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No Amount Of Money Worth Living Here, Puerto Rico Resident Tells John Paulson

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]

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28 Responses to “No Amount Of Money Worth Living Here, Puerto Rico Resident Tells John Paulson”

  1. Bob Menendez says:

    More a DR guy, myself.

  2. Guest says:

    "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."

  3. Deleveraging says:

    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.

  4. Elton on the John says:

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

    -Paulson & Co investor

  5. Abe_Froman_ says:

    This doesn't sound so bad
    -Bernie

  6. Totally Not A Fed says:

    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.

  7. InfiniteGuest says:

    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.

  8. Guest says:

    Only half a year? I'm in.

    -Everyone at SAC

  9. guest says:

    Beats pound me in the ass prison, aka Fire Island

  10. B. Badoff says:

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

    I seriously doubt that.

  11. Guest1909 says:

    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…!!!

  12. 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.

  13. Soul Rebel says:

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

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