Well, as luck would have it, Bloomberg caught up with Jay-Paulz at some conference in Midtown Manhattan last night, and he had some exciting personal news to share!
Billionaire hedge-fund manager John Paulson is considering becoming a resident of Puerto Rico in the next few years once his children head off to college.
Classic Paulson. While his lesser contemporaries are planning to wait for death in Florida, JP is seeking alpha by going even farther south. That’s why he was once considered the king, all that next-level thinking. He can even help rebuild Puerto Rico what with all the time he’ll save from being a doting parent to his teenage kids!
“It’s difficult to move with them,” Paulson said about his children at a Beryl Elites conference in midtown Manhattan Monday evening. “But once, I think, our children go to college, I think it’s likely that we’ll establish residence in Puerto Rico.”
Okay, but who doesn’t want their 13-year-old to just move out already? Jay-Paulz is just ready for what’s next, and that’s sipping on some rum drinks while enjoying his golden years…and like volunteering/donating when he can to his new island home so it can recover from the ravages of Hurricane Maria or whatever, we assume…
Paulson owns several hotels and office space on the island. He’s contemplated moving to Puerto Rico in recent years to take advantage of the commonwealth’s tax advantages. New residents are exempt from the federal income tax and Puerto Rico taxes on passive income.
Well, sure, there’s also that. But JP is smart, he’s not going to say that part out loud. No famous billionaire would say that they want their kids of out of the house so they can go avoid paying taxes in a place that is desperately in need of tax revenue from famous billionaires…
“It’s the only place a U.S. citizen can go and literally avoid, legally, all their taxes,” Paulson said.
Enjoy boarding school, Paulson children.