Puerto Rico: A Crypto Millionaire’s Tax Hideaway

Puerto Rico: A crypto millionaire’s tax hideaway. “What do you do?” is no longer relevant. or “Can you tell me where you live?” In Puerto Rico, there’s just one thing on everyone’s mind right now. What to do about Hurricane Maria.

“People always ask how long I’ve been living here,” said Keiko Yoshino, 34. Who previously worked in city administration in Washington, DC. Before relocating to the island in March. “It’s the first question they ask.” “For a long time, I was the newcomer, but my brother recently moved in with me. So I’m no longer the newcomer.”

Joel Comm, 57, and his fiancée moved from Colorado to the gated community of Palmas del Mar,. On Puerto Rico’s southern coast, seven months ago.

“It’s still a new experience for me, but when you get here, you’re referred to as ‘the new man.'” Comm said in an interview with The Washington Post. In two weeks’ time, someone else arrives, and all of a sudden, you’re no longer that guy.”

They’ve flocked to the island in large part because of an almost impossible combination of legal. And financial incentives, beautiful weather, and a critical mass of bitcoin experts. That has transformed the island into something akin to the gold rush of the 18th century. The influx of people is assisting in the transformation of Puerto Rico. Becoming America’s equivalent to Dubai.

Both Comm and Yoshino traveled to this location for crypto employment. In addition to being an entrepreneur and podcast presenter. He also serves on the board of the Puerto Rico Blockchain Trade Association. Which organized a week-long party in early December, just in time for jetsetters to flock. To the island after Art Basel Miami. He and she met through mutual friends.

But no one receives more than Brock Pierce

Brock Pierce, on the other hand, is the focus of everyone’s attention. The 41-year-old former child actor turned crypto evangelist. Serves as the de facto leader of the crypto-championing movement. In his home country of Venezuela. He recently entertained Eric Adams on his private plane. As the mayor-elect of New York City flew down to the island. To have a firsthand look at the place.

“What eventually defined Dubai as Dubai, or Singapore as Singapore, was the amount of social. Financial, and intellectual wealth available in each city. “Take a look at those places 50 years ago. They were virtually nothing,” Pierce said to the Post, his voice bursting with excitement. “However, by promoting foreign investment into those regions. Nations were able to transform themselves into some of the world’s smartest cities.”

One method they might have been able to secure such excellent investments? Taxes and red tape are being reduced, a strategy that Puerto Rico has embraced wholeheartedly. Simply said, because to modifications in the legislation, which are grouped together. And referred to as Act 60, you can live there and keep two things. Your American passport as well as large amounts of your earnings. That would otherwise be taken by Uncle Sam (the Internal Revenue Service).

If you spend 183 days or more on the island each year, you will not be subject to capital gains taxes. As a crypto consultant, for example, if you run a business in Puerto Rico that exports its services,. Your corporate tax rate will be an unbelievably low four percent…. It’s no surprise that crypto enthusiasts, already distrustful of centralized authority. And intent on making quick and large profits, have gravitated to this location.

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