As middle class flees, Puerto Rico tries luring rich people
As middle class flees, Puerto Rico tries luring rich people
By DANICA COTO, Associated Press | February 5, 2015 | Updated: February 6, 2015 3:13pm
PALMAS DEL MAR, Puerto Rico (AP) — Bond trader Ben Eiler swapped life in suburban Georgia for an island in the Caribbean, and he didn't even have to apply for a visa.
The towering 38-year-old native of Arkansas is one of at least 250 people who've accepted Puerto Rico's invitation to well-heeled U.S. citizens to move to the island and enjoy life without taxes on capital gains, an enticing offer for those whose income is derived from investments.
Eiler lives in a gated community on Puerto Rico's southeastern shore, making a commute of less than 5 minutes from house to office across manicured greens, with an expansive ocean view.
"Driving to work in your flip-flops and golf cart is not bad," he says with a quick laugh.
This semi-autonomous U.S. territory sets its own tax policy, and its residents pay no federal tax on income derived locally. Mired in a recession for almost a decade and with an unemployment rate stuck above 13 percent, more than double the U.S. rate overall, it decided in 2012 to try to lure wealthy investors who would be likely to buy expensive real estate, establish businesses and create jobs.
More:
http://www.chron.com/news/world/article/As-middle-class-flees-Puerto-Rico-tries-luring-6065970.php
