Paulson Won't Move To Puerto Rico

Mar 15 2013 | 1:10pm ET

Paulson & Co. founder John Paulson moved to stamp out rumors that he was considering a move to Puerto Rico to save money on taxes.

Paulson's hedge fund released a statement denying media reports that he might move to the U.S. territory to take advantage of a year-old law waiving local and federal capital gains taxes for new residents. The bulk of Paulson's taxes are capital gains, given the $9.5 billion he has invested in his own hedge funds.

"John Paulson, President of Paulson & Co. today announced that, in light of the media attention surrounding a relocation to Puerto Rico, he has no plans to move to Puerto Rico," the firm said. "While Mr. Paulson has considered real estate investments and has vacationed on the Island, he has no plans to establish a permanent residence there."

Paulson reportedly recently looked at residential real-estate in the exclusive Condado neighborhood of Puerto Rican capital San Juan.

Puerto Rican officials have said that 10 wealthy Americans have already taken advantage of the new law, and 40 others have spoken to the government about a move. About one-third of those are hedge fund managers, Puerto Rican Economic Development and Commerce Secretary Alberto Baco Bague said.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of