Facebook whistleblower Frances Haugen has been in the public eye recently for taking thousands of compromising Facebook documents with her when she left the company. Haugen revealed to the New York Times that she is an early investor in cryptocurrencies, and as such would “be fine for the foreseeable future” in Puerto Rico with her crypto friends.
The leaked documents, which Facebook has recently stated are “stolen”, highlight concerns of violence and damage that is caused by the social media giant, and confirms that they are aware of this - despite strongly refuting many of the allegations.
Haugen recently appeared at a UK committee hearing of MPs and Lords, in which she outlined the problem with Facebook and other social networks. The Online Safety Bill committee is currently considering what new rules to impose on social media platforms, and would see the leading the way in terms of social media regulation.
Despite no longer working for the social media giant, and potentially facing a legal battle, Haugen noted in the interview with the NYT that she was an early investor in cryptocurrencies, and as such is financial independent:
“For the foreseeable future, I’m fine because I did buy crypto at the right time,”
While the former Facebook employee did not reveal which cryptocurrencies she has invested in, she noted that her move to Puerto Rico was influenced by her desire to join her “crypto friends”.
While Puerto Rico may be a haven for US nationals due to its sun, sea, and tropical climate, its reputation as a tax haven is no small benefit for many, who may wish to take advantage of the Island’s generous tax incentives while also keeping their US citizenship.
A number of crypto founders have made use of the country’s crypto-friendly tax rules, including co-founder of ConsenSys, Andrew Keys, who moved to Puerto Rico in 2018.
“Puerto Rico is awesome. It's a beautiful Caribbean island. It's safe. It has what I would consider one of the most entrepreneurial-minded communities that are building all sorts of different businesses.”
The news that former Facebook employer Frances Haugen is an early investor in crypto, and has moved to Puerto Ricco to join the growing crypto community there, means that she will also be subject to the crypto-friendly tax regulation which exempts residents from taxes on capital gains.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.