CRYPTO UTOPIA IN PUERTO RICO?!! 0__0
Yes! You saw the title of this post right... apparently, there are a big group of millionaires and billionaires that has plans to move down to Puerto Rico later this year in the holidays.
The reason for this is because for many millionaires from the United States of America, PR is a safe haven where they can actually LEGALLY avoid paying Capital Gain and Income taxes. If anything, you would only have to pay the 4% taxes if you do business directly in PR. PLUS, you do not need to give up your US Citizenship if you move to PR from the states.
I actually have a previous article talking about the puerto ricans being exempt from paying capital gain taxes incase you want to give it a read afterwards: https://steemit.com/cryptocurrency/@denoxblogger/exempt-from-paying-usa-capital-gain-taxes-on-cryptocurrenct-if-living-in-puerto-rico
This is some very interesting news for Puerto Rico because they literally want to create a city in Puerto Rico where everything is runned using cryptocurrency and blockchain technology. For that goal to be achieve, may take many years to a decade to realize and all depends if the PR Governments are up for it!
This can really help slowly restore the economy here in Puerto Rico if they accept Cryptos to being a way to help them get out of the 72 billion + dollars in debt that they currently have and many even more after getting hit by hurricane Maria last year!
So what do you guys think about this? Please comment below and upvote if you find this interesting!
And before I go, I just wanted to point out that I have a new Discord Server exclusively for Steemit users and looking for members to join:
Here is the link to join today: https://discord.gg/WmxRnc3
And the link to the post to read more on my goals with this Discord group that can help you greatly get your content out there long term: https://steemit.com/discord/@denoxblogger/need-help-getting-your-steemit-blogs-out-there-my-steemit-discord-server-is-open
Hope to cya there soon and until next blog post, take care, God Bless and stay cool! :) Bai bai!
Wow really? a whole entire city!! built upon crypto currency and blockchain technology? I am literally jaw dropped by this kind of idea! Futurisitic city much? I hope they are allowed to do this I really do because this would be a big, biiiig leap forward in the way we do things and could later impact other areas too and hopefully we`d begin seeing more of this kind of thing wow!
I dunno about the whole city but that's what they are envisioning it :) It can help save puerto rico financially one day in the long term of the worse economic crisis we have in the world. 72 Billion dollars in debt certainly is no fun.
Yeah 72 billion does not sound fun at all getting out of debt like that anything t the moment would be a save. Also speaking of bitcoin I recently saw an article said something about some newspaper place being bought by someone rich in bitcoin! Bought it with the bitcoins.
Wow thats crazy, imagine the many entrepreneurs coming to PR and helps pay the PR Debt lil by lil in the process? :)
That would be good Hopefully many start coming especially with word of a new city part being dded that runs off crypto stuff and blockchain tech many are gonna wanna check in on that.
just heard peter schiff talking about it. apparently at least some got the idea from him when he promoted the taxation aspect of puerto rico
Yeah and that you can legally avoid paying capital gain taxes if you live in PR and making capital gains on crypto living in PR. And I am living in PR right now xD
what about the destruction there? i've heard people are still without power
Yeah man, still certain parts of the island with no electricity, mostly in the center. I live in the NorthWest of the island. Still some destructions but getting better slowly. :)
hope things will get back to normal soon. there is a real need for tax friendly jurisdictions, the closest we can get to Galt's Gulch. best of luck to you!
Galt's Gulch? Can you explain to me what that means?
A fictitious place from the novel Atlas Shrugged where the competent people escaped to, leaving the corrupted political and social system to self destruct. The closest thing to it today is Liberland https://liberland.org/en/about/
Ahh I understand now. I hope eventually they can reach their goals. Things will be better for Puerto Rico by then.
Yeah, I read about that this morning! Really interesting. I'm looking forward to see how everything will roll out.
Same here and hope all goes well in the future with what they envision :)