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CK_John

(10,005 posts)
Mon Jun 29, 2015, 09:01 PM Jun 2015

Puerto Rico's struggling economy may rewrite the east coast, youth in and wealth out.

Puerto Rico's struggling economy has led to an exodus of young people moving to the US mainland - while wealthy Americans are starting to call San Juan home. As a result, the economy and identity of both places are changing in surprising ways.

While the US economy is steadily improving, Puerto Rico's unemployment rate has remained at over 13%, twice the US national average, for the last decade. The island is facing a fiscal crisis with $72bn (£47.5bn) in debt.

So the government is looking elsewhere for relief. It has started to lure America's super wealthy from the US East Coast. Two acts passed in 2012 guarantee no capital gains taxes and a mere 4% tax rate on their business to those who make Puerto Rico their primary residence.

More....
http://www.bbc.com/news/magazine-32344131

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