Puertopia: The new crypto-utopia for billionaires

They have become super-rich virtually overnight thanks to cryptocurrencies. And now, dozens of entrepreneurs are preparing to move to Puerto Rico to build their version of crypto-utopia, a new "city" that will be their ultimate playground.
After spending more than a year searching for the perfect spot, the businesspeople are selling their homes and cars in California and heading for Old San Juan. The top attraction of the Caribbean island is the ability to avoid paying taxes on their burgeoning fortunes.
There are no federal personal income taxes, no capital gains tax and decent business taxes for Americans in Puerto Rico. It essentially operates its own parallel tax system and is the perfect haven to continue to grow their riches, The New York Times reports.
As a bonus, it's also pretty stunning, with picture perfect beaches and a colourful culture, reports News.com.au.
More than 3.7 million people call the island home, which shares common defence, stock market, currency and citizenship with the US. Unfortunately it has been plagued with economic issues for years and is currently a staggering $91 billion in debt.
The group first saw the opportunity to move in after Hurricane Maria hit last September, leaving widespread destruction in its wake and creating the option of "rebirthing" the region.
Convinced that blockchain — the technology that underpins the notorious bitcoin — could reinvent society, they hope to create a new city where all the money will be virtual.
At first they planned to call it "Puertopia", but after hearing that means "eternal boy playground" in Latin they may change the name to Sol.
The group is headed by Brock Pierce, the director of the Bitcoin Foundation, and co-founder of the start-up block.one, who has around $US6.5 billion (NZD $8.9 billion) worth of the virtual currency EOS.
Mr Pierce, 37, a former child actor and professional gamer, landed in Puerto Rico in December and insists the group has grand intentions.

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