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| Photo: The Real Deal Guide To Puerto Rico |
From The Associated Press:
PALMAS DEL MAR, Puerto Rico (AP) — Bond trader Ben Eiler
swapped life in suburban Georgia for an island in the Caribbean, and
he didn't even have to apply for a visa.
The towering 38-year-old native of Arkansas is one of at least 250
people who've accepted Puerto Rico's invitation to well-heeled U.S.
citizens to move to the island and enjoy life without taxes on capital
gains, an enticing offer for those whose income is derived from
investments.
[...]
This semi-autonomous U.S. territory sets its own tax policy, and its
residents pay no federal tax on income derived locally. Mired in a
recession for almost a decade and with an unemployment rate stuck
above 13 percent, more than double the U.S. rate overall, it decided in
2012 to try to lure wealthy investors who would be likely to buy
expensive real estate, establish...[CONTINUE READING]
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