A tax break enacted in Puerto Rico in 2012 aimed to revitalize the economy by encouraging U.S. citizens to do business and live on the island. They could apply to avoid paying capital gains taxes on the island. But recent data suggests that the tech entrepreneurs (mostly cryptocurrency entrepreneurs) who flocked to protect their wealth haven’t done much to improve the island’s fortunes. Instead, some have left a lot of unfinished business, a new report from The New York Times suggests. The report takes a closer look at Brock Pierce, the 43-year-old former child actor who created the now-embattled digital currency Tether. His local business dealings (including a real estate buying frenzy) have been ill-fated and short-lived.
