Puerto Rico

Sure, it’s happy that he likes the place and keeps throwing money at it. But it turns out that JP’s not the only hedge fund manager with a taste for the tropical island. Read more »

John Paulson Bought A Beach

He’s still not moving to Puerto Rico to save a few hundred million on taxes. But if he did, we’re pretty sure a certain luxury seaside compound has a good chance of landing Casa Paulson. Read more »

Earlier this month, Bloomberg reported that John Paulson was considering making Puerto Rico his home for a little more than half the year, having been intrigued by the idea of working from the beach and not paying capital gains taxes. For its part, PR was pretty excited about the prospect of the hedge fund manager calling the island home on tax forms, as his presence would create a much needed you scratch our back we’ll scratch yours situation for the local economy. And while a spokesperson for Paulson has categorically crushed the dreams of the Commonwealth, apparently everyone has gotten over it pretty quickly and would like to make it clear that anyone with money to spend is welcome, nay, encouraged to come on down. Millionaires would be good, billionaires are better, but beggars/choosers/etc. Read more »

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]

Prospective Puerto Rican John Paulson may have an unpleasant tax problem here in New York, but he’s got a bigger problem with his biggest investment. Despite his faith in and love for shiny objects, the rest of the world simply does not share his insatiable appetite for gold. Read more »