Puerto Rico's generous tax breaks and stunning beaches are attracting an influx of crypto entrepreneurs: report
Added 01-16-22 11:14:02am EST - “Crypto enthusiasts are increasingly moving to Puerto Rico. Under Act 60, residents do not have to pay any taxes on capital gains.” - Businessinsider.com
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Posted By TheNewsCommenter: From Businessinsider.com: “Puerto Rico's generous tax breaks and stunning beaches are attracting an influx of crypto entrepreneurs: report”. Below is an excerpt from the article.
As CNBC reported, its tropical weather and scenic beaches may seem like an obvious draw but the island's favorable tax laws are also playing a large role in persuading bitcoin millionaires to move there.
According to Act 60, residents do not have to pay any taxes on capital gains if they bought assets after establishing residency there.
This law prompted crypto investor David Johnston to move his company and his family to Puerto Rico in March 2021. "That's where all my friends are. I don't have one friend left in New York, and maybe the pandemic accelerated this, but every single one of them has moved to Puerto Rico," he told CNBC.
"Pantera Capital (a crypto fund) is on the fifth floor and then there's a co-working space on the sixth floor. My company, DLTx, we took over the eighth floor, and NFT.com took over the twelfth floor. That's all happened in the last 12 months," Johnston said.
Over the past few years, Puerto Rico has been recovering from the devastation of Hurricane Maria, which hit in 2017.
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