- Puerto Rico is becoming a crypto hub as entrepreneurs flock to lush islands.
- CNBC reported that startups and Bitcoin companies are finding comfortable homes there.
- Generous tax cuts for residents are considered an important benefit.
Puerto Rico has become attractive to crypto entrepreneurs in search of tax cuts and a picturesque environment.
As CNBC reported, the island offers significant tax cuts for people who spend at least 183 days each year and is very popular among “cryptocurrency delegations”.
According to Act 60, well-meaning residents do not have to pay taxes to US sources
If they buy the property after establishing a residence there.
CNBC reported that the law urged crypto investor David Johnston to move his company and his family to Puerto Rico in March 2021. “I have my friends there. I don’t have any friends left in New York. The pandemic may have accelerated this, but each one has moved to Puerto Rico,” he told the outlets.
“Pantera Capital is on the 5th floor and there is a coworking space on the 6th floor. My company DLTx has taken over the 8th floor and NFT.com has taken over the 12th floor. It happened in the last 12 months. ”
Over the past few years, Puerto Rico has recovered from the devastation of Hurricane Maria in 2017.
Insider Katie Warren wrote in 2020 that the island’s tourism industry, which accounts for 6.5% of GDP, has declined and the once popular area has been abandoned.
However, the island then rebounded. In July 2021, the tourism organization Discover Puerto Rico reported that visitor spending and tax revenues were record highs.
In a press release, Discover Puerto Rico’s CEO said: “Despite the many challenges posed by the pandemic, the Puerto Rican tourism community is once again showing its strength and resilience to the world. We have achieved high rates of return in marketing. Sales and promotion investment. ”
Cryptographic-friendly policies are implemented elsewhere. Recently, a nonprofit organization in northwestern Arkansas said it is offering $ 10,000 worth of free Bitcoin to attract new entrants to the state. The offer also includes free bikes, which has attracted more than 35,000 applicants so far.