No Puerto Rico move for billionaire John Paulson

AP News
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Posted: Mar 15, 2013 12:32 PM

SAN JUAN, Puerto Rico (AP) — Billionaire hedge fund manager John Paulson has denied reports he is considering a move to Puerto Rico.

Paulson issued the unusual statement Friday, saying he has no plans to move to the U.S. Caribbean island territory.

The New York native says he has only considered real estate investments in Puerto Rico and vacationed on the island.

His possible move was recently reported by several news media outlets. The move would have reportedly helped him avoid capital gains taxes thanks to a change in island tax law that benefits new arrivals.

Such a move would have been unusual. Puerto Rico has been steadily losing population in recent years because of stagnant economy, high crime and other problems.