This Is The New Puerto Rican Law That’s Making Wealthy People Want To Move There To Avoid Taxes
Billionaire hedge funder John Paulson, who famously bet against the subprime housing market, is reportedly weighing a move to Puerto Rico to take advantage of a new tax law there, Bloomberg News reported citing unnamed sources familiar with his plans.
According to Bloomberg News, the new law makes it so new residents pay no local or U.S. federal taxes on capital gains.
The law firm of Adsuar Muniz Goyco Seda & Perez-Ochoa has a breakdown of the new tax law.
On January 17, 2012, Puerto Rico enacted Act 22 (a.k.a. “The Act to Promote the Transfer of Investors to Puerto Rico”).