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Legally Pay Less in Crypto Taxes!

Originally aired on August 16, 2023

In this episode of the Bad Crypto Podcast, host Joel Comm is joined by his guest, Davin Michaels, to discuss the benefits of living in Puerto Rico and how it offers significant tax advantages. Puerto Rico is a U.S. territory, and by becoming a resident, individuals can pay only 4% in federal income tax and zero capital gains and dividend taxes. The episode also introduces the San Juan Social Club Cruise, where residents of Puerto Rico and those interested in the area can network and learn about the opportunities and benefits the island has to offer. The cruise will feature notable speakers from various industries, including the cryptocurrency sector.

What are the benefits of living in Puerto Rico?

  • Puerto Rico offers significant tax advantages, including a 4% federal income tax rate and zero capital gains and dividend taxes.
  • Act 60 combines various government programs and incentives, such as tax breaks for entertainment ventures, hospitality credits, and the opportunity to invest in designated opportunity zones.
  • Puerto Rico’s charm and friendly atmosphere, along with its beautiful beach and year-round pleasant weather, make it an appealing place to live.

What is the San Juan Social Club Cruise?

  • The San Juan Social Club Cruise is a networking and educational event for residents of Puerto Rico and those interested in the area.
  • The cruise will take place in April 2024, departing from San Juan, Puerto Rico, and visiting Aruba, Curacao, Martinique, and Saint Kitts and Nevis.
  • Participants will have the opportunity to connect with like-minded individuals, including notable speakers from various industries, such as Joel Comm, John Lee Dumas, and crypto billionaire Brock Pierce.
  • The cruise will include Michelin-star inspired dining options, ample opportunities for networking, and access to the latest information on Puerto Rico’s resources, benefits, and services.

What is the outlook for the cryptocurrency market?

  • Despite the current bearish period in the cryptocurrency market, there is optimism that a turnaround is approaching.
  • The introduction of BlackRock and mainstream adoption through ETFs is expected to drive an influx of money into the market, potentially leading to a new bull run.
  • The previous bear market was turned around by significant announcements from Michael Saylor, PayPal, and Elon Musk. The consensus is that BlackRock’s involvement may have a similar effect on the market.