Puerto Rico: A Tax-Break Utopia
A number of wealthy entrepreneurs are selling their cars and homes and establishing residency in Puerto Rico. Why? They want to build a crypto (digital currency) utopia, a new city where the money is virtual and the contracts are all public, with its own airport and infrastructure, to show the rest of the world what a crypto future could look like.
These groups of entrepreneurs are headed by Brock Pierce, the director of the Bitcoin Foundation, and co-founder of the start-up block.one, who has around $US6.5 billion ($A8.2 billion) worth of the virtual currency EOS.
They wanted to make two things clear: They chose Puerto Rico because of the hurricane, and they come in peace.
“We’re benevolent capitalists, building a benevolent economy,” said Mr. Clemenson, 34, a co-founder of Lottery.com.
Another thing they want to make clear is that they’re not just coming for tax purposes, “I’m worried people are going to misinterpret our actions,” Mr. Pierce said. “That we’re just coming to Puerto Rico to dodge taxes.”
Puerto Rico offers an unparalleled tax incentive: no federal personal income taxes, no capital gains tax, and favorable business taxes — all while maintaining American citizenship because Puerto Rico is a U.S. Commonwealth. It is part of the U.S. but in some ways still independent. The tax laws, known as Act 20, the Export Services Act, and Act 22, the Individual Investors Act, shields new residents residing in Puerto Rico for at least half of the year from paying most U.S. federal income taxes.
Acts 20 and 22 Tax Incentives for U.S. Citizens Moving to Puerto Rico
The recent passage of Puerto Rico's Act 20 and Act 22 tax incentives provide generous income tax and capital gains tax breaks to U.S. citizens who relocate to Puerto Rico.
Real estate investors can have peace of mind knowing that the private residential resort community of Dorado Beach is fully financed and guaranteed by the Puerto Rican government. Dorado Beach residents that are Puerto Rican residents also travel easily to and from the Mainland U.S., as no passport is needed and the international airport in San Juan is minutes away.
Dorado Beach Club Members and residents enjoy a similar lifestyle to "the Mainland," including U.S. laws and currency, U.S. living standards, English private schools, high-quality medical care, and the prevalently spoken English language. At Dorado Beach, families can take pleasure in all the comforts of home while discovering new adventures in the sun, promising an unprecedented lifestyle and a lifetime of unforgettable memories.
Learn more about our Club Membership here.