Bitcoin Millionaires Are Moving to Puerto Rico for Lower Taxes and Island Living

Meanwhile, Johnston says his whole office building is filling up with start-ups and crypto companies.

In the U.S., investors pay as much as 37% on short-term capital gains and up to 20% on long-term gains, which applies to crypto and other assets held for more than a year. One of the tax breaks under Act 60, known as the Individual Investors Act, drops that tax obligation down to zero if certain qualifications are met. This is especially huge for entrepreneurs and crypto traders.

Corporate and tax attorney Giovanni Mendez has been helping to onboard new Puerto Ricans. He tells CNBC that nearly half of his clients right now are either crypto companies or crypto investors, a number that's increased exponentially in the last six years. Though Burke wouldn't share an exact dollar figure with CNBC, he did say that his crypto holdings rise to the mid-seven figure range."I was in the crowd sale of ethereum…There were only like 6,000 people who were able to do that," said Burke, who tells CNBC that he also worked on the first bitcoin debit card back in 2013.

But after speaking with friends who had made the move and making a scouting trip himself last spring, the 45-year-old felt like Puerto Rico could be the kind of place he had been searching for since his first son was born in 2003: A community of entrepreneur families with kids, comprised of open-minded people who embraced home-schooling and alternative diets — Agranat himself is into raw foods — while at the same time functioning much like a start-up incubator, bringing together business-savvy...

KenzieSigalos Guess it is time to become an 'Island Boy' 🤣🤣😂😂

KenzieSigalos GovPierluisi island life should be expensive. Let’s tax these crypto scammers 📠

KenzieSigalos What are they gonna do when BTC gets banned?

KenzieSigalos Thank you for helping us go VIRAL! THE MOST IRONIC OUTCOME IS OFTEN THE MOST LIKELY! BSCGrimaceCoin BSCGrimaceCoin BSCGrimaceArmy McDonaldsHacks Is changing lives 🥰🥰🥰

KenzieSigalos Sad we don’t follow the territory’s wishes and make them a state

KenzieSigalos just finding out in 2022 that PortoRico is a tax haven

Well hopefully they’ll fix the electric grid and infrastructure! They’ll also ruin that beautiful island. No one helped PR when they needed it

Time for statehood and taxation

Eat that cake, peasants!!!! There’s nothing else your pitchforks could be used for.

Wait till there is a hurricane and they lose power. Wonder if they will stay and help the locals rebuild or hop in the yachts and sail back to mainland.

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