According to TechCrunch, tax breaks introduced in Puerto Rico in 2012 aimed to stimulate the economy by attracting mainland U.S. citizens to conduct business and reside on the island, offering them the opportunity to pay no capital gains taxes. However, recent data indicates that the influx of tech and primarily crypto entrepreneurs has not significantly improved the island's economic situation. Instead, some have left behind unfinished business ventures.
The New York Times highlights the case of Brock Pierce, a 43-year-old former child actor and creator of the digital currency Tether. Pierce's local business activities, including a spree of real estate purchases, have been largely unsuccessful and short-lived. This example underscores the broader trend of tech entrepreneurs failing to deliver the anticipated economic benefits to Puerto Rico.
