How Puerto Rico Became a Tax Haven for High-Flying Crypto Millionaires

. . .Many of them are here thanks to a near-irresistible combo — of legal and financial incentives, great weather and a critical mass of cryptocurrency gurus — that has been transforming the island like a gold rush. The surge is helping reshape Puerto Rico into America’s homegrown answer to Dubai. . .

Both Comm and Yoshino came here for crypto gigs. He is a self-employed entrepreneur and podcast host, while she helps run the Puerto Rico Blockchain Trade Association, which hosted a week-long shindig in early December, timed for jetsetters to bounce down to the island after Art Basel Miami.

Among the boldfaced names on-island full-time are controversial YouTuber Logan Paul — who started his own NFT trading game, CryptoZoo and who is reportedly splashing out $55,000 per month on a home — and Facebook whistleblower Frances Haugen. She admitted she’d decamped to the Enchanted Isle from Silicon Valley earlier this year and has she’s been living off crypto investments. . .

One way they could have scored such primo investments? 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. If you operate a firm that exports its services from Puerto Rico — say, as a crypto consultant — you’ll pay a paltry 4 percent corporate tax rate. No wonder crypto types, already wary of centralized oversight and focused on cashing in fast and rich, have flocked here. (Read more from “How Puerto Rico Became a Tax Haven for High-Flying Crypto Millionaires” HERE)

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