Renowned hedge fund manager John Paulson has said he does
not intend to permanently reside in Puerto Rico, Bloomberg reported, following
suggestions he was looking to quit the US for tax purposes.

“In light of the media attention surrounding a relocation to
Puerto Rico, he has no plans to move to Puerto Rico,” Paulson & Co, the investor’s hedge fund, was reported saying in a statement.
“While Mr Paulson has considered real estate investments and has vacationed on
the island, he has no plans to establish a permanent residence there.”

This publication contacted Paulson & Co for further
comment but it did not respond at the time of going to press.

Earlier in March, it was reported that Paulson was exploring
a move to the jurisdiction; a new law there would remove taxes on the gains
from the $9.5 billion he has invested in his own funds, Bloomberg had reported.

Paulson became famous by successfully predicting the
collapse of the sub-prime mortgage market, earning $15 billion in profits for
his funds. However, some of his bets in subsequent years have been failures,
such as wagering that the eurozone would collapse.

As highlighted recently by legislation such as the
controversial FATCA Act (Foreign Account Tax Compliance Act), the US taxes
citizens on a worldwide basis regardless of where they live, contrasting with the territorial approach followed by most other jurisdictions.