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Yahoo
27-07-2025
- Business
- Yahoo
Inside The Puerto Rico Land Grab: Millionaires Race To Beat Tax Deadline, Locals Sound Alarm
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Puerto Rico has become one of the most coveted destinations for high-net-worth individuals seeking aggressive tax breaks — and the effects are reshaping the island's real estate market and affordability landscape, according to the New York Post. The legislation, signed into law in 2019 and extended through 2055, offers qualified residents a 4% corporate tax rate and exempts them from U.S. federal capital gains tax, provided they spend at least 183 days a year on the island. "Ninety-nine percent of my clients are coming here for the tax advantages," San Juan-based Luxury Realtor Christian Kleiner told the Post. Don't Miss: Be part of the breakthrough that could replace plastic as we know it— $100k+ in investable assets? – no cost, no obligation. According to Kleiner, more than 3,500 wealthy individuals — many in finance, cryptocurrency, and tech — have moved to the U.S. territory to take advantage of Act 60. A Race for Tax Relief Hedge fund billionaire John Paulson and cryptocurrency investor Michael Terpin were among the earliest adopters of the program, the Post reported. For others, Puerto Rico has become a full-time business base. TransPerfect CEO Phil Shawe moved to San Juan in 2018 after a bitter legal battle in Delaware. He now resides in the Condado area, just minutes from his company's Hato Rey headquarters. "The infrastructure reminded me more of Florida than I expected," Shawe told the Post, citing Puerto Rico's U.S. legal protections and executive-friendly climate as major draws. Trending: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — Real Estate Booms, Locals Priced Out Home values in Puerto Rico rose 11.6% year-over-year in Q1 2025, the highest rate in the nation, according to data from the Federal Housing Finance Agency. The spike in home values follows a 22% surge in the final quarter of 2024, the largest annual gain recorded by the FHFA since its inception in 1995. Short-Term Rentals Surge Short-term vacation rentals have boomed, with listings on platforms such as Airbnb (NASDAQ:ABNB) and Expedia Group (NASDAQ:EXPE) Vrbo growing from 1,000 in 2014 to over 25,000 in 2023, according to a 2024 report by the Hispanic Federation. A 2024 report from the Center for a New Economy found that a 10 percentage-point increase in short-term rentals as a share of housing units in a census tract is linked to a 23% rise in home prices and a 7% increase in median rents — even after accounting for local factors. "With so much to offer visitors, tourism will always be an important part of Puerto Rico's economy. However, it cannot come at the expense of Puerto Rico's residents and communities. Lawmakers in Puerto Rico are responsible for balancing the opportunities created by short-term rentals with their primary duty to protect the rights and needs of communities," said Frankie Miranda, president and CEO of the Hispanic group has recommended that vacation rentals register as businesses and that the current 7% room tax be raised to between 9% and 11%. A Global Shift in Wealth Migration Puerto Rico's transformation is part of a broader trend. According to the Henley Private Wealth Migration Report 2025, a record-breaking 142,000 millionaires are expected to relocate internationally this year — the largest movement of high-net-worth individuals since tracking began. The United Arab Emirates, U.S., and Singapore are the top destinations for these individuals, while the UK and China are expected to see the largest outflows. Within the U.S., Scottsdale, Arizona, has emerged as a surprise frontrunner. The Phoenix suburb saw a 125% surge in millionaire residents between 2014 and 2024, overtaking Austin as the country's fastest-growing wealth hub, according to the firm. Read Next: With Point, you can Image: Shutterstock This article Inside The Puerto Rico Land Grab: Millionaires Race To Beat Tax Deadline, Locals Sound Alarm originally appeared on Sign in to access your portfolio
New York Post
18-07-2025
- Business
- New York Post
NYNext Guide to: Where the wealthy are moving now
Money talks — and moves. In 2025, 142,000 millionaires around the world are expected to relocate — the largest voluntary transfer of private capital in modern history — per Henley & Partners, a London-based consultancy that tracks global trends in high-net-worth relocation. 17 Scottsdale, AZ., unseated Austin, TX., as the fastest-growing millionaire hub in the US in 2025, according to a Wealth Report conducted by Henley & Partners, a global leader in citizenship by investment. tim – Advertisement Traditional migration paths for the 1% have seen wealthy individuals fleeing high-tax areas like New York and California — which are losing Americans making over $200,000 at the highest rates of any US states — for buzzy locales such as Miami, Monaco and Portugal. But for the rich, a number of new destinations — both in the US and abroad — are gaining ground. '[They're] not just looking for safe bets in proven markets,' real estate appraiser Jonathan Miller told NYNext. 'They're looking to live where they want to live.' Advertisement Here, five locations where high-net worth individuals are increasingly flocking to. Puerto Rico 17 Act 60, Puerto Rico's marquee tax incentive program, offers significant benefits to qualifying individuals and businesses — including a 4% corporate tax rate and 0% federal capital gains — making it a major draw for high-net-worth relocators. othman – The US territory is luring big money with its Resident Tax Incentive Code, known as Act 60. Signed into law in 2019 and recently extended through 2055, Act 60 offers a 4% corporate tax rate and 0% federal capital gains to those who spend 183 days per year on the island. Advertisement 'Ninety-nine percent of my clients are coming here for the tax advantages,' San Juan luxury real estate specialist Christian Kleiner told NY Next. 17 John Paulson, seen here speaking onstage during Angel Ball 2022, was one of the earliest island adopters. Getty Images for Gabrielle's Angel Foundation According to Kleiner, more than 3,500 participants are currently taking advantage of Act 60. Many are in the finance, crypto and tech worlds, including early island adopters John Paulson, manager of the hedge fund Paulson & Co., and Michael Terpin, a digital asset investor. Advertisement The real estate market has surged accordingly. Home values in Puerto Rico rose 11.6% year-over-year in Q1 2025 — outpacing every US state in annual price growth, according to the Federal Housing Finance Agency. One of Puerto Rico's best-known transplants is Phil Shawe, co-CEO of TransPerfect, the world's largest privately held language services provider. 17 Puerto Rico has proven highly attractive to high net worth individuals, particularly from the East Coast. In addition to a plethora of tax incentives, sources told NYNext that the favorable legal climate and the fact that they can remain under US federal law were among the primary reasons they decided to move. dbvirago – Shawe relocated in 2018 after a bruising legal dispute in Delaware, which he says cost a third of the company's value in legal fees. Puerto Rico's favorable legal climate — it's still under US federal law — and a lifestyle shift prompted his move. Shawe and much of his C-suite now live in Condado, just 15 minutes from TransPerfect's headquarters in Hato Rey, San Juan's financial district. 'The infrastructure reminded me more of Florida than I expected,' Shawe told NY Next. Uruguay Advertisement 17 Uruguay's appeal lies in its rare blend of political stability, personal safety and natural beauty — without the natural disaster risks that plague other regions. ricardokuhl – Felipe Silva, a Punta del Este–based advisor with Engel & Völkers told NYNext that the South American country is drawing wealthy folk — particularly those from California and New York — with its business opportunities and safety. 'They want a place with no war risk, no earthquakes, no tsunamis … there aren't many of those left, especially in the Southern Hemisphere,' Silva said. 'They're looking for a place to escape, but at the same time, to invest.' 17 Uruguay's luxury market is booming, with high-end developments in Punta del Este and Montevideo catering to international buyers seeking beachfront living, modern amenities, and long-term value. Courtesy of Engel & Volkers Advertisement Uruguay's fertile soil, vast freshwater resources and per-hectare prices far below US and European norms make agricultural land a popular bet, too. Uruguay offers a 10-year income tax holiday for foreign buyers who spend at least 60 days per year in the country and invest $500,000 or more in real estate. Or, you can invest $2.3 million and no time in the country is required. 17 Uruguay's fertile soil, abundant freshwater and relatively low per-hectare prices have made farmland an increasingly popular asset class for wealthy buyers looking to diversify. Martin Germino/Wirestock – Buying property, Silva noted, is relatively frictionless — with transactions typically wrapping within 30 to 60 days. Advertisement These various advantages have drawn numerous people in recent years, including musicians Shakira and Ronnie Wood, as well as Cipriani CEO Giuseppe Cipriani. 17 Oceanfront property in Uruguay remains remarkably undervalued compared to global luxury markets — with prime beachfront homes often selling for a fraction of what similar properties would command in Miami or Malibu. Michele – Developers have been eager to meet demand. Trump Tower Punta del Este, a 26-story luxury tower that opened in 2024, has listed apartments for upwards of $8 million. Advertisement Down the beach, Cipriani Ocean Resort is marketing a penthouses for $17 million. 17 Luxury developments are booming in Uruguay, with high-end projects like Trump Tower Punta del Este and Cipriani Ocean Resort (pictured above) drawing international buyers with oceanfront penthouses priced up to $17 million. Cipriani Punta del Este/Facebook Silva noted that the lifestyle is hard to beat. 'You have the city, the coast and the countryside all within 15 minutes,' he said. Florida — but not Miami 17 Wellington, known for its world-class equestrian scene, draws ultra-wealthy buyers seeking privacy, land, and proximity to elite polo and riding events. Robert Stevens, courtesy of Qasanova Luxury The rationale for moving to the Sunshine State hasn't changed — zero state income tax, favorable weather and a business-friendly environment — but buyers are increasingly looking beyond the usual suspects like Miami and Palm Beach. 'We're seeing demand spread out a bit,' Jonathan Miller, CEO of real estate appraisal firm Miller Samuel, told NYNext. 'We're now seeing significant [multi-million dollar] transactions in Manalapan and Wellington.' Manalapan, a town of fewer than 500 residents just south of Palm Beach, made headlines in 2022 when Oracle co-founder Larry Ellison purchased a $173 million estate. The sale triggered a new wave of high-end buyers, including hedge funders — Chris Rokos has a $150 million property — musicians and developers. 17 Larry Ellison, pictured here at the Oracle Open World conference in San Francisco, owns a $173 million compound in Manalapan that set Florida's real estate record in 2022. Getty Images 17 Neighboring Ellison's compound, this $285 million mansion will span 54,570 square feet and include everything from a car museum and shooting range to a private bowling alley, golf simulator, and padel court. Courtesy of Holland PR In July 2025, developer Stewart Satter obtained approval to begin construction on a $285 million spec mansion directly adjacent to Ellison's property. If sold at that price, it will become the most expensive home in U.S. history. Wellington, an equestrian community about 20 miles inland, doesn't have ocean views, but the horsey set cares more about being near the showgrounds. Wellington's 12-week winter show circuit, the longest-running in the world, has turned the town into a seasonal hub for the super-rich, drawing Olympic riders, star polo players like Nacho Figueras and horsewoman-heiress such as Jessica Springsteen (daughter of Bruce) and Georgina Bloomberg (daughter of Michael). 17 Georgina Bloomberg participates in the Suncast 1.50m Championship Jumper Classic at the Wellington Equestrian Center on February 23, 2013, in Wellington. Larry Marano Matt Johnson, a luxury broker with 26 years of experience in the market, said many of his buyers tour stables in the area before looking at houses. He noted that the area has had 23 sales over $5 million in the past 18 months alone. 'The luxury market is the equestrian market,' Johnson told NYNext. Scottsdale, Arizona 17 High-net-worth individuals, primarily those from California and Seattle, are flocking to Scottsdale for its land, lifestyle, low taxes and lack of natural disasters. Matt Gush – In 2025, Scottsdale unseated Austin as the fastest-growing millionaire hub in the US, according to a Wealth Report conducted by Henley. The Phoenix suburb saw a 125% surge in millionaire residents from 2014 to 2024, fueled by remote work trends, a thriving tech sector and a flood of Californians — and some Seattleites — in search of lower taxes and peace of mind. Unlike coastal competitors, Arizona has no earthquakes, no hurricanes, and — compared to Florida — more forgiving winters. It also boasts something high-end buyers increasingly crave: land. '[They want] acreage, uninterrupted views, new builds, guest houses, pickleball courts, pools,' Scottsdale's preeminent luxury broker, Kelly Jones, told NYNext. 17 Arizona's flat 2.5% income tax — one of the lowest in the country — has become a major draw for wealthy individuals seeking financial efficiency and simplicity. BCFC – From a financial and legal perspective, Arizona's appeal begins with a flat 2.5% income tax — adopted in 2023, and still among the lowest in the country — and ends with favorable estate-planning laws. Moreover, friendly business regulations have streamlined everything from corporate formation to trust structuring to legal investments. High‑profile residents in Scottsdale and its surrounding suburbs reportedly include retired Phoenix Suns star Charles Barkley, retired race car driver Danica Patrick, actors Emma Stone and David Spade and GoDaddy founder Bob Parsons, who also owns the Scottsdale National Golf Club. All together, Scottsdale now hosts about 14,800 millionaires, 64 centi‑millionaires and five billionaires, per Henley. 'We continue to surprise ourselves,' Jones said. This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC's power players (and those who aspire to be). Milan, Italy 17 Milan is Italy's financial capital and one of the most cosmopolitan cities in Europe, offering international schools, luxury shopping and proximity to the Alps and lakes. Kavalenkava – The city is quickly transforming from the wealthiest in Italy to one of the wealthiest in continental Europea, predominantly because of Italy's special tax regime. Introduced in 2017, it's been dubbed the 'CR7 rule' after footballer Cristiano Ronaldo. He was one of the first to take advantage of the policy, which allows non-domiciled residents to pay a flat tax of no more than €200,000 (about $233,000) annually on all foreign-generated income. More recently, the rule has attracted prominent financiers like Elio Leoni-Sceti, founder of venture capital fund The Craftory; Bart Becht, former CEO of Reckitt Benckiser; Richard Gnodde, Goldman Sachs' investment banking vice chair; and Nassef Sawiris, Egyptian investor scion and billionaire. 17 Milan has become Europe's newest wealth magnet thanks to Italy's 'CR7 rule,' a 2017 tax policy — named for footballer Cristiano Ronaldo — that lets non-domiciled residents pay a flat tax of no more than €200,000 annually on all foreign-generated income. Getty Images 'Milan is a financial center with international schools and classy shopping precincts,' Dominic Lawrance — a partner at the London-based law firm Charles Russell Speechlys, which recently opened an office in Milan — told NYNext. 'The city is, by Italian standards, highly cosmopolitan.' Many making the move hail from London — which experienced a 12% decline in millionaire growth from 2014 to 2024 per Henley. Only Moscow saw a greater decline. 'Italy has benefited greatly from ill-judged tax reforms in the UK, which have had the unintended effect of driving away wealthy, mobile individuals,' Lawrance said. The Milanese even have a name for this migration: 'svuota Londra' or 'empty London.' Send NYNext a tip:nynextlydia@
New York Post
18-07-2025
- Business
- New York Post
Where the wealthy are moving now
Money talks — and moves. In 2025, 142,000 millionaires around the world are expected to relocate — the largest voluntary transfer of private capital in modern history — per Henley & Partners, a London-based consultancy that tracks global trends in high-net-worth relocation. 17 Scottsdale, AZ., unseated Austin, TX., as the fastest-growing millionaire hub in the US in 2025, according to a Wealth Report conducted by Henley & Partners, a global leader in citizenship by investment. tim – Advertisement Traditional migration paths for the 1% have seen wealthy individuals fleeing high-tax areas like New York and California — which are losing Americans making over $200,000 at the highest rates of any US states — for buzzy locales such as Miami, Monaco and Portugal. But for the rich, a number of new destinations — both in the US and abroad — are gaining ground. '[They're] not just looking for safe bets in proven markets,' real estate appraiser Jonathan Miller told NYNext. 'They're looking to live where they want to live.' Advertisement Here, five locations where high-net worth individuals are increasingly flocking to. Puerto Rico 17 Act 60, Puerto Rico's marquee tax incentive program, offers significant benefits to qualifying individuals and businesses — including a 4% corporate tax rate and 0% federal capital gains — making it a major draw for high-net-worth relocators. othman – The US territory is luring big money with its Resident Tax Incentive Code, known as Act 60. Signed into law in 2019 and recently extended through 2055, Act 60 offers a 4% corporate tax rate and 0% federal capital gains to those who spend 183 days per year on the island. Advertisement 'Ninety-nine percent of my clients are coming here for the tax advantages,' San Juan luxury real estate specialist Christian Kleiner told NY Next. 17 John Paulson, seen here speaking onstage during Angel Ball 2022, was one of the earliest island adopters. Getty Images for Gabrielle's Angel Foundation According to Kleiner, more than 3,500 participants are currently taking advantage of Act 60. Many are in the finance, crypto and tech worlds, including early island adopters John Paulson, manager of the hedge fund Paulson & Co., and Michael Terpin, a digital asset investor. Advertisement The real estate market has surged accordingly. Home values in Puerto Rico rose 11.6% year-over-year in Q1 2025 — outpacing every US state in annual price growth, according to the Federal Housing Finance Agency. One of Puerto Rico's best-known transplants is Phil Shawe, co-CEO of TransPerfect, the world's largest privately held language services provider. 17 Puerto Rico has proven highly attractive to high net worth individuals, particularly from the East Coast. In addition to a plethora of tax incentives, sources told NYNext that the favorable legal climate and the fact that they can remain under US federal law were among the primary reasons they decided to move. dbvirago – Shawe relocated in 2018 after a bruising legal dispute in Delaware, which he says cost a third of the company's value in legal fees. Puerto Rico's favorable legal climate — it's still under US federal law — and a lifestyle shift prompted his move. Shawe and much of his C-suite now live in Condado, just 15 minutes from TransPerfect's headquarters in Hato Rey, San Juan's financial district. 'The infrastructure reminded me more of Florida than I expected,' Shawe told NY Next. Uruguay Advertisement 17 Uruguay's appeal lies in its rare blend of political stability, personal safety and natural beauty — without the natural disaster risks that plague other regions. ricardokuhl – Felipe Silva, a Punta del Este–based advisor with Engel & Völkers told NYNext that the South American country is drawing wealthy folk — particularly those from California and New York — with its business opportunities and safety. 'They want a place with no war risk, no earthquakes, no tsunamis … there aren't many of those left, especially in the Southern Hemisphere,' Silva said. 'They're looking for a place to escape, but at the same time, to invest.' 17 Uruguay's luxury market is booming, with high-end developments in Punta del Este and Montevideo catering to international buyers seeking beachfront living, modern amenities, and long-term value. Courtesy of Engel & Volkers Advertisement Uruguay's fertile soil, vast freshwater resources and per-hectare prices far below US and European norms make agricultural land a popular bet, too. Uruguay offers a 10-year income tax holiday for foreign buyers who spend at least 60 days per year in the country and invest $500,000 or more in real estate. Or, you can invest $2.3 million and no time in the country is required. 17 Uruguay's fertile soil, abundant freshwater and relatively low per-hectare prices have made farmland an increasingly popular asset class for wealthy buyers looking to diversify. Martin Germino/Wirestock – Buying property, Silva noted, is relatively frictionless — with transactions typically wrapping within 30 to 60 days. Advertisement These various advantages have drawn numerous people in recent years, including musicians Shakira and Ronnie Wood, as well as Cipriani CEO Giuseppe Cipriani. 17 Oceanfront property in Uruguay remains remarkably undervalued compared to global luxury markets — with prime beachfront homes often selling for a fraction of what similar properties would command in Miami or Malibu. Michele – Developers have been eager to meet demand. Trump Tower Punta del Este, a 26-story luxury tower that opened in 2024, has listed apartments for upwards of $8 million. Advertisement Down the beach, Cipriani Ocean Resort is marketing a penthouses for $17 million. 17 Luxury developments are booming in Uruguay, with high-end projects like Trump Tower Punta del Este and Cipriani Ocean Resort (pictured above) drawing international buyers with oceanfront penthouses priced up to $17 million. Cipriani Punta del Este/Facebook Silva noted that the lifestyle is hard to beat. 'You have the city, the coast and the countryside all within 15 minutes,' he said. Florida — but not Miami 17 Wellington, known for its world-class equestrian scene, draws ultra-wealthy buyers seeking privacy, land, and proximity to elite polo and riding events. Robert Stevens, courtesy of Qasanova Luxury The rationale for moving to the Sunshine State hasn't changed — zero state income tax, favorable weather and a business-friendly environment — but buyers are increasingly looking beyond the usual suspects like Miami and Palm Beach. 'We're seeing demand spread out a bit,' Jonathan Miller, CEO of real estate appraisal firm Miller Samuel, told NYNext. 'We're now seeing significant [multi-million dollar] transactions in Manalapan and Wellington.' Manalapan, a town of fewer than 500 residents just south of Palm Beach, made headlines in 2022 when Oracle co-founder Larry Ellison purchased a $173 million estate. The sale triggered a new wave of high-end buyers, including hedge funders — Chris Rokos has a $150 million property — musicians and developers. 17 Larry Ellison, pictured here at the Oracle Open World conference in San Francisco, owns a $173 million compound in Manalapan that set Florida's real estate record in 2022. Getty Images 17 Neighboring Ellison's compound, this $285 million mansion will span 54,570 square feet and include everything from a car museum and shooting range to a private bowling alley, golf simulator, and padel court. Courtesy of Holland PR In July 2025, developer Stewart Satter obtained approval to begin construction on a $285 million spec mansion directly adjacent to Ellison's property. If sold at that price, it will become the most expensive home in U.S. history. Wellington, an equestrian community about 20 miles inland, doesn't have ocean views, but the horsey set cares more about being near the showgrounds. Wellington's 12-week winter show circuit, the longest-running in the world, has turned the town into a seasonal hub for the super-rich, drawing Olympic riders, star polo players like Nacho Figueras and horsewoman-heiress such as Jessica Springsteen (daughter of Bruce) and Georgina Bloomberg (daughter of Michael). 17 Georgina Bloomberg participates in the Suncast 1.50m Championship Jumper Classic at the Wellington Equestrian Center on February 23, 2013, in Wellington. Larry Marano Matt Johnson, a luxury broker with 26 years of experience in the market, said many of his buyers tour stables in the area before looking at houses. He noted that the area has had 23 sales over $5 million in the past 18 months alone. 'The luxury market is the equestrian market,' Johnson told NYNext. Scottsdale, Arizona 17 High-net-worth individuals, primarily those from California and Seattle, are flocking to Scottsdale for its land, lifestyle, low taxes and lack of natural disasters. Matt Gush – In 2025, Scottsdale unseated Austin as the fastest-growing millionaire hub in the US, according to a Wealth Report conducted by Henley. The Phoenix suburb saw a 125% surge in millionaire residents from 2014 to 2024, fueled by remote work trends, a thriving tech sector and a flood of Californians — and some Seattleites — in search of lower taxes and peace of mind. Unlike coastal competitors, Arizona has no earthquakes, no hurricanes, and — compared to Florida — more forgiving winters. It also boasts something high-end buyers increasingly crave: land. '[They want] acreage, uninterrupted views, new builds, guest houses, pickleball courts, pools,' Scottsdale's preeminent luxury broker, Kelly Jones, told NYNext. 17 Arizona's flat 2.5% income tax — one of the lowest in the country — has become a major draw for wealthy individuals seeking financial efficiency and simplicity. BCFC – From a financial and legal perspective, Arizona's appeal begins with a flat 2.5% income tax — adopted in 2023, and still among the lowest in the country — and ends with favorable estate-planning laws. Moreover, friendly business regulations have streamlined everything from corporate formation to trust structuring to legal investments. High‑profile residents in Scottsdale and its surrounding suburbs reportedly include retired Phoenix Suns star Charles Barkley, retired race car driver Danica Patrick, actors Emma Stone and David Spade and GoDaddy founder Bob Parsons, who also owns the Scottsdale National Golf Club. All together, Scottsdale now hosts about 14,800 millionaires, 64 centi‑millionaires and five billionaires, per Henley. 'We continue to surprise ourselves,' Jones said. This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC's power players (and those who aspire to be). Milan, Italy 17 Milan is Italy's financial capital and one of the most cosmopolitan cities in Europe, offering international schools, luxury shopping and proximity to the Alps and lakes. Kavalenkava – The city is quickly transforming from the wealthiest in Italy to one of the wealthiest in continental Europea, predominantly because of Italy's special tax regime. Introduced in 2017, it's been dubbed the 'CR7 rule' after footballer Cristiano Ronaldo. He was one of the first to take advantage of the policy, which allows non-domiciled residents to pay a flat tax of no more than €200,000 (about $233,000) annually on all foreign-generated income. More recently, the rule has attracted prominent financiers like Elio Leoni-Sceti, founder of venture capital fund The Craftory; Bart Becht, former CEO of Reckitt Benckiser; Richard Gnodde, Goldman Sachs' investment banking vice chair; and Nassef Sawiris, Egyptian investor scion and billionaire. 17 Milan has become Europe's newest wealth magnet thanks to Italy's 'CR7 rule,' a 2017 tax policy — named for footballer Cristiano Ronaldo — that lets non-domiciled residents pay a flat tax of no more than €200,000 annually on all foreign-generated income. Getty Images 'Milan is a financial center with international schools and classy shopping precincts,' Dominic Lawrance — a partner at the London-based law firm Charles Russell Speechlys, which recently opened an office in Milan — told NYNext. 'The city is, by Italian standards, highly cosmopolitan.' Many making the move hail from London — which experienced a 12% decline in millionaire growth from 2014 to 2024 per Henley. Only Moscow saw a greater decline. 'Italy has benefited greatly from ill-judged tax reforms in the UK, which have had the unintended effect of driving away wealthy, mobile individuals,' Lawrance said. The Milanese even have a name for this migration: 'svuota Londra' or 'empty London.' Send NYNext a tip:nynextlydia@
Daily Mail
12-07-2025
- Business
- Daily Mail
Billionaire poses with glamorous new fiancee and their BABY while scorned ex-wife holds him hostage in divorce court
Wall Street billionaire John Paulson is all smiles in sun-soaked family portrait posted to Instagram on Friday as he is seen wrapping his arm around his glamorous, much-younger fiancée who is holding their baby daughter. As the 69-year-old hedge fund titan posed with 36-year-old Alina de Almeida and their five-month-old baby girl Jacqueline, his estranged wife Jenny Zaharia, 55, is preparing for another round in the brutal, high-stakes divorce battle that's already dragged on for four years - and shows no signs of ending. And while Paulson is publicly embracing his new beginning, behind courtroom doors he's fighting to keep the mother of his first two daughters from claiming a massive chunk of the $4.7 billion fortune he says is meant for his girls and not his ex-wife. In the the couple's first public appearance with their child, Paulson, dressed in a navy blazer and shades, beams as he cuddles baby Jacqueline - named after his mother - while Almeida glows in a white beachside ensemble. The pair got engaged in April 2023 after dating for two-and-a-half-years. De Almeida, who has a degree in Food & Nutrition Sciences, is the founder of health counseling company, Effective Lifestyle. Paulson, who famously made $20 billion betting against the housing market before the 2008 crash, is still in the midst of a high profile divorce from his ex-wife, Jenny. Paulson filed for divorce from Jenny in 2021 after 21 years of marriage and two daughters, Danielle, 22, and Giselle, 20. But instead of it ending quietly, the split has spiraled into one of the most acrimonious and expensive divorces in recent financial history. At the heart of the legal feud is a series of family trusts - allegedly containing more than $2 billion - which Paulson claims were created to benefit their daughters. Jenny says otherwise and alleges Paulson hid millions in a 'secret trust' during their marriage and is now trying to lock her out of assets she's entitled to. She is suing him, arguing the trusts were structured to 'evade his lawful obligations in the event of divorce.' Paulson, for his part, says Jenny's legal crusade could devastate their daughters' future, slicing their inheritance in half just to secure a bigger payout for herself. 'Her attempt to break the trusts will cost her daughters about $1 billion in future taxes and rob them of their inheritance,' said Paulson's attorney, James Smith. 'For someone who will be one of the richest women in America regardless of how this ends, her greed is unconscionable.' Jenny, a Romanian-born former secretary, was described by Paulson in a 2009 biography as 'a breath of fresh air.' The pair met when she worked for him in his hedge fund office and married in 2000. The former couple were seen at the US Open tennis in New York in September 2018 Now, two decades and one of the world's largest fortunes later, she's locked in a bare-knuckle legal brawl with her former boss and husband. Her attorneys deny claims of greed, instead accusing Paulson of 'spousal abuse by stealth' - allegedly siphoning funds into opaque financial vehicles during their marriage. They say Jenny was never made aware of the trusts and are demanding that Paulson formalize his supposed offer to settle in writing. 'Put your offer in writing, in the form of a court-filed public stipulation,' her attorney Robert Cohen told in 2024. 'We ask him now, on the record: Yes or no.' As his legal team sparred in court, Paulson was busy making headlines for other reasons. In April 2023, he proposed to Almeida, a striking dietician and founder of a lifestyle company, after two and a half years of dating. he engagement coincided with the couple co-hosting a mega-fundraiser at Paulson's $110 million Palm Beach estate, raking in over $50 million for Donald Trump's presidential campaign. The 2006 letter that Paulson says proves that his Romanian-born wife knew of his 'secret tust' Almeida's name appeared on the invitation alongside Paulson's, and she debuted a massive diamond ring at the event. Tickets for the glitzy evening went as high as $814,600 for a seat at Trump's table. Trump and Melania attended, as did a slate of mega-donors and elite political operatives, turning the couple's mansion, a sprawling 30,000-square-foot palace on the Intracoastal Waterway, into ground zero for Trump's 2024 money machine. Last year Jenny recently won a key legal victory when a New York appeals court rejected Paulson's motion to close oral arguments from public view, setting the stage for a courtroom clash with the world watching. Adding another twist, Paulson's legal team has raised concerns that the daughters' share of the trust could be 'diluted' if he and Almeida have more children. While Jacqueline may currently be a beneficiary of the trust, the idea that new offspring could impact the daughters' inheritance has become another point of contention - especially as Paulson offered, in rejected settlements, to 'remove future spouses and children' from the trust's terms. Jenny's team argues this shows Paulson's intentions were never concrete - and that he's trying to rewrite the financial legacy of a marriage that spanned more than two decades. With neither side backing down, a public trial now looms that could see explosive financial records, internal family communications, and decades-old trust documents all laid bare. Meanwhile, Paulson continues to project the image of being a doting father. But in divorce court, it's Jenny who still holds the cards and potentially billions of dollars in leverage.
National Post
07-07-2025
- Business
- National Post
Trump's $5-million 'gold card' visa might never happen
Article content He told the Financial Times in mid-June that 70,000 people have signed up to learn more about the card. Article content Lutnick has said the idea for the gold card came from hedge fund manager John Paulson, who spoke with Trump and Lutnick about the project. Elon Musk's U.S. DOGE Service played a key role in organizing that effort, including standing up a website that advertises 'The Trump Card Is Coming,' according to records obtained by The Washington Post and a Department of Homeland Security official familiar with the matter, who spoke on the condition of anonymity to share internal discussions. The website instructs visitors to enter their name, email address and region to 'be notified the moment access opens.' Article content In mid-April, DOGE representatives Edward Coristine and Marko Elez asked employees at DHS and the State Department to quickly set up a system that would pass gold card visa applicants' data among different parts of DHS, the records show. The data that would be transferred was sensitive, detailing applicants' names, birth dates, places of residence and other personal information, the records show. Article content The DHS team finished setting up its requested data transfer pipeline in less than a week, the employee said, then settled in to wait for applicants. But as of late June, not a single application had come along on a webpage for the visa application, which isn't public, the employee said. Article content Lutnick told Axios in late May that the website would roll out in a week, and details about the visas would come out 'over a matter of the next weeks; not months, weeks.' Article content Around the world, other countries that had once offered similar costly green cards have reversed course after controversies over granting rich people unfettered residency and the fallout from that, said Kate Hooper, a senior policy analyst for the nonpartisan Migration Policy Institute. For instance, Spain ended its golden visa after an explosion in housing prices fuelled by wealthy buyers. Article content 'There's been a bit of a backlash to that … the optics of selling citizenship and worries about due diligence,' Hooper said. Article content Hooper, who studies the gold visa programs globally, said the U.S. proposal would be the most expensive one out there if it were feasible. Wealthy foreigners who want to spend less could easily acquire a visa to several Caribbean island nations for a fraction of the cost Trump has proposed. For instance, Antigua and Barbuda requires a contribution of $230,000 to a national development fund for a visa. Article content It is also unclear how many people would be interested in pursuing a U.S. gold card. EB-5 visas, which require investments of either $800,000 or $1.05 million, creating at least 10 jobs, are allocated to 10,000 foreigners a year. The UBS Global Wealth Report for this year estimated many of the world's millionaires already live in the U.S., and there may be about 33.5 million people outside of the U.S. with at least $1 million. The report didn't specify how many of those foreign millionaires might already have legal access to the U.S. and how many have more than $5 million. Article content
