With President Biden and the Democrats on the warpath to separate the richest Americans from their income, hedge funds managers are starting to expand into Puerto Rico – leaving open the possibility of relocating to the island to obtain huge tax breaks, according to Bloomberg.
Both ExodusPoint Capital Management and Millennium Management have opened local subsidiaries on the island, according to local records. ExodusPoint, headed by Michael Gelband, created a money-management in Puerto Rico on behalf of co-founder Hyung Soon Yee, who moved there last year.
Millennium, run by Izzy Englander, set up shop on the island just weeks after Biden won the 2020 US election.
And with Biden’s proposed tax increases on the wealthy and corporations looming, those who venture to Puerto Rico may be able to avoid both state and federal taxes according to the report.- READ MORE
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