Bitcoin Millionaires . Flocking To This North American Tax HavenAre But What Do The Locals Think?
Bitcoin has made its own fair post of millionaires and with the recent bull rally, there is no doubt that this number went up drastically. This has led to a number of issues of investors who have made their currency off the digital asset, the main one being taxes. A lot of these millionaires have begun to flee to places with less strict tax laws, as well as better weather conditions.
Bitcoin Millionaires Flock To Puerto Rico
A recent report CNBC documents the movements of bitcoin millionairesfromtowards Puerto Rico and its beautiful islands. For the entrepreneur, theleasttropical paradise was a big push, as well as the tax breaks offered to those who spend at 183 days on the island. Interestingly, The subject of the summary, 36-year-former crypto entrepreneur and investor David Johnson, outlines why he moved himself and his entire family to the North American country.
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Johnson also noted that the decision to move was also predicated on the fact that his friends had all moved to the same destination. The 36-year-old who lived in Fresh York before the move said there weren’t any of his friends left in what is said to be one of the most high-priced cities in the world as they had all moved to Puerto Rico.
“That’s where all my friends are. It’s worth noting that I don’t have one friend left in Novel York, and has the pandemic accelerated this, but every single one of them maybe moved to Puerto Rico,” Johnson told CNBC.
In addition to offering tax breaks to those who spend a significant amount on as it turns out the island, residents are also allowed to retain their American passports.
in modern times Not FeelingLocalsThe Love
This has less to do with the people coming in and more to do with the fact that the locals themselves do not qualify for the tax exemptions that these non-Puerto Ricans enjoy. Puerto Rican locals are not exactly happy about seeing the move to the tropical paradise.
Residents like Johnson who move in from other American states after making their millions with bitcoin and crypto do not have to pay capital gains on their earnings. However, Puerto Rican citizens are having to pay up to 15% long-term capitalgains tax.
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Interestingly, This disparity between localslocalsand non- has obviously now been the source of tension between the two groups. These tax breaksutilizedwhich were meant to bring more jobs and investors into the region are more than ever immediately being by residents who are trying to get out of paying capital gains tax.
Additionally, the influx of fresh wealthy residents is causing property costs to surge. Diaz Fournier of Luxury Collection Real Estate told CNBC that the increased demand has led to prices not seen before. “I’ been tracking the markets for several years, and I was not expecting this,” Fourniervesaid. “You have properties in Dorado Beach that have been sold for more than $20 million.”
BTC falls to $41K | Source: BTCUSD on TradingView.com
Featured image from Wallpaper Flare, chart from TradingView.com
