 And we are live welcome digital asset news to get top stories in crypto. We're not a bite-sized pieces all that good stuff So welcome everybody today We're gonna do the whole thing about the thing. I've been promising you forever Which was the Puerto Rico video and I brought in somebody who actually lives in Puerto Rico right now And has been there for months and months not years and years but months and months So you give us a fresh perspective of that guy's name is Alex Massiole Alex welcome to the show Thank you very much born and raised here too. Oh, that's right. I forget about that You were born and raised there. Well, you were born there. I know that for a fact Yeah, and if you've never heard Alex's Spanish flawless So everybody what I'm what we're gonna do is this is what we're gonna start with Underneath here Along the bottom you will see some different pieces and this is where we're gonna go through and before I Before I keep going my voice is a little messed up because I'm getting over the coal or the flu or something I don't know what it was. It wasn't COVID because I had to go get tested and that came on negative. So I Do sound a little bit very white-ish but not as deep So hopefully my voice will be back later But this is what we're going with today. The first thing I want to talk about is who I used actually both who me and Alex both use as far as the lawyer for act 60 and everything that we need to do to Get into Puerto Rico and all those good things that we're gonna and I'm also going to talk about the real estate agent that we both used To find us some really fantastic places. That's the first thing we're gonna talk about and that could be all you need You could just be like great. I'm out of here and that's it, but I There's two things first of all I put this out because I Hate when videos come out and like, you know, you got to watch us for 20 minutes till the very end Then we'll give you the information this one You can take off but I'm gonna ask you it would behoove you like we said in the military to stick around because there's some things You really got to know also, we're gonna go over a Puerto Rico Puerto Rico article That was by coin desk and we're just gonna talk about the different social dynamics here in Puerto Rico I want to talk about the corporate tax rates here in the US which people think is awful It's not that awful actually We're gonna talk about I'm on life and this is where Alex comes in to shine the pros and the cons about what's going on And then we want to give you an update about The partnership between digital asset news and trade the chain and what our plans are for the future moving into Puerto Rico So sound good Sound good. Let's get to it All right. So first of all, I will just say this I was going to lead with this thumbnail This was my original one Alex said this was the best one But I went with the other one because I put a vote out on Twitter and this was the one that people said That's hilarious, but it's maybe the other one. So maybe for part two. We'll go with something different. So I These videos on Puerto Rico are meant to be ongoing so people can figure out if this is really what they want I'll tell you right now. I don't think this is for everybody. Okay So let me go over here. So First of all, if you look in the description of this video It's gonna give a little it's like a paragraph what the video is about under under the description and right underneath that it says lawyer And this is the lawyer his name is Giovanni Mendez and you can find him at geo dot tax GEO dot tax very simple website and this is the guy that we both used to get us a lot paperwork and everything else and It's not cheap. I will just tell you that and there are some ongoing things for act 60 As act 20 20 to you rolled in also As far as the real estate agent we used Brenda so to my or and her email is in the description as well to right underneath the geo's information This is the one that took us to all different places and she knows everything on the island because she's lived there for practically her whole life So yeah, she knows everything about that place and depending on your budget can find you everything and Those are two ones. So that's it. Thanks for stopping by everybody appreciate it. That's all we got That's it that was it I hope everybody liked that one All right before we go on to the article when we talk about island life We talk about the different things you really should be aware of Let's go to the comment section Let's see Welcome Alex You're the man by cardado And basic green And what I'm really excited about is that there are a lot of people why novel there's a lot of people here from Puerto Rico So they are going to be able to verify what we're talking about Jumping the pool now. No Bitcoin has not hit a million dollars and I haven't hit 500,000 subscribers This ought to be good Joey rocket. I moved here in 2018. I love it But agreed is not for everyone. It's a shame that they're making the decree more difficult. I love the island though And that's the big thing. So let's go over this. Okay So we got that Alex let's talk about this article here. So this was a good one and it kind of helps lay out My thought processes hold on real quick Let me move this out of the way Come in those Look at that. Hello from Lucio my foot one of my favorite beaches around I go almost every week So that's the thing if you like beaches, you're gonna love Puerto Rico. That's all they got a lot of that Alright, so this one here Daniel Kuhn that was the name gun Yeah, looks right now sounds about right this was a gosh August 12, 2021 So we're looking at four or five days ago four days ago. I might need to make sure the math. Okay, great So it goes like this crypto adopters looking to take advantage of the island's generous tax incentives are coming to Puerto Rico Puerto Rico is a tax haven. That's true for everyone. First of all, it's not true The thing is for act 60 an act which act 2022 kind of combines The investor and the business wise and act 60. They give you pretty great tax incentives. First of all There is a 4% corporate tax and you pay 0% capital gains tax The thing is you have to live in Puerto Rico at minimum a hundred and eighty three days. So when Daniel Yeah, when Daniel says it's a little for everyone It's not because if you were a residence of Puerto Rico ten years prior You can't get this if you've been there your whole life You can't get this so when they say something like that It's not available everybody and everybody who lives in in Puerto Rico. They can verify what I just said So you need to you need to live in mainland of the United States for six years prior to the act Right. So that's a kind of an all honesty. It's kind of a bummer of a deal, right? I mean if you live in there, you're like, why don't why can't I get that? Why can't I get that? I mean it's corporations something that They like no it can't so that's a problem But there is always changes abound and that's why they have representatives and things like that. Okay So that's what's going on there man Moving forward To talk about the big things about why I'm excited to to move there's a lot of a lot of different Corporations entities and people in crypto are there You got Pantera One of the most watched hedge funds in crypto has relocated to San Juan So have coin mint a large Bitcoin miner super rare well-established NFT platform and crypto power couple I don't know these guys Amanda and Sam cassette consensus Alex probably knows him because he knows everybody So everybody's here and just like I talked about act 20 cents a 4% tax for businesses Which is pretty good right 4% tax for businesses not not too shabby I think but let's take a look real quick at corporate taxes in the US so Let me blow this up so people can see it First of all California is awful That's all I can say California is bad. It's a corporate Tax rates 8.84 percent. Where are we here? Let me minimize this a little bit Top more original corporate income tax rates as of January 1st 2021 Vermont's pretty high eight and a half New Hampshire, Maine But the reason why a lot of people like to relocate to Texas and Nevada there's different circumstances and it's all based on the income that you put in and there's a little bit Different ways of not around things but to minimize your taxes and also people also like to move to Florida because we got a nice corporate tax rate of 4.458% so when people talk about oh, it's just so great over there. I mean, it's okay But I mean if you look around the big stuff, I mean that's not too bad. I think Alex, what do you think? Yeah, I mean really it's Corporate tax is a big issue. You look at New Jersey. New Jersey is ridiculous Jersey 11% plus for corporate tax But when you move to Puerto Rico and you've come part of that 60 year You're the corporation. Yeah And so it becomes an interesting and unique concept all of a sudden and that's where that 4% tax comes into play Yeah, yeah, exactly. And that's what everybody's moving over there for and there's been a lot of talk one of the senators from Puerto Rico has Proposed that this be abolished or actually changed But it seems like that seems to happen like every single year And I know people have always have been emailing me and DM DM me and so aren't you worried because they're gonna make Puerto Rico State they've been talking about that for 20 years So we'll see if it happens But if we just wait around to what could happen or whenever get anything done, right? So that's just what we got. All right. So back to the article real quick Act when I miss something. Yeah act 20 4% tax for businesses act 22 is the real draw And of course both of these have been put in act 60 now This exempt residence from taxes on capital gains makes it the only place in US soil where income from investments Interest and dividends is on taxed and then this is a quote from my man. She hand Chandra. Sakura I wouldn't call it a loophole Who's a he's co-founder of column tax. I don't think it's a hidden thing Puerto Rico their tax havens those are pretty commonly talked about among the high net worth individual community There's a thing when we talk about these these taxes like this could be for you This might not be for you because remember to move down to Puerto Rico You have to uproot everything right and you have to live here at least 183 days So you better like island life and you better appreciate the fact everything slows way Way down. I mean that's everything from getting things fixed to going to a restaurant to picking up things. It's Slow you think Hawaii slow Just wait to get to Puerto Rico and that's just how it is So it means if it's for you sure but remember when you go over there if you're saving 20, let's say Here's an example. I Got my friend George El Pollo loco as I call him and he is gonna be ecstatic when he hit six figures So if you're one of those people it's like six figures, but you want to save 20% This isn't your play Honestly, because I mean think about all the things you have to pay for at the bill lawyers That's not cheap you have to really equate everything and that's not cheap And then of course, there's also another one where you have to donate Alex correct me wrong $10,000 per year to a charity or to the Puerto Rican government, correct? That is correct. And but there's even a There's even a thing to that you get to write that off of the 4% taxes So 4% so you're like, well, okay, at least I got that so it kind of it kind of helps itself out and And then another thing is like people gets people get angry because they're like, well, you're dodging your dodging taxes You're doing all these things So here's the thing I've been paying taxes since I was 15 years old and I worked at a pizzeria place. I got hired at 15 and I play I paid taxes all the way through when I was an army and I've been paying taxes to this day and I will still pay taxes So when we go over there people like well, you're taking money away from this and this and this really in all honesty, these are capital gains our corporate are excuse me our Governmental taxes. It's not going to the cities to the states It's government taxes and we just saw what's going on with the government Do you think that the government is? Financially stable as they print everything else out as they're extract I'm not saying that taxes the end will be all but in all in all honesty It seems like they can just print it printed to infinity and so on and so forth So if it was up to you, I always ask you what would you do Alex? What do you got? Well, I mean we're talking about island life. It's a very interesting thing. It's a lifestyle change to your point It's not for everybody. Listen, you're on an island You better like the beach. You better like hot weather. You better like things moving very slowly But if that is your dream if that, you know, if that's what you're looking for in life It's a great place. I live on the ocean. I walk out my back door every morning at 7 30 in the morning and I go swimming in it There's too much seaweed I go in the pool instead So for me personally, it's great But there's some there's some pitfalls and I just want to highlight a few personal ones Everybody else can Understand this so we are an island. It's everything is becomes more expensive here If you move down here and you're looking to buy a car I can tell you that one very popular car here is the small Lexus SUV Which goes for about forty nine thousand dollars in the United States. They sell for well over a hundred thousand dollars on the island If you have an American bank, I will give you an insider tip You have to change your your address on all your stuff. Oh, yeah, yeah, yeah So here's where something becomes critical now One of our US bank accounts today Wells Fargo. We didn't address change about a week ago on it I actually went to do a wire to someone in London and Normally that's done over the computer. Well, guess what logged into the account and the wire capabilities were taken off Called up Wells Fargo. I said, why is that? They said because you live in Puerto Rico now. No way. Yes So be prepared Also, remember that when you're down here, there's no American banks down here. Okay What a lot of people don't understand is everybody looks to Puerto Rico as a territory like Guam or the US Virgin Islands We're not we're a Commonwealth a Commonwealth is a self-governing island We get to pick and choose laws from the United States It half of the Supreme Supreme Court Justice decisions do not apply to the island. They're the judicial system is in Spanish You must speak it the school system public school system is in Spanish. They teach English as a second language It's its own. It's its own beast So be prepared for that. It's not like moving to Florida Yeah, yeah, and that's a that's a big thing and just to just to talk about that about you know transferring everything over So the banks there are no American banks. There's no Wells Fargo's. There's no chase Which I gotta tell you might be like a blessing in the skies for some people also on top of that think about this way health insurance so for health insurance, they're like all the health insurance is over here don't transfer over there So if you're gonna transfer over there over to Puerto Rico and to find other health insurance also your driver's license You need to update that and then like Alex just said the banks now one of the things is about language because people like I don't know about the Spanish thing What it's okay, tell me tell me So 96% of the island Spanish is the first language The island does not know English. That's according to the Census from eight years ago. Oh, I gotta tell you this is this is this is my experience This is the same thing and I heard this is my experience and it'll pass. So this is the same experience. I have in Puerto Rico like when you go there and People start to talk to you in Spanish if you just try just a little bit of Spanish Then all of a sudden they start to speak English and they're like, oh, well, you're trying at least you know And but like some people just don't do it like an old past when I first moved here I would this is when I was like doing home hell I would go there and and I'd you know speak a little bit Spanish like oh, okay And all of a sudden they have like a Boston accent. I'm like, what the heck? Why don't you speak English like well my English isn't that good. I'm like, you're only just way better than my Spanish I'll tell you that so yeah a lot of the things over there I I see a lot of people speak English and it's not as big of a thing But yeah, the banks and all those things the you got to transfer everything over and that's it That's a that's a great point. So a lot of things people need to know is Bank account you need to have one here if you decide to come here. It's a requirement. Also People people also need to understand that the way things are done are differently in other words I opened up bank accounts down here without ever setting foot into a bank Physically, so it's an odd experience. They have concierge services or their openings are very different than the US Same with driver's license. You actually don't need to go to DMV to get a driver's license here It's a curious operation. Yeah, well concierge service and stuff like that, right? So just just real quick. I see some questions is Dan sick Dan is getting over being sick Dan will be Like I'm talking a third person. I'm gonna be just fine. I just got a little bit of a throat issue And then Brad says is we legal medicinal weed is legal It is the recreation. That's not but guess what everybody's got anxiety take that and Let's see what else and some other stuff. I'll get to it a bit but So what so we talked about some of the some of the cons right there also Alex talked to us about you've been there for a while electricity Yeah, so electricity is interesting you know be be prepared to have a electricity go out as much as once a week Make sure that you move into a place that has a generator a backup generator and these generators are the size of you all trucks I'm there. They're large as well as a good cistern for water. So the where I live I'm able to You know the power goes out and it went out two weeks ago While I was on YouTube it clicked over and in few seconds to the generator that generator can Are you know my place can last on the generator for up to five weeks and the cistern can provide fresh water up to four weeks Holy smokes. Yeah, and that that is a big thing and then another big thing is that They're just transferring over the electric grid from the public company to a private company There's a lot of people that are ticked off about that There's protests around the island and there's been some sabotage here and there as I understand it Allegedly with the fires and whatever else. So I know we're not paying a really great picture of Puerto Rico right now But you got to make sure that you know exactly what it is that you're getting into and that's that's a big thing It's just like on our shows. We don't give you the moon boy stuff and everything else like hey Guess what? Bitcoin's going on a thousand next week. We don't do that because that's that's ridiculous So like this is the same thing Puerto Rico. Let's okay. So we talked about that Alex Let's get him some some good stuff some pros first of all It's beautiful the people are great. The food is fantastic the island life. Yeah, it's low But if you're in a high-stress situation even this dress to your whole life, I'll look around Ciolli It's actually a pretty good place to to be there and probably live a lot longer and probably be a lot happier That's that's how I see Puerto Rico. Alex. What do you what do you think I? Completely agree. I mean my wife and I split our time before Puerto Rico between New York and London our places there and Here it is much more relaxed I think From a health point of view it goes up. I know the smoke in the smoke the brake indicator Automatically decreased even though there was no, you know positive movements during the bear cycle But yeah, just being in the salt water and and just having the warmth in the air just a lot of positives Yeah, I gotta agree. So that's pretty much it a nutshell. So let's just recap first of all The information if you're coming in late We just we started off with the lawyer and the legal team that we used it was it's there's a link in the description It's like right after the paragraph. It's geo dot tax geo dot tax We use Brenda Sotomayor who is the real estate agent who's great She knows the whole island and she can get you into things based on your budget and her email is in the link in the description Don't try to blow her up. It's just one person and then we talked about We talked to let's see her We talked about the the Puerto Rico article We talked about corporate taxes x60 integrates act 20 and 22 where it's four percent Corporate tax rate and then there is no capital gains tax. You must live if you're gonna do that You must live in Puerto Rico 183 days out of the year that is a that is a do not do not pass go or do not whatever you You have to do that. You can't just go all the way over the around the place Those are the things that kind of come about and then also like we always talked about if you're gonna do that There's a couple things to ten thousand dollars for to the Puerto Rican government and on top of that Alex Is there something about you have to you know? Promote business in Puerto Rico if you're gonna move there or not. I always get that. Yeah. Yeah Well, I mean promote as in you know at a certain level you got to utilize local folks and hire them as employees Yeah, they're great people like and here's a thing like From what I understand Puerto Rico had a pretty thriving economy when there was this huge drug company down there But then all of a sudden there was something with with tax provisions and things like that And they just picked up and just gone so a lot of people lost a lot of their jobs over there So which leads me to my last point Or not no Digital asset news and trade the chain. So here's the plan Alex you want to tell me you want me to tell I want you to do it because you got that You got that deep soothing voice going right now. That's true very white So what we plan to do is to merge together Digital asset news and trade not merge together But we're trying to take the production value to these videos to the next level because here's the thing when you Go for the news a lot of people don't trust the CNN the Fox News the MSNBCs and where they get their news from It's usually on a YouTube or a Twitter or something like that The difference is is the production value So what me and Alex talked about was combining together getting a studio in Puerto Rico Hiring people in Puerto Rico to help us to do all the things that we need to do to put out great content because here's the thing I'm busy Alex is busy and it's tough to do all the research and all the graphics and all the editing and everything else Put everything together plus try to get guests on here So we're gonna do all those things put ourselves together up in a studio would make it a real thing and try to give you the best information We possibly can't Exactly and it's you know, it's I guess you call it like a miniature real vision, right? I mean, that's it's a new media type Proposal that we're coming together to build and I think it'll be good. I think it'll be interesting There's a lot of crypto people here too, and there's a lot of other youtubers As well, I mean right after this I'm going to the to the crypto Monday meetup with my buddy from the Polygon Matic team You know he mentioned Pantera in the beginning of the broadcast my buddies from block tower here Hedera hashgraph poke it out. There's a lot a lot of community down here So maybe that should have been brought up in the island life pros vs cons. Yeah, you have like-minded people down here Yeah, and that's and that's a that's the the the great thing you can't get access like that without being there So all the things that are be going on Will be giving them to you as best we can so that's it Alex you got time for a little Q&A All right, let's go over this real quick I'll enter anything throw it up. I'm a coffee snob. Okay. There we go. I'll see Yep. Oh Look at this. I Would live in Puerto Rico or more states if I can go back I had one of the largest landscape companies in the island American land lawn landscape now in the Philippines and living I bet you're living like a king over there in the Philippines. Oh, yeah. Oh, yeah, let's see what else we got Grants as I kind of like their organic quality already provide. I do too. I think it's great I and I don't think we're get away from that But I think what we'll do is we'll combine what come into the studio every so often and put together some really good Stuff and especially with the people that are down there Let's see. That's great just for locals. Yeah, because the thing is is When you go to another place you can go to all You know the highest places you possibly can and kind of just do that and then the money kind of sloshes around The good thing is is to get out there and meet the people and provide that little economic boost that we hopefully can do So that's the that's the plan But the joy rockets just don't oh Here's another thing Alex let's talk about this about violence here in Puerto Rico Just don't video drug dealers in La Perla while they saw any be very That's it. That's the big story for this year, but that's a very isolated incident Yeah, so here's the thing like it's it's weird because when you go there and you guys are if you talk to Brenda She'll tell you which places are good and which places are as the Yeah, don't go there They'll they'll tell you like which places are are good and safe and which ones are as they say caliente a little hot and It's to me. It's because I live I'm in El Paso right now and right across the way is Juarez, which is Mexico, which is one of the most violent cities Was it's not as bad as it was because now there's a little bit more control over the the different cartels actually They actually just kind of Mesh it all out and killed a bunch of people and that's it. So when I hear about violence over in In Puerto Rico, I'm like that sounds bad But a little gun shooting here and there and a bad neighborhood not to me It's it's not a big thing if you hear the stories that I have heard from friends that live over in Juarez in Mexico For the drug dealers and the cartel that done over there whoo That's no joke And you're right and especially if you go to a place like San Juan and particularly Kandado area Listen, the tourism is a huge huge GDP You know facilitator for the island. So the cops are in full force here. There's a very big presence of police It's mainly to It's not to prevent the tourists from getting crime done to them. It's mostly to present the Protect the tourists from having from doing crime to each other, you know Well, maybe having too many Pina Coladas Yeah, that's and let's be honest if there's anybody that's gonna get into a to a raucous It's the it's the drunk tourists that come over there. It's us. Let's be honest and then Haunted and alone Facebook says land is expensive. It's not much left. I gotta tell you we were in Guainabbo and we went to way out to the to the What's the other place? Rincón on Rincón and some other place and another place and it's like when you drive out there There is a ton of land and it's not expensive Whatsoever just depends on where you want to go. That's the big thing You want to be close to the beach like a mr. Masculi or you know be like me a little bit more inland And you know get away from things. I don't know Yeah, let's see once once you leave San Juan it becomes a very sparse island very quickly Yeah, and then this is another good point Dallas is as long as you're not in the drug biz Virtually non-existent. Holy safe. Yes Yeah, I'm not trying to do that. Let's see and then I talked to us about this Alex Hurricane season. This was a big one. Yes. So I Just I thought I just missed a tropical storm and I was like Alex What's the what's the weather over there and he sent me this message which was The message was or the weather is fine. I'm going to be yeah There's like nothing so like you you these tropical storms and we all know about was a hurricane Maria Which one was the one Maria? There's a couple of them. Yes. Yeah, and they just decimated that but that's like a hundred year storm So when they get when they get the tropical storms or whatever else, you know Things get flowing around there's a lot of water, but yeah, I don't know We missed we missed another one just couple or just yesterday as a matter of fact It was luckily both the last tropical storms went south of us I think there would be more chaos an island if they got snowed on with ten inches. Yeah. Yeah, exactly And then hoise babe says not every week I'd say once every two months electricity goes out and then figalos says I lose power at least three times per week But very short like five minutes. That's okay And in all honesty, I was losing I was was in power in Houston When I was over there, I lose it like every couple weeks So what are you gonna do and oh this one Joey rocket says Jenner was the best thing I bought some place of an others I was in condado and lost a lot of mood inland in the San Juan didn't lose it as much interesting interesting And that's it That's all we got. All right, 30 minutes. I think is good Al Whatever works, I'm just glad we could answer some questions and I'll check back in the comment section over the next coming days and see if I can answer anymore Okay, I'll last one before we go on this was pretty good. Sorry if I missed it But do you have to sell your crypto that you bought? While living in the US before you move there or can you take your crypto there and sell it with better tax advantage? Okay, so this is this is a very good question This is where a little complexity comes into play. So yeah, you made the purchase Before you move down here and you go to sell it You are not able to claim The zero capital gains Hmm, you can't have legacy come down here now if you move down here mid-year your zero capital gains tax Revert back to the beginning of the calendar year Okay, but Your corporate tax doesn't so let's say you live in New York State before moving down here in June to meet the deadline New York State for instance can tax you for every day that you were receiving income up there for the year Just a couple different things Yeah, that's different and then like Talk to Gio the lawyer. He'll tell you what's what he's got and go from there But legacy is like one of those things. It's kind of like a weird deal But yeah, make sure that gets it make sure you I'm not an expert in anything Just make sure you get you speak to your accountant down here and ask all the questions You can a lot of people are accommodating and asking questions Yeah, and then because like I thought it was because this act 20 act 22 I think it was written 2012 or something like that and then there was no real There was no real statements about cryptocurrency So when I talked to Gio he said we can write you an opinion Which you might need if the IRS ever came out and then we did it that way and then There's ways around things legally and that's the big thing legally and that's what we're all about That's what it should be or there's no offshore craziness, you know, we're not we're not financed just kidding but you know which We I have no ambition to touch to tussle with IRS again. That's it All right, Alex, I know you got to go and I know I don't want to take you too late So everybody thanks for watching we'll update you as time goes on and that's it for today So thank you. Thank you. Adios everybody. Bye. Bye