Billionaire hedge fund manager John Paulson is considering quitting the US for tax reasons, it emerged yesterday.
Mr Paulson, who is best known for betting against the US subprime market in the lead-up to the financial crisis, is believed to be exploring a move to Puerto Rico.
According to reports, the move would help him avoid taxes linked to the £9.5bn he has invested in his own hedge funds.
Puerto Rico is a four-hour flight from Mr Paulson's native New York, where the marginal tax rate for affluent residents can exceed 50 per cent on ordinary income.
A spokesman for Paulson & Co declined to comment on Mr Paulson's personal plans.
Any move would mirror a trend set by hedge fund managers in Europe who have moved to places like Switzerland to avoid onerous taxes.