Following the latest set of crypto-related laws in the United States, investors started looking for new territories with friendlier tax environments. This is the result of the fact that in the last decade the crypto industry has been growing exponentially and the world seems to be moving towards a complete digitalization of finances.
This global trend has left investors looking for the most suitable place to live and manage their assets. As more and more people are entering this field, the natural process is that investors start to search for the best places with the most accommodating laws to suit their needs.
Recently, Puerto Rico has been the destination for many.
A crypto heaven is in the making
Puerto Rico is one of the many countries that have recently shown interest in adopting crypto into the mainstream. This makes it the hot new destination of crypto investors because, according to a Coin Telegraph report, they are attracted by the lack of federal income tax, but also the possibility of becoming eligible to pay zero tax on any crypto gains.
Of course, just moving their assets there is not enough, as they are required under local law Act 22 to live there for at least half a year before they are exempt from taxes on interest, as well as dividends and capital gains.
And it appears that a lot of big names are already taking advantage of the benefits Puerto Rico offers for digital assets fans, including social media personality and Cryptozoo founder Logan Paul, who, earlier this year, moved to the island.
“In Puerto Rico, you’re motivated to do more and make more money because of the implications that come with it,” he said.
What are the drawbacks?
Recently, the Puerto Rico Blockchain Association confirmed that the first edition of the Puerto Rico Blockchain Week will be held in December, in an attempt to lure even more crypto investors into the island.
Overall, this entire phenomenon will significantly boost the country’s economic growth. On the other hand, it can come with a set of drawbacks for locals, including a hard to ignore growth in terms of housing prices. And this could be just the beginning, as the same could happen with many other sectors.
What will the future bring?
Many new crypto investment platforms are hitting the market this year, which clearly shows that there is a tendency for the general public to adopt the practice.
IXFI, coming mid-November, is perhaps the most noteworthy due to this aspect, as it aims to facilitate investments for the inexperienced, as well as provide an array of educational materials to ensure that its users will be able to ‘catch up’ to those who already consider themselves experts.
With its innovative and user-centered features, such as the Playground, anyone is able to learn the process and start their path towards becoming a successful full-time investor which will prove to be an overall gamechanger in the field.
There’s no doubt that this global trend will continue to grow, and more and more countries like Puerto Rico will be in the race for the best place for investors to consider and platforms such as IXFI will be there to aid them in accomplishing their goals.
The journey towards an entirely digitized financial system is surely going to be a long process, but it is nonetheless what the entire world is heading towards and IXFI is the perfect tool to help make that process smoother for the forward-thinkers who want to prepare for that future and not just wait until everyone else is doing it.
Disclaimer: The content of this article is not investment advice and does not constitute an offer or solicitation to offer or recommendation of any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial and fiscal circumstances.
Although the material contained in this article was prepared based on information from public and private sources that IXFI believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and IXFI expressly disclaims any liability for the accuracy and completeness of the information contained in this article.
Investment involves risk; any ideas or strategies discussed herein should therefore not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal financial and fiscal objectives, needs and risk tolerance. IXFI expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.
