ICYMI Long before Puerto Rico crypto fever was featured in the Washington Post, it was described as 'Puertopia' on CoinDesk. Check out this story by reporter DanielGKuhn from last year.
Andrew Keys’ last half-hour reverse commute from Manhattan to ConsenSys’ office in Brooklyn, N.Y., was a meditative experience. The founding father of the Ethereum blockchain daydreamed ways blockchain could improve the world, from digitizing money to decentralizing the web, before stepping out of a subway car into a gray winter morning. He much prefers dialing in from a tropical paradise.
One element that defines the latest crush of crypto-native emigres to the island is the insistence that the move means business. Pantera, one of the most watched hedge funds in crypto, have relocated to San Juan. So have CoinMint, a large bitcoin miner, SuperRare, a well-established non-fungible token platform, and legendary crypto power couple Amanda and Sam Cassatt, ConsenSys alums turned marketing guru and venture capitalist, respectively.
“I wouldn’t call it a loophole,” Shehan Chandrasekera, a CPA and co-founder of Column Tax, said. “I don't think it's a hidden thing. Puerto Rico and other tax havens, those are pretty commonly talked about among the high-net-worth individual community.”Plenty of jurisdictions – many of them tropical paradises – compete for treasure by offering low or no taxes. Some, like El Salvador, are directly appealing to the bitcoin community.
In exchange for paying very little in taxes, these crypteau-riche men would reinvest their capital in Puerto Rico. That’s always been the implicit goal of any business-friendly tax policy, and with Pierce, it became an. And it was made all the more real in the wake of Hurricane Maria, which devastated the island’s already fragile economy and infrastructure.
Billionaire Brock Pierce purchased what he claims to be the oldest monastery in the Americas for $5 million to convert into a boutique hotel.
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