Puerto Rico Rolling Out The Welcome Mat For MillionairesUPR Utah Public Radio
Jul. 08, 2013
1.Trump is Right: GOP Debate Audience is Packed Full of Republican Donors
2.Caught On Camera: Preacher Cited by Officer Because It's "Illegal to Offend People"
3.Man Says He Was Fired After Pulling Gun in Gun-Free Zone to Save Woman's Life
4.75-Yr-Old German Grandmother Tells of Sexual Harassment by Migrants, Interview Gets Interrupted by Clueless "Integrated" Muslim Teens
5.Ticketing For Profit So Rampant, State Lawmakers Forced to Take Action -- Cops Are Furious
6.FOX Con-Artists Use Unnecessary Censorship To Make Trump Sound Like He Said 'F*ck'
7.EPA Rule to Ban Car Modification
8.Drug Dogs Don't Even Have to Be Right Half The Time to Be Considered 'Reliable' by The Courts
A few weeks ago, Alberto Baco Bague arrived in New York for a roadshow of sorts. In just 48 hours, Baco, Puerto Rico's secretary of economic development and commerce, met with more than 30 hedge fund managers, investors and others who could be classified as very well-off.
His mission might seem quixotic at best: trying to convince these well-heeled New Yorkers to uproot themselves from Manhattan and relocate to Puerto Rico. But he says they are starting to come.
For Baco and the Puerto Rican government, the benefits of injecting more rich people into the island are clear. "We are a poor island, and this is our way of developing [and] developing employment in Puerto Rico. We are very serious about that," he says.
Baco has an enticing carrot for the investors. Under laws enacted in 2012, when someone moves to the island, all of that person's investment income, like capital gains, dividends and the like — is completely tax-free. Plus, service income — say, a hedge fund's management fees, is taxed at just 4 percent. And, as it is for all Puerto Rico residents, there's no federal income tax.