What kind of living do Americans living in the Caribbean's tax haven 'Puerto Rico' immigrated to America?

by vxla

Puerto Rico is an American self-governing body located in the northeastern Caribbean, politically maintaining the status of " Commonwealth ". Such a Puerto Rico is planning to attract rich people from the mainland of the United States and planning to collect taxes, so what kind of living American living people who actually moved to Puerto Rico are living, Jesse Baron of journalist It reports.

How Puerto Rico Became a Tax Haven for the Super Rich | GQ
https://www.gq.com/story/how-puerto-rico-became-tax-haven-for-super-rich

In 2012, in Puerto Rico, several bills important to achieve the goal of "becoming a global investment destination" passed. One of them, "Article 20" says, "For companies exporting services from Puerto Rico, we only collect 4% of taxes." Furthermore, "Article 22" stipulates that "Puerto Rico will not collect taxes from personal income, capital gains , interests and dividends only for immigrants from mainland USA." After becoming a tax haven , more than 1,500 affluent people migrated from the United States to Puerto Rico and living while saving taxes.

One evening in May 2018, an event called "Cocktails and Compliance" was held in a small town called Old San Juan in a small island called Isla de San Juan in Puerto Rico. Many wealthy people who emigrated from the United States participated in this event and said they were receiving a lecture on tax saving methods while enjoying cocktail parties. It seems that Mr. Baron also participated in the party under the name of the interview, but the host of the party seems to have closed his mouth firmly about the list of participants.

In the San Juan located in the northeastern part of Puerto Rico at the time the party was held , the reconstruction work of Hurricane Maria who hit Puerto Rico in September 2017 was done. According to Mr. Baron, the building in the town seemed to be in a state where the building was broken and the signal did not shine even a few months after hitting the hurricane, sometimes the Federal Emergency Management Agency (FEMA) of the United States of America sent relief goods She seems to be seen carrying it. Meanwhile, at the cocktail party venue, Baron did not feel the aftermath of the disaster at all, as if the atmosphere of a party of a big company was drifted.

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Baron was able to listen to the immigrants from Florida state called Mr. Mark Gold in the party. Mr. Gold seems to have migrated to Puerto Rico in 2016, he said he was thinking about various tax havens as migration destination candidates besides Puerto Rico. "There were candidates such as Andorra , Liechtenstein , Monaco , but if I emigrate to these countries, I have to give up my passport in the United States where Puerto Rico is the autonomous state of the United States, passport as it is You can use it, "Mr. Gold said.

Mr. Gold wrote about life in Puerto Rico, "The life here is awesome, I will stay at the Ritz-Carlton and I will drive a golf cart to the club on the beach along the coast to eat breakfast And I am also participating in yoga classes held on the beach. " In order to apply Article 22, which can receive tax incentives in Puerto Rico, the United States Internal Revenue Service (IRS), "Being not in close contact with the United States of America , becoming a Puerto Rico resident completely" It is necessary to prove to.

Investigation by IRS is tough, Baron said at the party that he heard a story saying "There are men who have lost tax preferential qualification because their wife was back in Dallas ." Mr. Gold was 63 years old, but he said he told Mr. Baron that a 25 - year - old woman, the third wife, is also bringing him to Puerto Rico. When Mr. Gold decided to move to Puerto Rico, my wife seems to have been a college student, "I decided to move to Puerto Rico, so I decided to move to Puerto Rico, so I moved to Puerto Rico University, I'm sorry but I miss this opportunity "If you want to remain in the mainland of America, divorce you say" I told you to Puerto Rico, Mr. Gold says.

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Many of the wealthy people who have migrated to Puerto Rico "belong to a medium class in the ultra-high net worth", so it is not that the cell phone number of the US legislator is registered on the smartphone, It is said that there is no deep involvement. Therefore, "Returning to the United States is only one voter out of 300 million people", so, rather than taking complicated tax incentives while living in the United States, you can leave America and move to tax havens , It is said that it will be the most tax-free.

It seems that a tax consultant specialized in tax incentives who was familiar with Article 22 of Puerto Rico and tax saving method was participating in the party. People drank cocktails through the party, chatting and talking about taxes.

Meanwhile, it seems that a person who made fortune in securities transaction called Mr. Rob Lill has talked to Mr. Baron. Mr. Lil and his wife began looking for tax havens from 2011, firstly they moved to the Virgin Islands . However, due to a dispute with the local government office, he seems to relocate to Puerto Rico in 2013. Mr. Baron then plays a central role in the Puerto Rican migrant community.

Mr. Lil claimed to Baron that "rich people from the mainland of America to Puerto Rico will be for Puerto Rico, too. According to the fact that HNWIs moved to Puerto Rico, 12,000 jobs were newly created in Puerto Rico, and after the hit by Hurricane Maria, they provided funds for assistance from the wealthy migrant community.

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Originally Puerto Rico, which had been producing sugarcane and the like, caused a booming economy by taking tax incentives for companies that built factories in Puerto Rico when sugar prices fell in the 1930s and crisis. After that, when the manufacturing industry got bad, it attracted pharmaceutical companies to give preferential treatment, but this policy eventually fell into recession and it collapsed. After that, Article 22 was invented as a new breakthrough measure for Puerto Rico.

Mr. Manuel Ribera, Puerto Rico's policy officer, said, "HNWI migrants who drop significant capital on the island would never have planned to immigrate to Puerto Rico without Article 22 And argued that Article 22 was a necessary policy to attract rich people. "It is important for rich people with all backgrounds such as investment bankers and consultants to emigrate," Ribera said, and he has never refused migrants under Article 22 And that.

Meanwhile, Mr. Rafael Bernabe, professor of literature at the University of Puerto Rico , has doubts about the effect of article 22. "The government is considering new high net worth hiring gardeners and servants to drop money on the island, but why will not they try to directly help people in Puerto Rico," Bernabe says . "If I could cook, if the wealthy people blessed something, I'd be thankful" Thank you. "However, it is much better if I do not start bullying in the first place," Bernabe He said, doubting the policy of the government.

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