dollarvigilante.com / By Jeff Berwick / March 13, 2013
Another rich US subject is getting ready to flee the growing predation of the taxman. This week John Paulson of hedge fund Paulson & Co. is taking a long, hard look at a move to Puerto Rico for the explicit purpose of eliminating taxes on $9.5 billion in gains he invested in his own hedge funds.
Should he go through with the move, Paulson would be joining ten other wealthy Americans who would be paying no local or US federal taxes on capital gains, thanks to a fairly new Puerto Rican law. This is just part of a larger and growing trend in which the wealthy from all over the decaying Western world are “voting with their feet” and escaping the increasing levels of armed robbery by their governments.
France leads the pack in the theft with socialist president Francois Hollande proudly declaring his hatred for the rich while looking to steal 75% of their earnings in order to redistribute to those who didn’t work for the wealth – and, in fact, are proven destroyers of wealth. That sent actor Gerard Depardieu packing for Belgium and ultimately getting Russian citizenship (and flaunting his Russian passport for the cameras). Depardieu’s (former) countryman, uber-rich Berard Arnault has applied for Belgian citizenship.
Leaving one Western nation for another strikes me as leaving the fire for the pan. Things may currently be better tax-wise in Russia or Belgium than in France…but Paulson and his ilk seem to me to have the better idea by heading for Latin America and the Caribbean. Places like Puerto Rico, the Dominican Republic, Chile and Paraguay all treat their residents’ money very well. But more on that in a bit.