As newcomers flood to Puerto Rico seeking to build a crypto paradise, attracted by low taxes, locals are skeptical and house prices across San Juan are rising
Nitasha Tiku / Washington Post : Tweets: @drewharwell , @biancajoanie , @teddyschleifer , @vaurorapub , @anthrorican , @verambergen , @nanaisvaxxed , and @kevincollier Tweets: Drew Harwell / @drewharwell : .@nitashatiku hangs out with the “crypto colonizers” of Puerto Rico, where physical trainers get paid in Ether and cab drivers buy ocean-view apartments with bitcoin tips: https://www.washingtonpost.com/ ... @biancajoanie : Good story on how Act 22 investors, so-called “crypto colonizers,” are rebranding: “more inclusive, empowering and communal, part of a larger campaign that stretches to Silicon Valley,” due to opposition from locals, most of whom aren't eligible for Act 22 https://www.washingtonpost.com/ ... Teddy Schleifer / @teddyschleifer : Fun @nitashatiku piece on crypto overlords overtaking Puerto Rico, which has for a decade had to stomach rich tech types moving there to take advantage of the island's Act 22 tax law. https://www.washingtonpost.com/ ... Valerie Aurora / @vaurorapub : Example of bad faith “crypto liberation” arguments: “the crowd once derided as ‘crypto colonizers’ is trying to rebrand the industry as more inclusive, empowering and communal, part of a larger campaign that stretches to Silicon Valley” https://www.washingtonpost.com/ ... @anthrorican : Try to read this without losing the contents of your stomach. https://www.washingtonpost.com/ ... Vera Bergengruen / @verambergen : Home prices are soaring in parts of San Juan & applications nearly tripled in 2021 under a law that lets newcomers profit from crypto tax-free, amid allegations that the beneficiaries are failing to create jobs or otherwise help the local community https://www.washingtonpost.com/ ... @nanaisvaxxed : “The resulting legislation, known as Act 22, offers people who live on the island at least 183 days a year the promise of tax-free profits on their investments, which are otherwise subject to federal taxes of up to 37 percent.” Crypto Go Home 🇵🇷Not 4 Sale https://www.washingtonpost.com/ ... Kevin Collier / @kevincollier : This is a bizarre side effect of the crypto boom, one that's been kind of hiding in plain sight for a while. Great writeup from @nitashatiku. https://www.washingtonpost.com/ ...