Not only are plaintiffs’ attorneys continually going after the deepest pockets in search of a large payday – now many are moving to Puerto Rico to benefit from advantageous tax laws.
According to a LAW.com article, there’s a growing number of lawyers specializing in mass torts who are relocating to the island paradise as a result of the COVID-19 pandemic switching many court proceedings to a virtual format. In addition to quality-of-life benefits Puerto Rico has to offer, there are now financial benefits as well. A law passed in 2019 incentivized individuals to become residents of the island nation by providing exemptions from certain capital gains and income taxes.
The lucrative concept has become so popular that there’s an active effort to recruit more lawyers to relocate. In fact, a mass torts conference held on the island in May featured a session called “Practicing Law in Paradise.” According to a description on the event website, the session would highlight “everything you need to know about the tax benefits of moving to Puerto Rico.”
Now plaintiffs’ attorneys can dream up more ways to enrich themselves by redistributing money away from the productive sector – all while living in paradise and skirting paying taxes in the continental United States!
Nice work if you can get it!!