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The Sovereign Investor Quotes Michael Pfeifer on Puerto Rico's Tax Incentives
Caplin & Drysdale

The Sovereign Investor Quotes Michael Pfeifer on Puerto Rico's Tax Incentives

Date: 5/2/2013

Michael G. Pfeifer is quoted in The Sovereign Investor concerning Puerto Rico's status as a tax haven for wealthy Americans.  To see the full article, please go to The Sovereign Investor's website.

Excerpt taken from the article.

Trouble in Paradise

However, things may be changing in paradise. New Governor Alejandro Garcia Padilla last week submitted his 2014 budget, and he has also hinted at plans to reduce the government's $2.2 billion deficit to $775 million, partly through taxation. He plans to tax those who are "self-employed earning $200,000 or more in revenue and those who purchase homes worth $1million or more."

He has yet to provide details of these proposed taxes.

Nonetheless, Michael Pfeifer, an international tax lawyer at the Washington, D.C. law firm Caplin & Drysdale predicts that Puerto Rico's tax incentives will continue to be used by some wealthy taxpayers as "a new opportunity for income-shifting and tax-deferral."

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