Interest among crypto investors in Puerto Rico is increasing, and this is due to the fact that there is no federal income tax on the territory of the country, and eligible investors can pay zero taxes on their crypto profits.
According to local law Act 22, if a person has lived in Puerto Rico for at least half a year, then they are exempt from taxes on interest, dividends, and capital gains.
Recently, The Puerto Rico Blockchain Trade Association (PRBTA) announced “the first edition of the Puerto Rico Blockchain Week for December of 2021, which aims to lure more crypto millionaires and investment into the island,” writes cointelegraph.
“We seek to connect entrepreneurs with communities in Puerto Rico and educate them on the multiple benefits available in the crypto era,” said Executive Director of PRBTA Keiko Yoshino.
Many countries create special conditions for crypto investors. However, cryptocurrency is an unstable investment, so investors should take care to lock in profits for the long term. For this, investors use a hedging strategy – investing in new citizenship.
With the unprecedented level of interest from the crypto community recently, NTL Trust launched a new compliance route specially to handle crypto citizenship applications more efficiently – reducing risk for all stakeholders by using reputable crypto-friendly escrow agents, banks and trust companies.
Source: cointelegraph
