Dozens of entrepreneurs, made newly wealthy by blockchain and cryptocurrencies, are heading en masse to Puerto Rico this winter. They are selling their homes in California and establishing residency on the Caribbean island in hopes of avoiding, what they see as, onerous state and federal taxes on their growing fortunes, some of which reach into billions of dollars.
Puerto Rico offers an unparalleled tax incentive: no federal personal income taxes, no capital gains tax and favourable business taxes – all without having to renounce your US citizenship. For now, the local government seems receptive toward the crypto-utopians. Read https://cryptonewstrends.com/ for more updates on Crypto Utopia.
The newcomers are still debating the exact shape Puertopia should take. Some think they need to make a city; others think it’s enough to move into Old San Juan. All Puertopians said, however, they hoped to move very fast.