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Billionaire John Paulson may be eyeing move to Puerto Rico to pay lower taxes: report
NY Daily News ^ | 3/11/2013 | Erik Ortiz

Posted on 03/12/2013 6:04:36 AM PDT by cll

Could big-money billionaire John Paulson be ready to bolt from New York and into a palatial Puerto Rico penthouse in the name of lower taxes?

A Bloomberg News report says the Queens-born hedge fund heavyweight — worth $11.2 billion — has looked at property in the wealthy Condado neighborhood of San Juan.

The $5 million penthouse he reportedly eyed is 8,379 square feet, occupies three floors and includes six underground parking spaces, according to the Trillion Realty Group listing.

~ snip ~

Paulson’s potential move to the commonwealth would save the 57-year-old from paying tax gains on the $9.5 billion he’s invested into his Paulson & Co. hedge funds, Bloomberg News said.

Puerto Ricans don’t pay U.S. taxes on income nor U.S. capital gains taxes. In addition, new Puerto Rican residents can benefit from a series of tax reforms that keep them from paying a 10% capital gains tax to the local tax man — a promotion to lure investment and business to the island.

Ten rich Americans have already made the move, with another 40 families in talks with the government, a Puerto Rican official told Bloomberg News.

(Excerpt) Read more at nydailynews.com ...


TOPICS: Business/Economy; US: New York
KEYWORDS: billionaires; newyork; paulson; puertorico; taxes; taxevasion

1 posted on 03/12/2013 6:04:36 AM PDT by cll
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To: rrstar96; AuH2ORepublican; livius; adorno; wtc911; Willie Green; CGVet58; Clemenza; Narcoleptic; ...
Puerto Rico Ping! Please Freepmail me if you want on or off the list.


2 posted on 03/12/2013 6:06:05 AM PDT by cll (The question isn't who is going to let me; it's who is going to stop me)
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To: cll

My son and I were discussing how people nationwide are literally and physically moving away from the Democrats. Now that the Democrats have impoverished the north with their nonsense, people are moving south. People are moving out of California. People are moving out of the US. You would think the Democrats would catch on..........


3 posted on 03/12/2013 6:08:03 AM PDT by yldstrk (My heroes have always been cowboys)
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To: yldstrk

They would rather rule in hell!


4 posted on 03/12/2013 6:11:05 AM PDT by Dr. Ursus
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To: cll

So whats the deal? He spends more than half his year in Puerto Rico and he gets taxed in Puerto Rico. He will have to visit NYC from time to time to do business so he will get hit with NY State taxes income taxes for each day he is there


5 posted on 03/12/2013 6:11:13 AM PDT by dennisw (too much of a good thing is a bad thing --- Joe Pine)
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To: cll

Hats off to him, I say. Note however when enough such folks move there, I bet PR will be made a state and the party will be over.


6 posted on 03/12/2013 6:14:35 AM PDT by fruser1
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Comment #7 Removed by Moderator

To: fruser1

Not until motorists in PR get some drivers training...


8 posted on 03/12/2013 6:18:07 AM PDT by Eric in the Ozarks (NRA Life Member)
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To: yldstrk
people are moving south

Please noooooooo! We are ignorant, rude, uneducated, eat road kill, make you pray, elect people to office like “turtleman”, shoot things to eat, eat lots of fried stuff. Southerners are detrimental to their health. Please stay where you are. You made your bed, don't try to come and crawl in ours!!!

9 posted on 03/12/2013 6:19:34 AM PDT by Bitsy
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To: cll

The only people who welcome a Marxist dicatorship like the one Obama’s seeking are the commissars who stand to gain political power over the masses (for commissars, read Democrats, and a handful of Quisling Republicans who mistakenly believe they’ll be allowed to retain power after the revolution).

The masses welcome it all until they find out that all the blessings sent their way by the commissars were only a con calculated to gain acceptance for the revolution.

As soon as the commissars gain power, they shut out everyone else and retreat to their dachas, going out only to attend party meetings and shop at the well-stocked stores reserved for... yes, that’s right... commissars only, comrade.

It’s such an old game, you’d think everyone would know it by now, but, yes, “Those who are ignorant of history are doomed to repeat it.” And Obama and his minions have rightly observed that Americans, by and large, are too busy with their bread and circuses to pay attention to the gradual erosion of constitutional guarantees or the enormous growth of the apparatus of State Security.

Massively ironic that, in twenty years or so, free Russians and Chinese will be sitting around their well-stocked tables and deploring those poor communist idiots in the United States.


10 posted on 03/12/2013 6:22:30 AM PDT by Jack Hammer
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To: yldstrk
You would think the Democrats would catch on..........

That's the plan. Chase out those that might resist them.

Not that they thought it out very well, but the political plutocracy are the ones that intend to be more equal than others in the inevitable and resulting poverty.

11 posted on 03/12/2013 6:24:51 AM PDT by Calvin Locke
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To: Bitsy

The ones moving didn’t make the “bed” they are trying to keep from getting assaulted in the “bed” if you get what I mean


12 posted on 03/12/2013 6:28:35 AM PDT by yldstrk (My heroes have always been cowboys)
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To: yldstrk; Bitsy; Calvin Locke
You would think the Democrats would catch on..........

The ones moving didn’t make the “bed” they are trying to keep from getting assaulted in the “bed” if you get what I mean

You would think that the Billionaires would catch on.

I would not be surprised that this billionaire has supported democrats and voted for the One.

13 posted on 03/12/2013 6:38:35 AM PDT by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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To: cll

Good for him. He’s probably paid out a lot of taxes in his time to NYS and FedGov. He’s proabably risked a lot in his investments and doesn’t want to see it get pissed away into such important things as: ‘pottery classes in Morocco’, funding obamacare, funding that idiot to fly AF-1 to his 12x/year vacations, etc.


14 posted on 03/12/2013 6:46:55 AM PDT by Made In The USA (I'm not yelling, just... just talking enthusiastically..)
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To: Made In The USA

Of course he’s going to find out real soon, why all of the windows in PR have bars over them.


15 posted on 03/12/2013 6:48:04 AM PDT by dfwgator
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To: yldstrk

The ones moving didn’t make the “bed” they are trying to keep from getting assaulted in the “bed” if you get what I mean

I understand. But it seems they were OK with their liberal states until they realized liberalism was out to get them. If they confess their liberal ways maybe I could see them moving here. Let’s face it does what I think really matter in the greater scheme of things anyway;-)


16 posted on 03/12/2013 7:00:42 AM PDT by Bitsy
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To: cll

There are no federal taxes applied to the island because its not a state.

Its the ultimate tax haven - for those who brush up on their Spanish.


17 posted on 03/12/2013 7:15:35 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: cll

Its not a tax haven if you work there, the state taxes are fairly high.

It appears they don’t tax money you earn outside the territory, though.


18 posted on 03/12/2013 9:18:43 AM PDT by marron
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To: cll

Puerto Rican’s are considered Americans with the vote but are not required to pay U.S. taxes. Good deal for them! We should close that loop-hole.


19 posted on 03/12/2013 9:19:46 AM PDT by New Jersey Realist (America: home of the free because of the brave)
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To: dennisw
He will have to visit NYC from time to time to do business so he will get hit with NY State taxes income taxes for each day he is there

A strong incentive to do video conferencing. Or perhaps the whole industry can move to PR.

20 posted on 03/12/2013 9:39:16 AM PDT by PapaBear3625 (You don't notice it's a police state until the police come for you.)
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To: cll

Any wealthy person who does NOT consider leaving is simply foolish. A wise person considers all possible avenues and solutions,, and chooses from among them. To disdain any option simply invites failure. The US is clearly hostile towards those with wealth. If we show no loyalty to the wealthy, by continually electing hate-filled class-warfare Socialists, they owe us no loyalty in return. They certainly do not owe any loyalty to the US, which is no longer the country it was.


21 posted on 03/12/2013 9:53:37 AM PDT by Teacher317 ('Tis time to fear when tyrants seem to kiss.)
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To: PapaBear3625

He probably gets bulk of his income from capital gains and maybe those are taxed in just one jurisdiction (Puerto Rico) so long as he spends 183+ days in Puerto Rico. So he’ll get dinged by NY State on business visits there but just dinged on ordinary income, not on capital gains. My guess


22 posted on 03/12/2013 10:16:01 AM PDT by dennisw (too much of a good thing is a bad thing --- Joe Pine)
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To: PapaBear3625

You can do video conferencing but face to face is invaluable. He could always offer business associates free travel and hotel if they visit him in Puerto Rico instead of Paulson going to NY


23 posted on 03/12/2013 10:17:50 AM PDT by dennisw (too much of a good thing is a bad thing --- Joe Pine)
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To: dennisw

He can always meet his associates in New Jersey. That way NY couldn’t hit him for earned income tax.


24 posted on 03/12/2013 4:02:57 PM PDT by B4Ranch (When democracy turns to tyranny, we still get to vote. We just won't use voting boxes to do it.)
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To: cll
Billionaire John Paulson may be eyeing move to Puerto Rico to pay lower taxes

Oprah and the Hollywood crowd are probably being tempted to do likewise, but, they would be seen as too hypocritical, so, they'll just have to figure out a different way to protect their "hard"-earned money from Obama and the democrats.
25 posted on 03/12/2013 8:07:35 PM PDT by adorno (Y)
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