Billionaire Paulson eyes move to tax haven Puerto Rico

Billionaire Wall Street hedge fund titan John Paulson is reportedly planning to move to Caribbean island Puerto Rico to cut his tax bill.

Paulson, who rose to prominence betting on the collapse of the US housing market, currently lives in New York, but has been looking at properties in Puerto Rico, Bloomberg reports. The country is now particularly attractive to the very wealthy, with a new law that leaves any capital gains accrued by residents free from tax. Paulson has almost $10bn (£6.7bn) invested in his own funds, and as such would be able to escape any capital gains tax on future gains the fund makes. The possibility of one of the world's best-known hedge fund managers moving to Puerto Rico underlines how the d...