Noted good decision maker Logan Paul has made his latest proclamation, revealing that he intends to move from California to the unincorporated U.S. territory of Puerto Rico. As Dexerto reports, Paul made the reveal on the appropriately named ‘imPaulsive’ podcast where he said he had visited the island and made the decision. “I was there this past week kind of scouting it, I've been fiending for a change in my life, and I think got that bug bit me that is biting everyone leaving LA," Paul said. "Obviously, I’m impulsive, and I trust my gut, my instincts. I feel like it’s the closing of a chapter and the opening of a new one.” Other potential targets by Paul included Texas and Miami, with Puerto Rico eventually winning.
Paul went on to reveal that one reason he wants to move to Puerto Rico is due to the reduced tax liability that comes with living on the island. Though it is true that Puerto Rico residents are subject to only 4% income tax and not the federal tax rate (of which Paul is no doubt in the highest bracket), there are potentially sticky situations with regard to this for anyone hoping for a quick fix with a quick move. A Forbes article from 2019 breaks it down nicely, revealing nuanced requirements like taxes on assets you owned prior to moving to Puerto Rico. Any immediate sale on these, including crypto currencies or stocks (something Paul himself even mentions in the episode that he's into), would still be subject to US taxes and not under Puerto Rico's haven.
In addition there's the implied requirement of actually moving to and living in Puerto Rico. In the event that it's ruled that you didn't actually live in Puerto Rico despite claiming it in a tax filing, the IRS will be coming for their money, and with it the full US tax rate. That's not to say Paul would be deceitful in his tax filings, to his credit he said he would live on the island the minimum six months of the year if not more.
In the same podcast episode he also indicated that his wish to move to Puerto Rico was primarily motivated by his hope to continue his boxing career and the freedom that living on the island will offer him during the months that he's training for a bout.
"I think leaning into boxing and that pure locked in focus concentration lends itself really nicely to moving somewhere like Dorado as well as all the other additional benefits that it has," Paul added. "When I was there, it just felt right."
In December of last year it was revealed that Paul is scheduled to fight undefeated boxing champion Floyd Mayweather in an exhibition taking place in just three days. The event will air live on pay-per-view via Fanmio and is already available for purchase.
(Cover Photo by Victor Decolongon/Getty Images)