Usually, Puerto Rico tax breaks would not be the main thing, which one defines this beautiful island with. Factually, it is widely known for its stretches of gorgeous white-sandy beaches and highest quality rums. The fact that it offers an opportunity to elude high taxation, is simply the cherry on top.
As most will agree, using the words wealthy and taxes in the same sentence is tantamount to starting a World War 3 debate. The government of this small island so cleverly started offering tax incentives about a year ago. They are specifically designed to appeal to millionaires. This was all started in a bid to entice these rich individuals to relocate to the island, thus boosting its economy.
Several small firms have chosen to accept this offer and relocate, with an estimated 40 more million dollar companies said to follow them soon. Most of the appeal lies in the fact that individuals can recoup a six figure saving per annum in taxation incentives. The small country is similarly reaching out to billionaires, really encouraging them to take up residency.
The actual aim of the project is to have this island replace Ireland or Singapore as the new favorite low-tax destination. If one considers that the island is a closer, and definitely much warmer option, it makes perfect sense that this could become a reality. Moreover, unlike other havens such as Switzerland, Americans can still retain their US citizenship.
All that is required in order to benefit from these taxation initiatives, is to spend 183 days of the year residing on the island. If you spend most of this time on a luxury yacht or boat in the amazing waters surrounding the island, it is also accepted. The main reason that so many are jumping at the opportunity to relocate is the money being offered, in the form of taxation rebates.
Taxation incentives on the island mainly focus on financial and legal services, instead of manufacturing concerns. Dividends and interests were once taxed at 33%, but this has been reduced to 0%, lowering CGT and making it an ideal drawing card for hedge fund managers. Federal tax returns do still need to be done, but residents do not need to pay the compulsory 15% CGT on assets that they own, or that are sold in the first decade after taking up residency.
Hollywood is just as accommodated, as besides the taxes, some of the most versatile shooting sites on the planet are found here. Foreign currency is not an issue. On the island the weather is perfect, filming crews are English speaking, and it is a perfect location to make a great film. The main attraction in the place are the very useful 20 to 40% taxation rebates which are offered to film producers, actors, writers etc.
Puerto Rico tax breaks are being presented aggressively, as they will greatly enhance the economy of this island. Furthermore, it will make the island more independent, and assist it with recovering from a state of poverty. Naturally, many people are opposed to this, but each individual should look into the vast benefits for himself.
As most will agree, using the words wealthy and taxes in the same sentence is tantamount to starting a World War 3 debate. The government of this small island so cleverly started offering tax incentives about a year ago. They are specifically designed to appeal to millionaires. This was all started in a bid to entice these rich individuals to relocate to the island, thus boosting its economy.
Several small firms have chosen to accept this offer and relocate, with an estimated 40 more million dollar companies said to follow them soon. Most of the appeal lies in the fact that individuals can recoup a six figure saving per annum in taxation incentives. The small country is similarly reaching out to billionaires, really encouraging them to take up residency.
The actual aim of the project is to have this island replace Ireland or Singapore as the new favorite low-tax destination. If one considers that the island is a closer, and definitely much warmer option, it makes perfect sense that this could become a reality. Moreover, unlike other havens such as Switzerland, Americans can still retain their US citizenship.
All that is required in order to benefit from these taxation initiatives, is to spend 183 days of the year residing on the island. If you spend most of this time on a luxury yacht or boat in the amazing waters surrounding the island, it is also accepted. The main reason that so many are jumping at the opportunity to relocate is the money being offered, in the form of taxation rebates.
Taxation incentives on the island mainly focus on financial and legal services, instead of manufacturing concerns. Dividends and interests were once taxed at 33%, but this has been reduced to 0%, lowering CGT and making it an ideal drawing card for hedge fund managers. Federal tax returns do still need to be done, but residents do not need to pay the compulsory 15% CGT on assets that they own, or that are sold in the first decade after taking up residency.
Hollywood is just as accommodated, as besides the taxes, some of the most versatile shooting sites on the planet are found here. Foreign currency is not an issue. On the island the weather is perfect, filming crews are English speaking, and it is a perfect location to make a great film. The main attraction in the place are the very useful 20 to 40% taxation rebates which are offered to film producers, actors, writers etc.
Puerto Rico tax breaks are being presented aggressively, as they will greatly enhance the economy of this island. Furthermore, it will make the island more independent, and assist it with recovering from a state of poverty. Naturally, many people are opposed to this, but each individual should look into the vast benefits for himself.
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