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RE: The New York Times Talks About Puerto Rico Becoming a Crypto Utopia
Dozens of entrepreneurs, made newly wealthy by virtual currencies, have moved to the island to avoid taxes on their fortunes — and to build a society that runs on blockchain.”
Seriously ? In poerto Rico? That's cool, but how does moving to the island help them even taxes on their properties . Does it mean properties on the island don't get taxed?
Building a society that runs on bloclchain, I don't quite get that...
Correct. If they obtain a decree under Act 22, then they pay no tax on capital gains from the sale of investment assets, which generally includes real estate. However gains that accrued before they move to Puerto Rico are still generally taxed.
Wow, I guess this is a law peculiar to Puerto Rico alone...or do you know of any other city where this is practiced?