island looney tax laws. The real estate market in Puerto Rico has also seen a rise in cryptocurrencies. But there’s a lot of uncertainty surrounding the cryptocurrency community in Puerto Rico. A recent study reveals that a large percentage of bitcoin millionaires have been evading tax rates and are opting for a more accessible location than the one in New York City.