Is Puerto Rico а Crypto Tax Paradise? - Expert Take
Is Puerto Rico а Crypto Tax Paradise? - Expert Take
2017 was a challenging year for Puerto Rico. First came the destruction and devastation from Hurricane Irma and Maria. Then came disorganized relief efforts, and allegations back and forth as to whether Puerto Rico or the US were to blame. Even today, only 60 percent of Puerto Rico has access to reliable electricity. And the Tax Reform bill that just passed the Congress imposed new tariffs on US companies that hold Puerto Rican subsidiaries.
Still, some see in Puerto Rico a budding crypto tax paradise. Some tax advisers are telling their clients to pick up and move to Puerto Rico. As the theory goes, after establishing residency they can sell their cryptocurrency holdings 100 percent tax-free. Sounds great!