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How Puerto Rico became a tax haven for
high-flying crypto millionaires

Original Article

Posted By: AltaD, 12/27/2021 4:27:35 PM

Forget “What do you do?” or “Where do you live?” There’s only one question on anyone’s lips in Puerto Rico right now. “‘How long have you been here?’ — it’s the first thing anyone asks,” said Keiko Yoshino, 34, (Snip) Slashing taxes and red tape, a tactic that Puerto Rico has followed with gusto. Put simply, thanks to changes in the law, which are lumped together and known as Act 60, you can live there and keep two things: both your American passport and huge chunks of your earnings that Uncle Sam would otherwise grab. Spend 183 days on-island each year, and you’re free of taxes on capital gains.

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Reply 1 - Posted by: pros7767 12/27/2021 4:46:08 PM (No. 1020292)
Sadly, they are pricing the locals out of the housing market. Prices have risen astronomically!
8 people like this.

Reply 2 - Posted by: paral04 12/27/2021 5:24:24 PM (No. 1020319)
Unless their tax code changed from when I lived there, the percentage paid on income can be as high as 75%. The public schools are a disaster, so you have to send them to private schools.
9 people like this.

Reply 3 - Posted by: DW626 12/27/2021 5:45:09 PM (No. 1020330)
There’s lots of burglaries in PR…si?!
7 people like this.

Reply 4 - Posted by: Trump Won 12/27/2021 5:46:07 PM (No. 1020331)
FTA "...you can live there and keep two things: both your American passport and huge chunks of your earnings that Uncle Sam would otherwise grab". Of course you can keep your passport; it is a territory of the United States.
10 people like this.

Reply 5 - Posted by: earlybird 12/27/2021 6:35:35 PM (No. 1020363)
No thanks.
6 people like this.

Reply 6 - Posted by: DVC 12/27/2021 7:28:59 PM (No. 1020399)
Free Puerto Rico! Free Puerto Rico! Free Puerto Rico! We should never have retained that island. Should have been just like Philippines....turn them loose.
16 people like this.

Reply 7 - Posted by: downnout 12/27/2021 9:03:23 PM (No. 1020446)
This is not going to end well.
9 people like this.

Reply 8 - Posted by: thethirdruffian 12/28/2021 8:08:28 AM (No. 1020705)
I’m concerned crypto is a bit of a bubble, but the draw of law taxes is no mystery. Also, Ms Yodhininhas really nice arms.
4 people like this.

Reply 9 - Posted by: ChattyCatsSusan 12/28/2021 9:52:02 AM (No. 1020805)
Of course they have great tax sheltering laws. Uncle Sugar is funding them so they don't need to make wealthy people pay taxes. PR is a nice place maybe to visit if you are a tourist, but it is steadily falling apart. They need to be cut loose, because they are rapidly becoming something we cannot afford as taxpayers anymore.
5 people like this.

Reply 10 - Posted by: Zigrid 12/28/2021 10:06:28 AM (No. 1020830)
Not a surprise...off shore is the answer for the woke crowd...so now that biden/obama have messed up our economy...the millionaires hurry off shore to protect their wealth...while WE real folks are stuck with the ruling class in Washington DC making demands on our time and money....
4 people like this.

Reply 11 - Posted by: Strike3 12/28/2021 10:42:20 AM (No. 1020881)
Great scenery but lots of crime and corruption. Anything not nailed down will be stolen. They hate Americans but then who doesn't?
4 people like this.

Reply 12 - Posted by: udanja99 12/28/2021 12:02:32 PM (No. 1020984)
And demonrats wonder why PR doesn’t want to become a state?
2 people like this.

Reply 13 - Posted by: h24015 12/28/2021 2:26:31 PM (No. 1021096)
These bitcoin "geniuses" are not very good students of history. Didn't PR lure a lot of US businesses with low rates then tripled them in 2015?
0 people like this.

Reply 14 - Posted by: Dekelogan 12/28/2021 5:24:01 PM (No. 1021180)
This recipe of taxes will kick start Puerto Rico's economy. Yes it will raise prices on locals for a while, but with it will come jobs, burgeoning industries to the rich, supporting industries to the poor. A small local tax will bring in surpluses for infrastructure, a better grid and water system, better police force. Unfortunately it will be so competitive to the US, Washington will crack down on the tax haven aspect. They do have the leverage and they can (unlike Caymans or Bahamas which have French or British oversight). Corruption is mostly from local officials are just trying to get a piece of Washington's largess. They can "Create" wealth by making it luxury islands and there will be more for all if they quit feeding off Washington.
0 people like this.

Reply 15 - Posted by: LadyVet 12/28/2021 7:17:33 PM (No. 1021265)
This will help you taxpaying Americans understand why the IRS now wants to know about how much time you spend in Puerto Rico. Hint: they don't care about the time you volunteer to rebuild from hurricanes.
0 people like this.

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Forget “What do you do?” or “Where do you live?” There’s only one question on anyone’s lips in Puerto Rico right now. “‘How long have you been here?’ — it’s the first thing anyone asks,” said Keiko Yoshino, 34, (Snip) Slashing taxes and red tape, a tactic that Puerto Rico has followed with gusto. Put simply, thanks to changes in the law, which are lumped together and known as Act 60, you can live there and keep two things: both your American passport and huge chunks of your earnings that Uncle Sam would otherwise grab. Spend 183 days on-island each year, and you’re free of taxes on capital gains.
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