The U.S. territory’s leaders are seeking to lure mainland residents such as hedge-fund billionaire John Paulson. Moving to Puerto Rico could allow Paulson and other top-earning taxpayers to shield future income from the Internal Revenue Service without giving up their passports…Even with potential tax advantages, Paulson and others considering a move to Puerto Rico should be wary, said Argeo Quinones Perez, a professor of economics at the University of Puerto Rico’s Rio Piedras campus. “For people as wealthy as Mr. Paulson and the like, spending half a year in this provincial, third-world environment would be like spending half a year in minimum-security prison,” he said in an e-mail. [Bloomberg, related]

Comments (28)

  1. Posted by Bob Menendez | March 14, 2013 at 2:06 PM

    More a DR guy, myself.

  2. Posted by Sandwich MA | March 14, 2013 at 2:25 PM

    IF PR is third-world, DR is a fifth-world war zone 7th level of hell.

  3. Posted by Haiti | March 14, 2013 at 2:29 PM

    Wow – that sure sounds nice.

  4. Posted by Liberia | March 14, 2013 at 2:37 PM

    Seriously

  5. Posted by Guest | March 14, 2013 at 2:38 PM

    "For people as wealth as Mr. Paulson and the like, spending half a year in this provincial, third-world environment – where the venal police force can be paid off with spare change, where politicians will pass any bill if there is enough money in the envelope, where zoning boards will sell the public beach to private developers if the price is right, and where women are interested only in men's credit cards – would be like . . . wait a minute, let me put that differently."

  6. Posted by Deleveraging | March 14, 2013 at 2:39 PM

    I haven't been to Puerto Rico in years. But years ago a friends mother explained the virtues of Puerto Rico as follows:

    - There's Gambling
    - There's no Black People
    - And there is no getting fucked on the dollar!

    My favorite Puerto Rico moment: coming out of a bump & grind style strip club and seeing a donkey tied up out front.

  7. Posted by Elton on the John | March 14, 2013 at 2:43 PM

    How does he have income to shield? We don't.

    -Paulson & Co investor

  8. Posted by PermaGuestII | March 14, 2013 at 2:44 PM

    Yeah, right?

    -The Congo

  9. Posted by Texashedge | March 14, 2013 at 2:53 PM

    I vacationed once in San Juan and enjoyed it. The crab cakes weren't outstanding, but they're not much better at Eglin FPC.

  10. Posted by Shazared | March 14, 2013 at 2:56 PM

    Don't forget about us. Cosigned, Eritrea

  11. Posted by Guest | March 14, 2013 at 2:57 PM

    There's no black people?

  12. Posted by Abe_Froman_ | March 14, 2013 at 2:58 PM

    This doesn't sound so bad
    -Bernie

  13. Posted by Totally Not A Fed | March 14, 2013 at 2:59 PM

    Don’t know why you’re moving, John, your buddy in the White House won’t let us prosecute you.

    You’re above the law, no need to hide the money you stole.

  14. Posted by Paddie | March 14, 2013 at 3:11 PM

    Nope. No snakes either.

  15. Posted by Guest | March 14, 2013 at 3:16 PM

    and monkeys ?

  16. Posted by InfiniteGuest | March 14, 2013 at 3:23 PM

    Typical ivory-tower academic.
    You don't spend six months in minimum-security prison for the amenities, you do it for the contacts you make there.

  17. Posted by Guest | March 14, 2013 at 3:25 PM

    Only half a year? I'm in.

    -Everyone at SAC

  18. Posted by DK'd | March 14, 2013 at 3:29 PM

    Oh yeah, try Ireland. Its cold & the beaches suck.

  19. Posted by Guest | March 14, 2013 at 4:02 PM

    Worst comment ever.

  20. Posted by guest | March 14, 2013 at 5:16 PM

    Beats pound me in the ass prison, aka Fire Island

  21. Posted by B. Badoff | March 14, 2013 at 5:39 PM

    "Spending a half a year here would be like spending half a year in a minimum security prison"

    I seriously doubt that.

  22. Posted by Guest | March 14, 2013 at 7:01 PM

    For the record, wanted to give you a downvote but clicked on the other side.

  23. Posted by Guest1909 | March 15, 2013 at 3:36 AM

    I am sorry but the US is also a third world country.. have you tried to move around there and see what kind of service and people you have to deal with there…!!!

  24. Posted by Longarn | March 15, 2013 at 10:06 AM

    there there..

  25. Posted by Escape2tropics | March 21, 2013 at 10:03 AM

    The freedom offered to live one's life as one see's fit without intrusive government antics is exactly what makes places like Puerto Rico a desireable location for many, especially US citizens, fed up with first world orders. Escape2tropics.com is all about this idea. Yes there are trade offs, butt hey are worth it 100x's.

  26. Posted by Soul Rebel | May 14, 2013 at 5:22 AM

    nothing new is under the sun.. It's the same story across the globe. Money talks and bullshit doesn't just stink it walks.

  27. Posted by Jael James | June 6, 2013 at 4:41 PM

    Your friend's mother is stupid and has probably never been to PR. That you would repeat her ignorance, really makes me wonder about you, too. For the record, 12% of Puerto Rico's total population is black. And we won't even begin to discuss the number of black people that visit the island from elsewhere.

  28. Posted by Jael James | June 6, 2013 at 4:42 PM

    I tried to downvote, too. The system seems to be working in reverse. A thumbs down registered into a thumbs up.