Puerto Rico Tax Exemption by Act2022Solutions.com
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Puerto Rico’s IT Sector Evolves to Service Aerospace Industry

Puerto Rico’s IT Sector Evolves to Service Aerospace Industry | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it
By Bianca Wright

 

For Puerto Rico, the vision of a sought-after and established knowledge service economy is coming to fruition, according to the Puerto Rico Industrial Development Company (PRIDCO). Rumors of the saturation of the IT outsourcing market seem to have been misguided; Puerto Rico’s IT outsourcing sector has evolved to meet the sophisticated needs of its clients. PRIDCO executive director ...

Edgar Hazelwood's insight:

The benefit of Puerto Rico as an IT outsourcing destination is that it is part of the United States and its population are U.S. citizens, but it offers incentives such as tax breaks, including a flat 4% income tax and 0% dividend tax.


“Although we are part of the U.S, we can negotiate tax rates with companies and they do not pay federal tax rates,” said Antonio Medina, Executive Director of PRIDCO.

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Puerto Rico's bid to become New Age tax haven explored

Puerto Rico's bid to become New Age tax haven explored | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it

"An article in Forbes with worldwide readership states that as the U.S. Treasury Department continues to tighten its noose around offshore accounts, a new tax haven has sprung up under its nose in the Caribbean. Welcome to Puerto Rico–island of tropical breezes, and (for new arrivals only) a 0% tax rate on certain dividends, interest and capital gains."

Edgar Hazelwood's insight:

Act 20 entices hedge funds, family offices, professional service firms and even software developers to locate there by taxing their corporate profits from exported services at a flat 4% rate and allowing those profits to be paid out to the owners free of Puerto Rico income tax. It is no wonder we expect expect to create over 82,000 new jobs by 2015.

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New tax incentives draw investors to Puerto Rico as middle class continues flight from island

PALMAS DEL MAR, Puerto Rico — Bond trader Ben Eiler swapped life in suburban Georgia for an island in the Caribbean, and he didn't even have to apply for a visa
Edgar Hazelwood's insight:

With at least 500 people applying for benefits, the Act 20/22 economic development incentives continue to draw investors that meaningfully contribute to the economic revival of Puerto Rico.

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Captain America 3 to film in Puerto Rico

Captain America 3 to film in Puerto Rico | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it
Puerto Rico’s aggressive tax incentives, talented local crews, varied backdrops, solid infrastructure and sound legal protections are continuing to pay off in the effort to grab film industry attention.
Edgar Hazelwood's insight:

The strong economic development incentives Puerto Rico offers - a 40% transferable tax credit on payments to local companies and individuals, as well as a 20 percent production tax credit on all non-resident qualified spending both above and below the line - is again luring film productions to its shores.

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TV show filming pumps $7.3M into Puerto Rico

TV show filming pumps $7.3M into Puerto Rico | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it

Filming on the pilot for the Sony Pictures TV series “Mad Dogs” has pumped $7.3 million into Puerto Ricos economy, according to the Economic Development and Commerce Department.

Edgar Hazelwood's insight:

Juicy film incentives have been paying off in Puerto Rico making it among the most attractive locales for film production. With a 40 percent transferable tax credit on payments to local companies and individuals, as well as a 20 percent production tax credit on all non-resident qualified spending both above and below the line, film production has surged by about 60%!

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Acts 20/22 proving powerful lure for millionaire investors

Acts 20/22 proving powerful lure for millionaire investors | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it

Act 20/22 incentives are the spearhead of economic development in Puerto Rico and has lured hundreds of businesses and investors to the Enchanted Island.

Edgar Hazelwood's insight:

Thank you Robb Rill for being a trailblazer and champion for the Act 20/22 programs, and being a hub for companies and individuals to receive guidance and a sense of community through your Act 20/22 Society.

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Prouty: culture of joy, new urbanism to lead Puerto Rico recovery

Prouty: culture of joy, new urbanism to lead Puerto Rico recovery | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it
PRBT: This is the kind of speech you read more than once. If you're one of those looking at Puerto Rico to invest in, move to, or set up a company in, it may be the only speech you'll need to read....
Edgar Hazelwood's insight:

Learn why Nick Prouty is so bullish on Puerto Rico, and consider how you too can benefit from a government bending over backward to give you a competitive advantage.

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Puerto Rico Luring Buyers With Tax Breaks

Puerto Rico Luring Buyers With Tax Breaks | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it
Puerto Rico’s status as a tax haven is beginning to catch on, and some are betting big bucks that the trickle of Americans buying property there will soon become a stream.
Edgar Hazelwood's insight:

There is much to recommend Puerto Rico as a tax haven under Act 20/22 — it has better beaches than Switzerland, no immigration hassles like Ireland and is a lot closer than Singapore...

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Puerto Rico Revealed's curator insight, September 22, 2014 11:55 AM

Great article on NYTimes on Tax Haven of Puerto Rico & why it's a great deal.  

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From Here to Eternity or San Juan! - Transitional Tax Planning with Pre-IPO or Appreciating Closely Held Stock

Speaking of Eternity, I must admit that I am a big fan of gospel music. While I like old school or traditional gospel, I prefer the newer R&B urban sound popularized beginning with...
Edgar Hazelwood's insight:

Preferred Partnership or LLC Freezes for Transitional Tax Planning with Pre-IPO or Appreciating Closely Held Stock when moving to Puerto Rico under Act 22. Another great article from Gerry Nowotny!

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Puerto Rico: A Haven for Manufacturers?

Puerto Rico: A Haven for Manufacturers? | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it

Perhaps not surprisingly to those familiar with the tropical island, manufacturing remains a key driver of economic activity in Puerto Rico. Indeed, manufacturing accounts for 45% of Puerto Rico’s GDP (compared to 11% in the U.S.) and over 20% of the island’s jobs. Many U.S. multinational companies, particularly in the pharmaceutical industry, have chosen Puerto as their home for manufacturing operations.

Edgar Hazelwood's insight:

While most of the recent news is regarding financial services moving to Puerto Rico, here are 5 great reasons Puerto Rico is a Haven for Manufacturers.

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Puerto Rico creates government EB-5 regional center - Caribbean Business

Puerto Rico creates government EB-5 regional center - Caribbean Business | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it

"Move could help attract badly needed foreign investment dollars"

Edgar Hazelwood's insight:

This is a very big deal for Puerto Rico! One of the big disadvantages of the EB-5 program in the U.S. is Green Card holders must declare their worldwide income and assets in the U.S. for tax purposes, and pay U.S. tax. Undoubtedly, this is something many wealthy foreigners are not eager to subject themselves to.

 

Properly structured and bundled with the Act 20/22 tax incentives (or others available), that same EB-5 investor who moves to Puerto Rico, though still having to declare their worldwide income to the Hacienda (Puerto Rico's IRS) and file FBAR reports to the U.S., would be taxed in Puerto Rico under those program rates.

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Paulson’s Puerto Rico Paradise Lures Rich Fleeing Taxes - Bloomberg

Paulson’s Puerto Rico Paradise Lures Rich Fleeing Taxes - Bloomberg | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it

About 200 traders, private-equity moguls and entrepreneurs have already moved or committed to moving, according to Puerto Rico’s Department of Economic Development and Commerce, and billionaire John Paulson is spearheading a drive to entice others to join them.

Edgar Hazelwood's insight:

Paulson is betting that millionaires will come in droves. He recently forecast that Puerto Rico would become “the Singapore of the Caribbean.” So far, the interest and momentum suggests he is right.

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Governor invites Spanish firms to invest in Puerto Rico

Governor invites Spanish firms to invest in Puerto Rico | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it
Puerto Rico Gov. Alejandro Garcia Padilla on Tuesday invited Spanish firms to invest in the Caribbean island.
Edgar Hazelwood's insight:

"With financial regulations like the U.S. but outside the American tax system," ...Puerto Rico can offer foreign companies tax rates as low as 4 percent.

 

The Act 20 program offers tax benefits to more than just American businesses that wish to step outside the federal tax system, and many foreign firms are taking note.

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The Many Faces of Puerto Rico

The Many Faces of Puerto Rico | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it
Gallery openings, vibrant restaurants, hotel development and preserved examples of the old way of life play well together in Puerto Rico.
Edgar Hazelwood's insight:

Former New York Times editor, Luisita Lopez Torregrosa, offers a personal glimpse into the incredible lifestyle and culture that have welcomed those that come to visit Puerto Rico, and remain for those that stay to enjoy the attractive tax benefits of Act 20/22.  

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Treasure Island: Puerto Rico Bids To Become New Age Tax Haven

Treasure Island: Puerto Rico Bids To Become New Age Tax Haven | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it

"As the U.S. Treasury Department continues to tighten its noose around offshore accounts, a new tax haven has sprung up under its nose in the Caribbean. Welcome to Puerto Rico–island of tropical breezes, and (for new arrivals only) a 0% tax rate on certain dividends, interest and capital gains."

Edgar Hazelwood's insight:

Section 933 of the US tax code exempts residents of Puerto Rico from paying U.S. income tax on their Puerto Rico-sourced income. Learn how it can work for you!

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Puerto Rico Expands Tax Haven Deal For Americans To Its Own Emigrants

Puerto Rico Expands Tax Haven Deal For Americans To Its Own Emigrants | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it
Special tax breaks, aimed at luring rich American investors and hedge fund operators, have been amended to entice successful Puerto Ricans who have left the Island, to return.
Edgar Hazelwood's insight:

This is good news! A large segment of former Puerto Rico residents, who were excluded from participating in Act 22, are now able to enjoy the same incredible tax incentives and contribute to the economic resurgence of Puerto Rico.

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Puerto Rico doles out first game dev incentives

Puerto Rico doles out first game dev incentives | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it

"This week marked a milestone in the Puerto Rican game development scene. On Monday, the Puerto Rico Film Commission issued its first disbursement of production incentives to a game developer."

Edgar Hazelwood's insight:

San Juan-based Space Rhino Games is the first video game development studio awarded production incentives under the Puerto Rico Film Commission's new economic development program, which offers a 40% transferable tax credit on projects $100,000 and up.

 

Expect to see more entertainment industry businesses contribute to the economic development of Puerto Rico as they learn to combine and leverage both the production incentives and the Act 20 incentives.

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Tax Advantages for U.S. Traders of Securities and Commodities Relocating to Puerto Rico

Traders might trade their address - The recently enacted tax incentives available under Puerto Rican tax laws available to new residents and businesses, in combination with U.S. tax provisions allowing bona fide residents of the U.S. possession to exclude income derived from sources in Puerto Rico, make it worth considering as a destination in which to relocate.

Edgar Hazelwood's insight:

Thanks Mr. Popov for a great overview of Act 22 for Individual Investors. Act 22 is being used by hundreds of individuals that have already chosen to relocate, and who are often combining the tax benefits of Act 22 with the business income tax benefits of Act 20 for Export Services. Act 20/22 is a powerful combination!

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Clooney-Bullock movie filming in Puerto Rico

Clooney-Bullock movie filming in Puerto Rico | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it

Two of Hollywood’s biggest stars are heading to Puerto Rico as the island continues to lure big-budget film productions.

 

Sandra Bullock and George Clooney will co-star in “Our Brand is Crisis.”

Edgar Hazelwood's insight:

Puerto Rico, which offers a 40 percent transferable tax credit on payments to local companies and individuals, as well as a 20 percent production tax credit on all non-resident qualified spending both above and below the line... makes the U.S. territory among the most attractive locales for film production crews.

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Act 22 tax lure could net 250 this year - Caribbean Business

Act 22 tax lure could net 250 this year - Caribbean Business | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it

Puerto Rico's Act 22 tax lure is expected to prompt 250 individual investors to relocate to the island this year, according to the Economic Development & Commerce Department.

Edgar Hazelwood's insight:

The Act 20/22 program is accelerating as more and more businesses and investors become aware of the tremendous tax incentives.To learn how you can benefit, email an inquiry to edgar @ act2022solutions.com

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Thinking of Moving to Florida? Maybe a Little Further South is a Better Option

In an effort to revitalize its economy, Puerto Rico has passed tax laws intending to attract investment to the island. Located two hours from Florida, the Caribbean territory of the...
Edgar Hazelwood's insight:

Thanks for another article about Act 20/22. Keep in mind, many more than just capital gain earners and service businesses can benefit in Puerto Rico, as other programs for Manufacturing, Film, Financial Services, etc., are available.

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Tax “Brujeria” - Transitional Tax Planning Considerations to Move Your Business to Puerto Rico

The other day I asked the garage attendant who was of Puerto Rican (PR) ancestry and listening to Salsa music as she worked, which group was the most influential band in her estimation...
Edgar Hazelwood's insight:

Transitional Tax Planning and CFC Considerations. Gerry Nowotny has written some of the most accurate information regarding the Act 20/22 programs that I have read over the last several months. Here is another great article.

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Puerto Rico - Prime Before Time | Captive Insurance Times

Puerto Rico - Prime Before Time | Captive Insurance Times | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it

"Although it is not the first jurisdiction on potential captive managers’ lips, Puerto Rico’s insurance industry has an ideal mix of US regulatory stability and the tax advantages of an offshore domicile."

Edgar Hazelwood's insight:

Businesses and Investors are flocking to Puerto Rico because Act 20/22 affords "the best of both worlds" of US regulatory stability and robust tax advantages. Captive Insurers are also taking notice of the "combination of its position as a regulated and accredited member of the National Association of Insurance Commissioners (NAIC), and the unique tax advantages that it enjoys" and likewise are flocking to Puerto Rico.

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Giving stateside firms a shot at Law 20 tax breaks - Caribbean Business

Giving stateside firms a shot at Law 20 tax breaks - Caribbean Business | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it

"TLS expanding roster to 24 Puerto Rico employees"

TLS set up shop on the island in November 2011... generated $6 million during its first year of operations... $16 million during its second year... and expects to close this year with $30 million.

Edgar Hazelwood's insight:

Kudos TLS! This is a great example of what can be done under Act 20. Act 20 has the greatest potential to attract a broad and diverse spectrum of businesses that will positively impact the Puerto Rico economy.

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Puerto Rico is the place to be for investors - Telegraph (UK)

Puerto Rico is the place to be for investors - Telegraph (UK) | Puerto Rico Tax Exemption by Act2022Solutions.com | Scoop.it
Tax breaks for export services and individual investment income makes Puerto Rico an attractive place for businesses and investors
Edgar Hazelwood's insight:

Puerto Rico's Act 20/22 tax benefits are continuing to attract high-profile businesses and individuals, as well as raising its international profile as a business destination.  However, the tax benefits are not exclusive to the very wealthy. Every business and individual with a meaningful amount of taxable income should investigate how Acts 20/22 can boost their bottom line.

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