Tuesday, May 5, 2015
Puerto Rico's Population Swap: The Middle Class For Millionaires
Puerto Rico's struggling economy has led to an exodus of young
people moving to the US mainland - while wealthy Americans are
starting to call San Juan home. As a result, the economy and iden-
tity of both places are changing in surprising ways.
While the US economy is steadily improving, Puerto Rico's unem-
ployment rate has remained at over 13%, twice the US national
average, for the last decade. The island is facing a fiscal crisis with
$72bn (£47.5bn) in debt.
So the government is looking elsewhere for relief. It has started to
lure America's super wealthy from the US East Coast. Two acts
passed in 2012 guarantee no capital gains taxes and a mere 4% tax
rate on their business to those who make Puerto Rico their primary
More than 500 eligible individuals have answered the call...