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Tax Breaks for Crypto Millionaires Stir Outrage in Puerto Rico

Jan. 19, 2022, 6:00 PM

Over the past two years, every building but one that Margarita Gandia’s real-estate agency sold in Old San Juan went to a U.S. mainlander or a foreign buyer. Every purchaser cited Puerto Rico’s generous tax breaks as the reason for the move.

The influx of outside wealth to Puerto Rico -- particularly those who count their riches in Bitcoin, Ether and other cryptocurrencies -- has hit an all time high. So has frustration with a tax system that many locals say is inflating a real-estate bubble that’s making island life untenable.

“We used to have a vibrant community here,” ...