Cryptomilioneers began to massively move to Puerto Rico due to tax breaks, reports CNBC. The authorities of this state offer preferences for everyone who spends on an island at least 183 days a year.
Puerto Rico – part of the US jurisdiction, but the action of the American constitution on the island is limited. There is a system of self-government. In the US, investors pay up to 37 percent of taxes on the short-term capital gains and up to 20 – from long-term profits. Moving to the island can reduce these tax obligations to zero if they agree to comply with some requirements.
Edition also notes that the mainland companies are subject to federal corporate tax in the amount of 21 percent and another state tax. If the company exports its services from Puerto Rico to the United States or somewhere else, then the tax rate decreases to four percent. The popularity of Puerto Rico is also explained by the fact that Americans do not need a visa for flights there.
Earlier, regulators of the securities market of North American countries called the main threat to those who wish to earn in 2022 fraud related to cryptocurrency and digital assets.