YouTube link:
How to get 0% capital gains taxes by moving to Puerto Rico! (Act 60)
Topics & Timestamps:
00:00 Intro
01:00 Many people are looking into moving to Puerto Rico. Bitcoin/Crypto Bull Run & Biden Tax Hikes Coming. Offer available to US citizens only. About the tax offer.
06:56 Resources (Facebook, Grant Thornton, PRelocate)
12:04 How to Qualify for Act 60 (Requirements)
13:48 The Application Process. How Taxes are Treated Under Act 60
16:20 Tax Examples (Demarcation line between US and Puerto Rico taxes)
18:43 Do I need to sell all my assets and re-buy them when I move here?
20:03 “Like-kind” tax treatment. Puerto Rico vs USA
21:40 Differences between Act 20/22 and Act 60 & Other Requirements (Filing Fee, Home Ownership, Annual Donations)
23:17 Filing Fee Increased from $300 to $5000. Lawsuits underway to revoke this fee hike.
26:04 What Types of Businesses Qualify for 4% Corporate Taxes Here ("Export services" qualify)
27:22 Places you can live in Puerto Rico
27:59 Is Speaking Spanish Required to Move Here?
28:52 The Culture of Puerto Rico
30:56 Please help me get this video out to others
31:28 Pros and Cons of Living in Puerto Rico (Examples of available services and stores) (Amazon, Costco, Best Buy, Whole Foods, Chick-fil-A, Malls, USPS, etc)
33:20 Outro
Links:
https://www.facebook.com/groups/PRexpats/
https://www.facebook.com/groups/act2022/
https://www.facebook.com/groups/PuertoRicoAct20and22ResourceGroup/
https://www.facebook.com/groups/act2022clubofpr/
https://www.grantthornton.com/
https://relocatepuertorico.com/
(Note: I am not being paid or compensated in any way for sharing these businesses)
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I’m making this video in response to a growing demand for information on the tax benefits that Puerto Rico offers. I moved here a year and a half ago.
I tend to get a very large number of questions About moving to Puerto Rico in the process and the changes involved, and as much as I’d like to be able to answer everyone’s questions I simply don’t have time. So I’m making this video to try to help as many people as possible in one swing. If you do need help or have questions please direct them to the organizations I’ve mentioned or to the Facebook group. There will be more than happy to help you on your way.
DISCLAIMER #1: Consult a professional. Not tax advice. Not moving advice. Not any kind of advice. Do your own due diligence. Anything I say here could be outdated or could be simply incorrect.
I have several friends who either have moved here or are moving here.
Everyone’s going to want to move here in 2021 due to the bitcoin bull run. I've seen a huge uptick in interest in my videos and with people asking me questions about moving to Puerto Rico, and I think this trend will only continue.
Act 20, 22 and 60 were created to bring economic activity to the island.
It's the only legal way to get 0% capital gains within the United States while remaining a US citizen. If you don't live in the USA, this video unfortunately won't apply to you because this offer is only for US citizens. There are many options around the world for low tax or 0% taxes, and I recommend the Nomad Capitalist channel for more information on those places. If you do live in USA and you don't want to give up your passport, then Act 60 with Puerto Rico is an excellent choice to consider for potentially greatly lowering your taxes.
Benefits begin Jan 1 of the year you move and have 183 days living in PR as well as qualifying for Act 60. It's retroactive in this regard.
- Differences of Act 60 to Act 22:
Act 60 includes both Act 20 & Act 22 (business & personal capital gains)
Cryptocurrency capital gains are explicitly covered under Act 60 and is not under Act 22.
For Act 60: Have to buy a home within the first 2 years.
$10,000 annual contribution (for Act 60) to a charity instead of $5,000 for Act 22.
$5,000 filing fee - controversial. Changed recently. Against the spirit of the decree. Currently at least 2 lawsuits seeking to change this.
Residency requirements to become a bonfide resident:
driver's license, registered voter, utilities, membership here, etc.
Different areas to live in (City, beachfront, suburbs, rural, country)
Reasons to move here: Biden tax increases, California tax increases, People are seeking better alternatives. Biden may increase long-term capital gains from 20% to 39.6%
Get to keep your US passport.
183 days in Puerto Rico
182 days elsewhere.
Contact a CPA to find out what kind of business qualifies. Not all do. "Export services" do. The idea is to bring in money from outside the island into the island. Contact a professional to see exactly what kinds of businesses this can apply to. As far as I know it can fit an online retailer, or consultant type jobs. Examples could be: a graphic/website designer, or an accountant, or a life coach, doing work for people outside Puerto Rico.
Available in PR:
Costco, Best Buy, Marshalls, Home Goods, Petco, and Malls with all the usual name brand stores. Amazon is available here. Shipping is not "2 day" or "next day". 2 Chick-fil-A's here soon.Not available in PR:
Whole foods and health food stores are more difficult to come by. "Freshmart" is good.
Weather is like Florida. Almost every day is a sunny day. Hot, humid and occasional short storm.
There is surfing, snorkeling, and beaches are the hidden treasure of the island.
If you speak Spanish it helps a lot.
PR culture is different than in the states.
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Disclaimer #2: This video is not financial or investment advice. Do not buy, sell or trade cryptocurrency, or make any financial decisions based on the content of this video. I am merely sharing what I have done and what I would do in various situations as an educational tool only.
#puertorico #act60 #act22 #bitcoin #btc #crypto #cryptocurrency #news #blockchain #tokens #coins #price
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