Juan Paulson Isn’t Giving Up On Puerto Rico

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And Puerto Rico isn’t giving up on Juan Paulson: If he won’t/can’t move there, maybe he’ll move a few more of his dollars south.

The Paulson & Co. founder, estimated to be worth $11 billion, is headlining an invitation-only summit in San Juan, Puerto Rico, on Thursday to discuss two new tax laws that provide generous dividend and capital gains tax breaks for individuals willing to relocate their businesses to the tropical island, according to Puerto Rico officials….

Paulson has already invested $260 million this year to create two high-end luxury resorts in San Juan’s Condado district. That follows investments last year in the St. Regis Bahia Beach Resort and the Bahia Beach Resort & Gold Club.

The government expects Paulson to invest a total of $1 billion in Puerto Rico by 2015. Paulson’s firm had no comment.

Puerto Rico woos rich with hefty tax breaks [MarketWatch]

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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.