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Alternative Market Briefing

Rumor update: John Paulson is not moving to Puerto Rico after all

Monday, March 18, 2013

Benedicte Gravrand, Opalesque Geneva: - Earlier this week, there were rumors that billionaire hedge fund manager John Paulson was going to leave the U.S. for tax reasons and possibly go to Puerto Rico. Indeed, the small Caribbean island of Puerto Rico recently passed a law designed to attract the well-off, and Paulson was said to have looked at a penthouse in San Juan, Puerto Rico’s capital city.

But, according to Fox Business today, Paulson said in a statement that while he had "considered real estate investments and ha[d] vacationed on" the island, he had "no plans to establish a permanent residence there."

A Financial Times report explains that "under the Puerto Rico law, new immigrants who have not lived in the unincorporated US territory in the previous 15 years may be exempt from US taxes on capital gains accrued after they move there, in addition to income derived from Puerto Rican domiciled businesses. To take advantage of the new law a person must spend at least 183 days in Puerto Rico each year, and prove they have substantial family and social connections on the island." Ten wealthy Americans have already taken advantage of the year-old Pu......................

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