Schiff, a prominent American financial analyst, moved to Puerto Rico for tax benefits. Gerber says that the gold bug has tried to talk him into moving to the Caribbean island several times to no avail.
The 59-year-old libertarian investor, who usually makes headlines because of his controversial statements about cryptocurrencies, recently. A bank regulator in Puerto Rico recently suspended the operations of Schiff’s boutique bank called Euro Pacific Bank as part of a damning investigation. Schiff’s bank was allegedly used for laundering funds and enabling tax evasion. The regulator has stated that the financial commentator’s bank has a “long history” of noncompliance.The Age, one of the most popular Australian newspapers, revealed that Euro Pacific became the first major target of an investigation called Operation Atlantis. The task force praised Puerto Rico’s recent move, claiming that it will be a deterrent for other tax-dodging banking institutions.
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