Some of the Nouveau riche investors and entrepreneurs from the crypto scene are currently travelling to Puerto Rico, a country that was destroyed recently by hurricane Maria. This way you avoid taxes, the payment of the U.S., because Puerto Rico taxes, no state income, capital gains taxes, or taxes of annoying the company. Added to this is that you can avoid it, even to renounce their American citizenship.
Many traveled to the crypto-Boom of last year to San Juan, there to the real estate buy up. The project, which was originally under the name of “Puertopia”, has been renamed “Sol”, as Puertopia translated into Latin “eternal Playground for the young” means, but a somewhat questionable Name.
You want to show the world how a crypto-future could look like
Preliminary Puertopianer have found refuge in the monastery, a 20,000-square-foot Hotel in the centre of the old town, the remains of the hurricane more or less unscathed. Until you have found Land that you want to buy, you can rent the entire Hotel.
Brock Pierce, 37, is the leader of the movement, and in December on the island. He is an entrepreneur, venture capitalist, Director of the Bitcoin Foundation and a remarkable (albeit controversial) figure in the crypto Community.
When he is asked about the priorities of the project, he replies:
“Compassion, respect, financial transparency”
However, he is also worried that people will think that it is the project only a few Rich who want to escape their tax liability.
“I’m Worried that people will interpret our actions are wrong.”
Matt Clemenson, co-founder of Lottery.com, which uses Blockchain technology in lotteries, looks like this: “We are capitalists wool and to build a benevolent economy. Puerto Rico is this hidden gem, this enchanted island, which has been constantly overlooked and abused. Maybe we can make it 500 years later is better.“
Many in Puerto Rico welcome to this worldwide interest in their country and don’t mind the attractive taxes to attract the Rich, as long as you spend your money on the island.
Not everyone in Puerto Rico is thrilled about the influx of the Nouveau riche
Rob Rill, a Puerto rikanischer tax Expat and Hedge Fund Manager, which runs a social group for those who take advantage of the local tax relief, reported:
“You call me and say that they will buy 250,000 of the Morning, so you can start your own town, literally a city in Puerto Rico to have their own crypto world. I can’t participate.“
Andria set, 33, which works for the Conservation Trust of Puerto Rico, also provides an unpleasant contrast between the way the rich outsider and the Locals are treated:
“We are the tax-the Playground of the Rich. We are the Test environment for experiments. Outsider control to get exemptions and Locals can’t get permits.“
But as long as the local government comers is for the crypto-receptive, you will not move probable, and thus, Puerto Rico’s crypto, to ensure the future for the time being. In fact, the Puertopianer to say that you are about to receive the approval of the local government, to establish their own crypto-currency Bank.
Is “Sol” to reality, and thus a haven for investors and enthusiasts of crypto-currencies in the world? The next years will show this.