Hedge fund manager John Paulson released a statement Friday dissolving the rumor that he plans to move to Puerto Rico due to tax incentives.
New York-based Paulson, the president of Paulson & Co., announced that despite considering real estate investments in Puerto Rico, he has “no plans to establish a permanent residence there.”
Bloomberg first reported last week that Paulson recently looked at real estate on the island’s capital city of San Juan, which led to many media outlets reporting that the hedge fund guru is considering a permanent move to avoid high tax rates. Puerto Rico recently passed a law that would eliminate taxes on gains, which would benefit Paulson as he has about $9.5 billion invested in his own hedge funds.
Paulson rose to fame after making $3.7 billion in 2007 by short-selling subprime mortgages. Paulson & Co. currently manages approximately $18 billion in in assets , down from its $36 billion AuM in 2010.