Paradise for Sale | In Real Life
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- čas přidán 11. 05. 2024
- Economic divides widen in Puerto Rico as a new class of cryptocurrency entrepreneurs moves in. “In Real Life” correspondent Natasha Del Toro shows what happens when a U.S. territory becomes a tax haven.
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I feel sorry for the Puerto Ricans who have had to abandon their beautiful island to be able to survive.
These Americans claim to love their country, but they don't like to pay their taxes.
My heart goes out to the Puerto Rican people.
Puerto Rico is not a US territory it is a colony. When the US invaded Puerto Rico. Puerto Rico was an independent province of Spain. Invading Puerto Rico was an illegal act by the United States.
Puerto Rico IS a US territory ( meaning colony ) under the determinations of Congress. The Constitution determines that only Congress has the power to decide over its "territories ( Art 4, Sec 3, paragraph 2 ).
Yes, territory and colony are sinonimous under the constitution.
Actually in the last vote more than 52% voted for statehood... Many of my Boriquas friends and family want equality and fairness. If you lived there you know the struggles.
@@MyLoganTreks Most boricuas (learn to write it down) didn't vote on last elections, and the numbers of voters have dwindled significantly in the last 3 elections. None of the plebiscites here count for something for Congress, who are the actual people who can change any status in Puerto Rico.
It's annoying looking at this because you know the politicians don't care and are getting paid to fill rich people pockets.
Entrepreneurs create jobs. Not billionaires or speculators.
Of course speculators create jobs. What business school did you flunk out of lol speculation by investors is what allows small/medium size businesses, typically 50-500 employees in size, to scale to large size businesses, typically 500+ employees in size. Those large size businesses are our largest private employers. I can’t believe this had to be explained to you smh
Mark Cuban said that and he also agrees those like him should pay more taxes.
@@Ddal0ceano Mark Cuban also said to take the jab and vote for Biden 🤣😂😆 I wouldn’t listen to a thing that shill says
@@70two41five😂😂😂
This story does not get to the root of the problem which is Puerto Rico’s government. The entrepreneurs and investors are simply the result of the terrible and corrupt government decisions that the people are suffering from. From the Spain to the US, those in charge of running Puerto Rico have exploited the island for 500+ years. As a result, the best option for people is to leave for the US mainland in search of better opportunities.
6 million PR wouldn't be on the mainland if it had fair wages and benefits.
So much injustice in this world.
We need to return to the mother land 🇵🇷 and together rebuild. Even Puerto Ricans born in US, need to invest in your peoples land, education, boost employment and preserve everything we can. Abuelo lost everything his family ever had after he was drafted to the Korean war. He passed away in Florida with barely anything. Well, we gonna need it back!
Hurray! Im so happy for any of my Boriquas to move back and take advantage of ACT 60! Fair wages on the island dont exist teachers make $8.50 and police $12 and the corrupt mayors you can see on Crim qll the properties and influence they have done is profiting off their own people is sad! This needs to be investigated and stopped also the private buildings and permits given on the ocean in the south on protected lands!
Everyone wants to be Rich until it's time to pay Taxes.
😂😂😂 taxation is theft. Or you rather give the money to the corrupt government? Let them keep it invest it and spend it as they wish.
Real Americans like Mark Cuban want to pay their fair share ( Mark wants Billionaires taxed more) everyone who loves PR should want to see Puerto Rico not exploited by the rich and receive fair wages and support for all citizens.
41.7% of Puerto Rico's population, or 3,205,691 people, lived in poverty as of July 1, 2023.
If tax money was actually used responsibly and effectively to create a better society I think people would have less of a problem with it. Most money is squandered and siphoned off by special interest groups without actually having a positive impact on society as a whole.
The problem with act 60 today, is that it only applies to out side investors and not to native puertoricans.
There are a number of needed proyects and developments to take place in and on the island, and those could be stimulated as well for local developers to take advantage of the law.
Obviously, it cant be applied to everything as the island would virtually have no tax income.
Examples: hospitals; low income and middle income housing; economic development companies that would generate new businesses.
The island has no "master plan" on where and how it sees itself in 10 - 15 years down the road.
We do need to stimulate a new group of young profesionals with their families move to the island , and make it their home. A new vision for a new Puerto Rico , but true to its history and culture.
Anyone qualifes for act 22 and act 60 several Boriquas i know living on the mainland came back and established businesses on the island. I hope more solar companies move and establish businesses on the island. The Monopoly of Luma is disgusting.
@@MyLoganTreks nope. Barely any local Pymes can receive this. We should get rid of these unequal Act now!
6:11 Hahaha that was funny - glad you didn't censor that.
We learned from the 80s that trickle-down economics doesn't work, but yet to this day people still insist it does, and they're wrong. What you end up with is the rich get richer and everyone else stays the same or gets poorer.
This only works if the tax breaks start with there own people once PR is independent this incentives work. But as a colony it will never work
What does the status have to do with tax breaks?
They need to invest in educating and training the people of the island. That trickle down economics approach doesn’t work. Puerto Rican’s will never get ahead doing menial jobs for rich people
Their own people are eligible have them talk to a tax accountant knowledge is power to the people, the problem is the corrupt politicians. Get rid of the Jones Act too! Totally agree with the comment above, education is last if it was a state because teacher wages are $8.00 and hr and they cut their benefits. Facts not mentioned was 52% voted for statehood last time the issue was addressed.
The way Pedro Rivera treated the farmer was unnecessary. He could of gone about that differently.
You can clearly tell he had no interest in the eggs. 😡
They really don't care about the people here, they're interested in making the island their tax haven.
Ironically, Puerto Rico helped in the independence of the United States. Soldiers from Puerto Rico under the command of Bernardo de Galvez governor of Louisiana fought for the American Revolution for the independence of the 13 American colonies, and they also fought at Bunker Hill. George Washington needed help from Puerto Ricans to gain the independence of the United States 🇵🇷
Learned something new.
I suggest watching CZcams Geography by Geoff, you're off on your facts about PR
PR. Government should offer their tax incentives for 2 yrs. then start paying the regular amount. Win win!
That guy with the dreads seems insufferable. He’s definitely rugged once or twice.
I agree. He seems socially awkward, trying super-hard to be edgy and “unique”.
Seriously... The audacity! "Jobs that Puerto Ricans are not qualified for"? Pleeaase. PR is building a space research center in its oldest public engineering campus, they have biotech centers, cancer research centers, etc. If they don't have those "qualified skills" then train them! They owe it to the island that is giving them such tax breaks
He cares more about being brocks guard dog in PR than his own ancestors
@@barryfeliciano2423 You lost me. You must be one of those “african americans” that are stuck in a box, so progressive you’ve skipped the now and refuse to see the sad position “african americans” have put themselves in. I cringe when I read “the ancestors”, it typically comes from a person that’s romanticized the past and probably wouldn’t have been tasked with milking a cow.
12 eggs for 10 dollars in P Rico?? Try 32 eggs for 3.50 dollars…& thats Dubai!!
The people who are the left America to go to Puerto Rico need to stay humble. Remember they left America because you tomorrow lose their money to taxes so they should be treated like guest because Puerto Rico is for Puerto Ricans. It not there island. 👊🏿
🤔🤔THE COST OF LIVING IN PUERTO RICO IS GETTING HIGH, WAGES ARE LOW AND PUERTO RICAN ARE GETTING POOR THANKS TO THE RICH PEOPLE MOVING IN TO THE ISLAND 🤔🤔
cost of living is high because of the jones act, inflation, and a corrupt government stealing the money.
Gracias por el reportaje , espero que muchos entiendan lo que está pasand o en su isla , eso es si es su isla , por que muchos se an mudado para la isla del sueño americano que nunca realizarán , y uno puede vivir 100 años en su isla sano y sin enfermedades , y llega a los Estados Unidos y se muere de todo lo que el americano tiene .
As a Puerto Rican born and raice still living in the Island. Seen so much Americans moving here and the fact they dont want to speak Spanish. They made their our community bubble and want to be "Boricuas" but they live in wealthy areas work from home with American salary. They dont live the real Puerto Rico they dont mix with us. And they are taking all our beaches and houses. Vieques and Culebra they have more Americans than people was born there. We are loosing our Island. And Puerto Ricans think the solution is living in Florida, Texas NY.... Really they too sold our land. Puerto Rico wake up! 🇵🇷
I don’t think it’s foreign residents is the problem. I’m not saying you can’t feel that way that’s a personal thing. I think 💭 the problem is the politicians that you and others vote for that have bankrupted the island 🏝️ for decades. So let’s say every foreigner would leave do you think the island would improve? Education, health care,crime,corruption,welfare,bureaucracy, I don’t think so. I think Puerto Rico has a cultural problem and that reflects in its daily life.
New Yorkers have felt the same about Puerto Ricans for decades. Floridian’s too I’m sure. What’s the solution? You want Americans to send all Puerto Ricans back to the island, so that you can send all the Americans back to America? Deal, except Americans get to leave with their beach house so Puerto Ricans should also have to return with what they had before earning in America. Sounds fair.
Now you know how us American feel when y’all come to our country and don’t speak English luckily it Google translate now! 😊
@@hey610 I dont live in USA and I know English its crazy to do that in any Country.
@@Therocksteadycrew1 That and the American moving here.
Expensive housing seems like a problem in a lot of places. Governments seem hamstrung by their own process and/or legislation telling folks what they can't build (serving incumbents and nimbies) and what they can't sell or do (protecting incumbents and "-opolies"). Curious if reducing those barriers could help balance supply and demand through free market forces. (If you advocate for applying a stick for baddies, why not also advocate for providing a carrot and let good folks do good.)
They need to update the real estate laws and give abandoned homes to the municipalities if they are not maintained or taxes paid. The municipalities could then sell the properties and provide infrastructure improvements for their cities.
@@MyLoganTreks uhm, there's actual laws for that. Last update was on 2020. That they aren't being fast helping people is different.
It a new class of rich buying up prime front property. Soon it will be unrecognizable.
Y así destruyen un país con su cultura
Asi piensan
Ios americanos de los de P.R.
How is this any different than North America?
In the states the government is not giving "tax incentives" that are exclusive to outsiders, which is one of the driving forces of displacement here.
Facts are The tax incentives are actually available for all residents on the island and off the island I know several Boriquas who moved back and started businesses and even have CZcams channels repairing homes and flipping them just like any of the colonizers. Why doesn't the 6 million Puerto Rican living on the mainland move back and take advantage of the same Act 60? The roads being so bad ask the politicians in the Metro what they did with the money.
That old man doesn't give a 💩 about PR, he's on his way out, to his next life!
What do property and sales taxes look like there?
Food, groceries and dining very expensive, like California. Heavy Sales Tax.
Sales tax is the highest in the nation,property taxes are very low for primary residence. I think locals are frustrated and blaming foreigners but the real problem is the politicians they vote for that have bankrupted the island for decades. There’s also the mentality that being wealthy is a bad thing again I’m trying not to generalize.
Sales tax is 11.5%. it's expensive for regular people to even buy groceries and basic needs here. It's pennies for the crypto bros.
@@agcd2196 worse.
@@Ddal0ceano so why not join the crypto bros or gals ?
Well, Singapore hasn't done so bad.
The locals have been displaced is the problem... There are people around the world who try and capitalize off disasters of others. What is the saddest is that the environment and beaches and rivers are for all people to enjoy and not the rights of the rich. The entitlement is what pisses off the Boriqas the most because its their land! Treat people right and they will want the best for you, throw toilet paper after hurricane Maria and people will never forget the trash Trump brought to the island. BTW he has a home on a private beach in Dorado.. none of this should of been allowed and someone on the island took the bribes.
The quality of people between Singapore and PR is night and day.
If you want to make your community prosperous, then lessen the regulatory burden of starting a business. The people who sold the properties to Crypto people made money. But they probably don’t know how to make it grow. While I don’t believe in the government being able to teach students finance, it’s about time they did then.
Sounds like America 😢
Poor Rico
Translaed it's actually Rich Port, named by Spaniards
Its called gentrification
Sounds like the path this country is headed !
If you dont VOTE for better it will be the legacy you leave your children.. I still cry when i watch Trump throwing toilet paper after Maria saying clean up this mess when over 3,000 died!
This is exactly what the US n Florida politicians want to do to CUBA! I hope they never get the opportunity....
I disagree with this comment above, I have traveled to Puerto Rico for over 25 yrs and have been in Cuba 3 times since 2001 for humanitarian aid staying there for over a month, I been across both islands. Its easy to make false comments, Watch CZcamsrs in Cuba a communist state before you make those comments, its a humanitarian crisis. Rick Scott and Ron Disantis are corrupt and definitely agree with that point, so are alot of the former officials in Puerto Rico that have been caught stuffing their pockets.
Crypto bros love to buy into new crypto projects so they can buy a coin on the low and sell it to the next sucker for a higher price and make their profit. This %0 tax rule encourages cheap trading so they will be doing more and more of that. They don't really care about investing in real companies that much. Yes people will goto restaurants and hire someone to clean their house. Crypto bros with 20 mill paying a maid $300 to clean their mansion isn't much trickle down.
A percentage around 1% anually of the millionaires money being banked should be spent on government charites in order to live there.Minimum networth should be 100million dollars. These charites then fund healthcare, roads, education, school, utilites, ports etc.
Most of them, if not all, are a fraud. They barely, if nothing, contribute to anything on the island.
Excellent report but you never mention the high rate of crime( probably you don’t know).Drugs,car thefts.violent crime.
No different than the USA, and even way, way safer than other USA cities like New York, Los Angeles or St. Louis.
Si muchos se creen lo de este video, especialmente se creen que compraran las propiedades a precio de pescado abombado. Se equivocan. Las costas todas son de uso público aún las que están frente a los hoteles. Después del huracán ya estamos en pie. Hay trabajos puedes progresar si trabajas y comprar tu propiedad especialmente si cuidas tu crédito o lo redime. No dejes que los bancos decidan todo respecto a esa propiedad casa , edificio tienes y debes buscar opciones en interés y seguro que te ofrecen. BeEsto es una regla de oro que debes imponerte sea una casa, edificio, auto todo. Cuiden sus finanzas y si vendes vende con calma lee todo no firmes nada sin leer con cuidado. Cuida tus finanzas involucrarte. 😊👏
Eao no es cierto. Necesitas salir más y leer un poco más de info. No todas las costas son públicas.
Now that the old residents are displaced, the new wealthier residences will need new businesses to fill their more modern needs. That’s when the job creation and economic investment starts taking shape. It’s totally unrealistic to think the new, rich residents that your government courted are not going to buy up the waterfront and/or desirable property. It’s happens in the US and Canada by the wealthy Chinese immigrants all the time. No country is immune from it. Quite frankly, it’s a necessary evil that comes with courting foreign investment.
How's that koolaid?
@@Ddal0ceano the Koolaid I drink has made me wildly successful. How is your Koolaid working out for you? If it hasn’t given you total success maybe you try some different Koolaid. Just a thought 💭
I’m Puerto Rican and I don’t feel like you are focusing on the right things. These tax cuts helped but the government is very corrupt. You should do a story about the Government of 🇵🇷
These tax cuts are only for these people who aren't nor the majority or even give REAL, actual jobs to local people. The people WHO work and the PYMES SHOULD have tax cuts.
Foreigners should pay more, especially the Act 22 parasites.
Although that is true. Its better to hear from the actual people that live there and have to put up with the government.
Quite the contrary, these tax cuts have not helped at all. The government’s own reports have stated so. That the government of Puerto Rico is corrupt is just an additional problem to the main one. But that’s how colonies work, they’re for exploitational purposes, not for the native to thrive.
Most of those buildings were abandoned and the neighborhood was dangerous. It's not all negative like you are making it look.
It's way worse. These Act 22/60 leeches buy these properties and let them rot for years just to sell them at ridiculous prices. That has been proven a lot of times already.
Count how many abandoned houses and buildings you see on any street next time do drive around... Imagine if municipalities required people to sell these or fix them up, like code violations like on the mainland. Truth is several mayors down there buy them all up, check Crim and would like you to do a story about this corruption.
@@MyLoganTreks I live in Puerto Rico. Part of the issue with the abandoned properties is that most of them are into inheritance legal issues, and there's others that are government properties and they haven't done much to them. There's laws for them, and some people are aware of that, and occupy them to reutilize for social help ( community services, mostly). These properties should be disposed of but for mostly locals, especially if they're for living issues, and others, like I said, for locals who want to help their communities.
Great video
I’m from Fajardo, PR.
My only pushback is that we live in a capitalist country; your job as a Government is to attract capital (PERIOD)
PR should add a few speculations; you must create X amount of jobs, paying at this rate, etc; in other words, the more you do, the more the break, so that the incentive exists, but with a few reasonable caveats.
Those would be regulations or stipulations but definitely there is no need for more speculation.
Thanks ! Bill Clinton.
Gentrification on Steroids
shhh
Meanwhile Trump throwing toilet paper after Maria and wanting to cut Auditors in the IRS.. Vote against these people who unfairly use corruption to their advantage over your well being.
wait Spanish is the official language there? not English?
Yes and we’re proud of our Spanish language, English is an option. Maybe you should read some history.
Disgusting.
Islands with no natural resources tend to to be poor basket case economies. The exceptions tend to have a very intelligent skilled workforce. Like Singapore or Taiwan. The crypto bros are not going to solve their problem.
Puerto Rico HAS natural resources. It's not so exploited as other places, but also can't be exploited as much because of the small territorial area, and also, it affects everything and everyone.
@@QueenSelene88 What are their natural resources in your opinion?
This is a hit job, hit piece. It's obvious who the most mimic in the world. This is why ppl envy them lie abt them and always bothering them. Obviously the ppl that work for youtube too ucks with their #s we don't care we know what it is. We just wanna stay away from all ya. And noone does it better than us noone 💯
Cry me a rive! Act 22/60 people are parasites and don't contribute in ANYTHING in Puerto Rico except being leeches and simulate they live in Puerto Rico meanwhile going out to other places. And that was some of them talking in another report about them.
Welfare state
Welfare for the rich, laisez fairy capitalism for the poor and whatever is left of the middle class.
P.R is not a state. Wellfare program is not valid here. I invite you to read before speak.
@@valerieblackthorn2792 and the ignorance continues. So sorry you can not handle the fact that PR is a Welfare state of the United States 🇺🇸 and would be in the same position as Cuba 🇨🇺 if not for the Generosity of the Citizens of the United States 🇺🇸. How Pathetic. Thank you for your opinionated reply.
Lol welfare colony for the rich for sure 😂
Remember to vote for the PNPPD-communist party!
The assumption behind her question is that the government would create good jobs by taxing their funds. Actually, them paying the waiters, etc would allow those people to start businesses to create good jobs.
At what pace will you build your business from just tips while you work one or more jobs and take care of your family? More trickle down economics bs. No more koolaid for you.
@@Ddal0ceano it took me two years of waiting tables at Denny's, taking care of my blind mother, studying, and interning before I was able to start my first business. Finding someone to work as hard as me to partner with was the hardest part.
@@nickeleye7607 your salaries there where you live aren't comparable to nowadays, nor to the reality of Puertorricans living in the Island. I do not know of any waiter here who cand do anything at $2.25 per hour, and with less people coming to the places each day. Try to survive, yes. But real living, no.
@@QueenSelene88 I know the struggles as I am from a Caribbean island myself. Trust me, waiters make much more than $2.25/hour when you include tips. Especially the waiters in Condado, and Isla Verde. The root problem of Puerto Rico is that the government is in debt.
Next time interview the governor and the real represent of the puertorrican people not interview a minority independence’s movement plus Soros journalist Luis .
Young inexperienced "journalist" are really annoying. This could have been great story or even just good. But nah some young fool looking for controversy 😂😂
Poor people have the same mentality. " I am poor and you are rich, so give me some of your money." Their definition of fairness is they should get money from rich people just because they are rich.
Rich people think that just because they worked hard for what they have they have the right to cut-throat, cheat and swindle even the weak!
we should take money from the rich that is correct
@@lagartijamuerta That's why people from 3rd world countries are having your jobs.🤭