There is renewed interest by crypto investors in the Puerto Rico region outside the USA.
Several Crypto Tax Benefits For Puerto Rican Residents
This region’s attractive to them because they won’t pay any tax, whether income or gains tax. Furthermore, they won’t have to give up their US citizenship.
The country’s guidelines allow any 6-month old resident in the region to enjoy the benefits mentioned above even though most people recently became aware of the law because Facebook’s famous financial regulator’s informant, Frances Haugen, moved to that region earlier in the year.
But the regulation has been in place for many years. Another influential figure who moved to that region recently was Logan Paul (Cryptozoo founder). In a recent interview with Time magazine, he revealed that the tax exemption rule was a key decision that made him move. Paul further added, “the benefits of earning loads of money will motivate you to make more of it in this region.”
SuperRare (an NFT platform) with Pantera capital (a hedge fund firm) are two popular digital asset firms that recently moved their businesses to this territory. In addition, John Paulson (a renowned hedge fund coach) is now a resident in that area.
More crypto investors will gather later this year in Puerto Rico for the region’s maiden blockchain week. A member of the planning committee for the event, Keiko Yoshino, revealed that the primary purpose of the gathering is to make people aware of the various benefits in the crypto-friendly region.
While the crypto capital migration is at a disadvantage to the locals, it positively impacts the region’s economy. One such disadvantage is the Puertopia project and other similar projects, which locals are alleging to have caused the rise in the housing prices in the san Juan metropolis.
Other Regions Vying For Digital Asset Holders
Like Puerto Rico, El Salvador also offers similar tax benefits for digital asset holders. Other countries with attractive tax benefits that suit crypto investors are the Cayman Islands, Switzerland, and Malta.
Some crypto investors are also moving to St. Kitts and Nevis, where they can avoid paying taxes altogether. Also, there are certain investments that allow wealthy digital asset holders and businesses to become citizens and even enjoy protection for their assets.
Wealthy digital asset holders in Portugal also enjoy tax benefits, and in the first half of this year, the country launched a new initiative to encourage blockchain-related businesses further.
Slovenia Seeks Public Input For Crypto-Related Tax Policies
Slovenia’s finance ministry wants its citizens’ say on how to go about ensuring that digital asset holders pay tax on their crypto profits in the country. Right now, the authorities propose a tax for crypto-fiat transactions as well as the purchase of goods and services using digital assets.
A portion of the proposal will enable residents with crypto-related earnings below 15,000 euros to not pay taxes. Contributors can make their contributions through the publicly available e-democracy portal.
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