David Johnston in March 2021 then moved his parents, wife, three children and company to Puerto Rico. Johnston, who is a crypto entrepreneur, moved because Puerto Rico was very friendly with bitcoin cs.
Quoted from CNBC, Johnston, who has been in the crypto ecosystem since 2012, said that in Puerto Rico, taxes are very low. Even residents can still hold a United States (US) passport.
"All my friends have been there (Puerto Rico), I don't have friends in New York anymore," he was quoted as saying by CNBC,
After seeing his friends move, Johnston finally decided to follow in their footsteps. "The island has a population of three million people, this is big enough to build a technology center," he explained.
Johnston said when he heard Puerto Rico, he thought of Austin in 2012. Before Tesla, Samsung and Apple came in and made it a city that was transformed into a technology center.
According to him, currently Puerto Rico is similar to Austin, where many people want to move to that place. "People I know move there to build something new. That's what I like about blockchain, it's open to everyone," he explains.
Johnston mentions, there are many startups and crypto companies in Puerto Rico. For example, Redwood City Ventures has also opened an office there.
Facebook whistleblower Frances Haugen said that there are indeed many people who are fond of crypto in Puerto Rico. Even Youtuber and NFT investor Logan Paul has also set up shop there.
In the US investors must pay taxes of up to 37% of the profits earned. Unlike Puerto Rico which is very light.
However, in the last few years Puerto Rico has been hit by bad luck, starting from earthquakes, hurricanes, bankruptcy, and being hit by a pandemic.
Lawyer Giovanni Mendez is currently helping many people move to Puerto Rico. Nearly half of its clients are crypto company owners or crypto investors. The number has continued to increase in the last six years.