John Pauslon Considers Moving to Tax Haven Puerto Rico
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Hedge fund titan John Paulson is exploring moving to Puerto Rico due to its advantageous tax rates on capital gains, according to new reports from Bloomberg.
A year-long Puerto Rican law lets new residents pay no local or U.S. federal taxes on capital gains and has promoted at least ten wealthy Americans to move.
According to Bloomberg's sources, Paulson has looked at looked at houses in the exclusive Condado neighborhood of San Juan. There a 8,379 square-foot penthouse, complete with six underground parking spaces, lists for $5 million. Close by is private English-language academy St. John's School where Paulson and his wife could send their two children.
Paulson & Co. has declined to comments on Paulson's personal plans.
"While we have looked at real estate investments in Puerto Rico, we have not made any investments," Paulson & Co., which oversees $18 billion, said in a statement to Bloomberg.
Interestingly, the hedge fund is one of the large shareholders of Popular Inc. (NASDAQ: BPOP), which runs the biggest lender in Puerto Rico and has a $300 million real estate fund that has properties in Florida, Nevada, Arizona, California, Colorado and Hawaii.
Paulson, a lifelong New Yorker, has not committed to moving and may still remain in New York, the report said. Even if he moves the firm would stay in New York.
For the full Bloomberg Story go here
A year-long Puerto Rican law lets new residents pay no local or U.S. federal taxes on capital gains and has promoted at least ten wealthy Americans to move.
According to Bloomberg's sources, Paulson has looked at looked at houses in the exclusive Condado neighborhood of San Juan. There a 8,379 square-foot penthouse, complete with six underground parking spaces, lists for $5 million. Close by is private English-language academy St. John's School where Paulson and his wife could send their two children.
Paulson & Co. has declined to comments on Paulson's personal plans.
"While we have looked at real estate investments in Puerto Rico, we have not made any investments," Paulson & Co., which oversees $18 billion, said in a statement to Bloomberg.
Interestingly, the hedge fund is one of the large shareholders of Popular Inc. (NASDAQ: BPOP), which runs the biggest lender in Puerto Rico and has a $300 million real estate fund that has properties in Florida, Nevada, Arizona, California, Colorado and Hawaii.
Paulson, a lifelong New Yorker, has not committed to moving and may still remain in New York, the report said. Even if he moves the firm would stay in New York.
For the full Bloomberg Story go here
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