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