"It’s kind of like a mini Miami": After a meteoric year, crypto folks are moving to Puerto Rico to save on taxes.

The St. Regis Bahia Beach Resort in Puerto Rico boasts a golf course and oceanfront residences in a 483-acre nature reserve, set along azure waters and lush rainforest. But what’s perhaps most appealing to those who are now rushing to this property is the section on its website explaining tax benefits for island residents.

That was the case for Anthony Emtman, who left Los Angeles behind and bought a condo at the resort in March. The chief executive officer of Ikigai Asset Management is now a part of a burgeoning crypto community along Puerto Rico’s north shore, where the tropical weather is just a bonus.

Emtman and his crypto peers are taking a page out of hedge funds’ books and seeking residence on the island to reap huge tax savings. High-earning investors in the U.S. pay up to 20% in capital gains tax and as much as 37% on short-term gains. In Puerto Rico, they pay nothing. And companies based on the American mainland pay 21% in federal corporate tax plus an individual state tax, compared to just 4% on the island. That makes the move a no-brainer for some investors, especially as the crypto market’s meteoric growth continues and Democrats push for higher taxes on the rich.

The presence of digital currency enthusiasts is already palpable on the small island, where chance encounters and networking opportunities abound: Run-ins at taco stands; spontaneous drinks and dinner at luxury condos; “Crypto Mondays” gatherings at hotels and restaurants across San Juan.