Tue, February 07, 2023

Why Crypto Millionaires Are Moving to Puerto Rico

Crypto millionaires and Puerto Rico

Crypto millionaires are looking for crypto-friendly places. Many of them decided to move to Puerto Rico. It offers legal and financial incentives, great weather, as well as a critical mass of cryptocurrency gurus. The surge is helping reshape the Caribbean island into America’s homegrown answer to Dubai.

Controversial YouTuber Logan Paul moved to Puerto Rico from Los Angeles in 2021. Logan Paul started his nonfungible token (NFT) trading game and CryptoZoo. He is reportedly splashing out $55,000 per month on a home. Frances Houagen who used to work for Facebook also moved to Puerto Rico. She released many interesting documents about the social media giant. 

Nonetheless, no crypto-related person gets more attention than Brock Pierce. He is the de facto head of the crypto-championing movement in Puerto Rico. Brock Pierce recently hosted Eric Adams on his jet when Adams jaunted down to check out the island for himself. 

Crypto millionaires and taxes 

It is not hard to understand why people are moving to Puerto Rico. Thanks to the changes in the law, you can live there and keep two things: your American passport as well as huge chunks of earnings the government would otherwise grab.

You must spend at least 183 days on-island each year, and you are free of taxes on capital gains. For instance, if you operate a company that exports its services from Puerto Rico you will pay a paltry 3% corporate tax rate. 

Brock Pierce helped to accelerate that move and now is like a one-man PR machine for Puerto Rico. Pierce fell in love with Puerto Rico in 2014 and began plowing his crypto fortune into real estate. He even opened an art gallery in a building Pierce owns in Old San Juan. 

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