John Paulson Says San Juan Will Be The Singapore of the Caribbean, Whatever That Means

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Make no mistake: John Paulson still loves Puerto Rico. And even if he can’t abandon the city of his birth for fun-in-the-sun money management on his beach 25 miles east of the island’s capital, he can certainly make money off the lucky (not so lucky?) ones who do, the posh pioneers who will either turn deeply indebted Puerto Rico into a major world financial center or introduce the death penalty for stealing bread. To which end he will continue to buy beaches, and build upon them residences of such luxury as to make the island’s current chic districts look like the hovels and shantytowns that they are.

Billionaire hedge-fund manager John Paulson said today that Puerto Rico’s economy is at the beginning of a turnaround and predicted the island will become the Singapore of the Caribbean….

The hedge-fund manager, who last year considered relocating to Puerto Rico to take advantage of new tax laws, said opportunities to buy real estate in the region won’t last much longer, and he’s looking to purchase sites that can be developed to serve people he expects to move here because of the legislation.

“We are interested in future development opportunities,” said Paulson, 58, adding that what he builds will be higher-end than what currently exists on the island.

John Paulson Calls Puerto Rico Singapore of Caribbean [Bloomberg]

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Puerto Rico Not Picky, Will Take Felipe, Esteban, Carlos, Or Guillermo If Juan Paulson Won't Make The Move

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 having to pay 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.