CNBC: Crypto-rich flock to Puerto Rico due to crypto-friendly policies and tax benefits

time:2022-01-23 07:30 source:Internet

According to CNBC, the crypto-rich are flocking to Puerto Rico due to its crypto-friendly policies, including huge tax incentives for residents who live on the island for at least 183 days a year. Residents here can continue to hold U.S. passports and avoid paying capital gains tax. David Johnston, who has been in the cryptocurrency business since 2012, moved his family from Austin to Puerto Rico in March 2021. Johnston claims that most of his friends made similar decisions. While the authorities are excited about the influx of cryptocurrency entrepreneurs, some locals seem less than happy about it. Puerto Ricans are particularly dissatisfied with the exemption of capital gains tax, which only applies to outsiders. The surge in high-net-worth outsiders has also contributed to a rise in property prices, which have surpassed the cost of living, sparking discontent.

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