The crypto-millionaires want to create a city in Puerto Rico

Some became extremely rich thanks to crypto-currencies. And they are willing to protect their new wealth. To the extent that several crypto-millionaires would want to erect an ideal city in Puerto Rico. Back on this crazy project !

Live in Puerto Rico

Some crypto-millionaires come to present a project particularly original. These Americans have decided to invest in several real estate properties in Puerto Rico, an island located in the heart of the Caribbean. The choice is far from falling of the random. In fact, the island is rebuilding after the passage of hurricane Maria last summer.

Pixabay – Mariam S

The holders of crypto-currencies have invested in an old fortified quarter, to settle there : “We are a capitalist, benevolent, and we want to put in place an economy caring. Puerto Rico has remained this hidden treasure, an enchanting island that has been constantly neglected and mistreated. Perhaps now, 500 years later, we can change things. ” explained one of the participants in this project.

For the moment, those who are nicknamed the Portopians, living in a hotel and hope to take advantage of the situation in Puerto Rico. All the more that not only is the island is close to the United States, but in addition, the tax is very interesting.

Invest in Puerto Rico

Taxation in Porto Rico is favorable to u.s. citizens. In effect, the tax rate, the local is reduced to 4 % for financial services businesses. Not to mention that there is no tax on capital gains. However, these crypto – millionaires claim that the United States are not hospitable to their new wealth, the tax rate being particularly high.

Pixabay -Skeeze

In addition, the government of puerto rico is very happy to see these billionaires putting their luggage on the island that need funding. The coffers of the country are empty, and there is an urgent need to get out of the crisis, in a way or another : the millionaires in crypto-currencies could represent a great opportunity for Puerto Rico !

However, some puerto ricans are suspicious, and are worried. The arrival of crypto-millionaires could change the island, as explained by Andria Satz, a native of old San Juan : “We are in a playing field of taxation for the rich. We are building a scenario to test for all those who wish to conduct experiments. Foreigners get tax breaks, and the locals cannot get a license “.

However, most residents and merchants to see this project with a good eye, considering that this is a real chance for their small island. Clearly, digital currencies have a real power !

Source : Bitcoinist