Tag Archives: Puerto Rico

Big Hedge Funds Roll Dice on Puerto Rico Debt

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“Several large hedge funds doubled down on Puerto Rico in last month’s giant bond sale despite the U.S. territory’s financial struggles, according to confidential documents reviewed by The Wall Street Journal.  Hedge funds and other nontraditional buyers of municipal bonds bought around 70% of the deal when it was offered, according to calculations based on the document—an atypically high level for municipal-bond offerings. Many investors said they were drawn by the high yields and discounted price, though market participants said another major draw for buyers was the prospect of boosting the value of their existing investments in the island.”

http://online.wsj.com/news/articles/SB10001424052702303873604579491992862363698

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Puerto Rico Boxing Legend Blew $63 Million On Gov’t Bonds

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“Felix Trinidad, the former boxing great who held on to the welterweight championship for nearly seven years and is considered a godlike figure in his native Puerto Rico, finds himself broke after investing in Puerto Rico government bonds — investments he claims were made without his knowledge by a close friend who Trinidad hired to be his top financial advisor.  When Felix ‘Tito’ Trinidad was active in the ring, where he earned an estimated $90 million in his 15-year, 45-fight career, the Puerto Rico bond market was booming, a reflection of the island’s thriving economy throughout the 1990s and 2000s. But the free-standing United States territory piled up huge amounts of debt.”

http://www.inquisitr.com/1210168/felix-trinidad-broke-puerto-rico-boxing-legend-accuses-aide-of-blowing-63-million/

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Perception vs. Experience: Misconceptions about Puerto Rico

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“Puerto Rico is really a unique situation for Americans, because it is part of the US—there’s no expatriation nor renunciation involved in coming here. For some people, this is a negative. Some people have objected and said ‘I’m not really getting away from the US.’ And that’s true; there’s no denying that—if you move to Puerto Rico, you’re still in the US. But this is a positive for people like me who need to stay in the US for family or other reasons. In my own personal case, that was definitely a factor because my wife is in the green card process, and she needs to stay in the US.  Maybe this matters less to Canadians or Brits or others who can just move to lower their taxes.”

http://www.internationalman.com/articles/perception-vs.-experience-debunking-misconceptions-about-puerto-rico

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John Paulson: Puerto Rico Is Now ‘Singapore of the Caribbean’

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“Billionaire hedge-fund managerJohn Paulson said today that Puerto Rico’s economy is at the beginning of a turnaround and predicted the island will become the Singapore of the Caribbean.  Paulson, speaking today at the 2014 Puerto Rico Investment Summit in San Juan, a conference designed to promote the territory and attract investors, said he’s building a home in the commonwealth. The hedge-fund manager, who last year considered relocating to Puerto Rico to take advantage of new tax laws, said opportunities to buy real estate in the region won’t last much longer, and he’s looking to purchase sites that can be developed to serve people he expects to move here.”

http://www.bloomberg.com/news/2014-04-24/john-paulson-says-puerto-rico-to-become-singapore-of-caribbean.html

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Move to Puerto Rico and Pay Zero Capital Gains Tax

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“You can jettison ALL United States tax on interest, dividends, and capital gains. This is possible because Puerto Rico, while a commonwealth of the United States, is treated as separate for tax purposes. By moving to PR, you can opt out of the Federal tax system and in to the PR tax program. Retired? Puerto Rico does not tax social security or unemployment income.  Capital assets (such as land, stocks, bonds, etc.) acquired after moving to PR are tax free. As for property acquired prior to becoming a resident, special provisions can result in a 10% long term rate from the day you qualify and a 5% tax rate applies to property acquired prior to becoming a resident and held for at least 10 years.”

http://premieroffshore.com/move-puerto-rico-pay-zero-capital-gains-tax/

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Peter Schiff Goes to Puerto Rico

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“Once I officially move to Puerto Rico, then I can get tax-free dividends on Puerto Rican-sourced income, which would include my business that has moved to Puerto Rico.  I can also make investments in the stock market and enjoy zero capital gains tax. Once I move to Puerto Rico, I can trade IBM as often as I want, and no matter how much money I make, I pay zero capital gain taxes in Puerto Rico, and I pay zero capital gain taxes in the United States.  So pretty much anything that you can do via the Internet, via the telephone, if you do it from Puerto Rico, you’re going to hardly pay any income tax, which is kind of the way it used to be in America.”

http://www.internationalman.com/articles/peter-schiff-goes-to-puerto-rico

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