I'm considering living in Puerto Rico for tax benefits. Anyone here done this successfully? How did you like living there? What resources did you use to qualify for Act 20 and Act 22?
Puerto Rico as a Gringo
- Thread starter AD04
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Sounds like letting the tax tail wag the money dog.
But seriously, if that's the only reason to move there, I don't get it. I'd imagine you can EARN more in mainland USA, overcoming the higher tax rates. But I'll admit I'm totally ignorant as to your background and how you plan to make money.
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If you are not a businessman with a lot of money, millions I mean it is not worth it. And you may not even qualify, you need to have a business in the US Mainland or clients there that you manage from the island.
Working as a physician, you will not qualify for the tax breaks. And physicians here earn ****, most physicians earn less than 200k. I don’t have the exact number because it is kinda unspoken but trust me you can earn at least twice in any specialty in the US compare to PR.
Living here is great, it is cheaper, we have our problems but at least I don’t need to worry about some lonely boy coming to shoot my kids school.
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try to get a lawyer from PR that could help you with the process,
It is a nice place to live if you are rich, try to learn spanish if not you will be pretty limited to certain area of Puerto Rico. Cause not all the restaurants and store’s employees know english
then get an accountant and attorney to give you real advice. You get what you pay for.
I know people living in Puerto Rico to save millions in taxes and they are tolerating it. Not their favorite experience of all time.
