Wealthy cryptocurrency investors, seeing the future taxation of their wealth, are collectively heading to Puerto Rico to create a crypto utopia.
PUERTOPIA
The utopia, which is aimed to be created with the name “Sol”, will only be operated with cryptocurrencies and blockchain technology.. Crypto billionaires have started buying many properties from the Caribbean Islands of Puerto Rico.
Many parts of Puerto Rico are still in need of rebuilding and restoration as much of it was destroyed by Storm Maria recently.. Wealthy cryptocurrencies are ready to do just that, and they’ve started buying properties in many parts of historic Old San Juan.
Puertopist Stephen Morris told The New York Times, “Everything just disappeared. When it’s taken off, you might have a reason to rebuild it completely.” agree that it is the perfect place for:
“We are generous capitalists building a generous economy. Puerto Rico had this hidden gem, this magical island always overlooked and abused.. Maybe 500 years from now, we’ll be able to do it.”
Puertopists—which includes Block.One co-founder Brock Pierce, among others—is now set on the site of an 1860-hectare hotel called the Monastery.. Finally, they plan to acquire Roosevelt Roads Naval Station, which is 3642 hectares in size and includes two deep-water ports and an airport.
WHY PUERTO RICO?
Puerto Rico is gladly creating a safe haven for those who want to protect their cryptocurrency wealth.
The country charges no federal personal income taxes, no capital gains taxes, and offers appropriate business taxes. What is more appealing is that Americans can live there without having to renounce their citizenship.
CNET and Videocoin founder Halsey Minor criticized the US stance on cryptocurrency taxation in an interview with The New York Times, saying, “The US doesn’t want us.. They are trying to suppress this economy.” said. “There needs to be a place where people can invest freely.”
The local government cites Old San Juan as one such place, and the president plans to speak at the “Puerto Crypto” blockchain summit in March.
Is CryptoColonialism?
Puerto Rico is a great place for American expats looking to take advantage of the island’s tax incentives.. Still, not everyone welcomes the idea of creating a crypto utopia on this island.
For example, hedge fund manager Robb Rill told the New York Times that he disagreed:
They keep telling me they’re going to buy 100,000 hectares so they can build their own city and create their own crypto world in Puerto Rico. But I can’t agree with that.
Old San Juan natives like Andria Satz think that wealthy Puertopists will colonize under the name of “crypto-colonialism”:
We are for the rich we are a tax haven. We are a very suitable place for those who want to gain a new experience.. Outsiders are eligible for tax exemptions, but locals are not allowed.
Still, some local businessmen on this storm-ravaged island are happy to accept the money from incoming millionaires and billionaires. they hear – even though this money is digital.