When Facebook whistleblower Frances Haugen isn’t flying around the world Encourage lawmakers to regulate her former employer, She apparently lives in her new home in Puerto Rico with little taxable cryptocurrency profits.
“I’m fine for the time being, because I bought the cipher at the right time,” Hogen said. Interview with The New York Times It was released on Sunday when she was asked how she supported herself after leaving Facebook.
Hogen added that her move to Puerto Rico in March was motivated by her desire to participate in her “Crypto Friends” on the island and her health.
Known for its beaches, rainforests and Spanish colonial architecture, Puerto Rico has become a hub for crypto investors like Hogen in recent years, largely due to its tax haven status.
Under a law called Law 22, people who have lived in Puerto Rico for at least half a year are exempt from taxes on interest, dividends and capital gains. This means you can monetize your returns from cryptocurrencies and other investments without giving your uncle money. Sam.
To take advantage of loose tax laws, top cryptocurrency companies, including hedge fund Panthera Capital and NFT Marketplace Super Rare, have recently abandoned New York and Silicon Valley for Puerto Rico.
YouTube star and crypto investor Logan Paul also moved to the country earlier this year Rent an apartment for about $ 55,000 a month — The move Paul admitted was motivated primarily by national tax policy.
“In Puerto Rico, the consequences are motivating us to do more and make more money,” Paul said. According to time..
Loose tax laws in the region are also attracting attention from more traditional financial firms. Legendary hedge fund manager John PaulsonConsidered moving to the island for tax reasons in 2013, Bloomberg reported.
Proponents of Puerto Rico’s tax incentives claim to bring coveted investment to islands that lag behind the U.S. mainland in economic development, but critics blame outsiders for pushing up home prices. Blame What they call modern colonialism..
On Hogen’s side, she gave little detail about her crypto investment and friends in an interview with The New York Times-and in Puerto Rico under Law 22, which she passed as the “Individual Investor Act” in 2012. It is unclear if they will qualify for tax exemption this year. “
law Regulations Investors like Hogen must live in Puerto Rico for 183 days a year to qualify for tax exemption. You are also encouraged to obtain a local bank account, driver’s license, and voter registration to show other evidence that you live locally.
Haugen moved to Puerto Rico in March and has since flew to Washington DC and London to meet with lawmakers and testify about Facebook, so she builds up enough days on the island for quality for exemption. May not be possible.
Bill Burton, a former Obama administration spokesman who supports Hogen in media relations, did not immediately answer the call for comment.
Why Facebook Whistleblower and Her “Cryptographic Friend” Moved to Puerto Rico
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