papadad111
Thinks s/he gets paid by the post
- Joined
- Oct 4, 2007
- Messages
- 1,135
I wonder if anyone is familiar with this and has specific insight. I have heard very few investors actually moved to PR as a result of this, however, i recall a year or two ago some big media about people moving there due to Act 22.. PR used to not be a very nice place to live, and getting "stuck" there for 183 days a year may not exactly be pleasant. But the tax savings are pretty amazing.....
Act 22 Objective: To attract new residents to Puerto Rico by providing a total exemption from Puerto Rico income taxes on all passive income realized or accrued after such individuals become bona fide residents of Puerto Rico
[mod edit to comply with copyright regs]
Seems like a wise move for higher net worth individuals who are throwing off significant dividend and capital gains (especially short term gains from, say, trading).
Likewise seems like a fairly interesing 20+ year tax shelter that would allow money to be earned tax free for a fairly long duration - and one could move back to USA at any point too... not necessarily locked in.
Like to get a discussion going about this. Any decent places to live in PR? Is it at all safe (used to be a real hell hole and not at all safe). . .
Act 22 Objective: To attract new residents to Puerto Rico by providing a total exemption from Puerto Rico income taxes on all passive income realized or accrued after such individuals become bona fide residents of Puerto Rico
[mod edit to comply with copyright regs]
Seems like a wise move for higher net worth individuals who are throwing off significant dividend and capital gains (especially short term gains from, say, trading).
Likewise seems like a fairly interesing 20+ year tax shelter that would allow money to be earned tax free for a fairly long duration - and one could move back to USA at any point too... not necessarily locked in.
Like to get a discussion going about this. Any decent places to live in PR? Is it at all safe (used to be a real hell hole and not at all safe). . .
Last edited by a moderator: