Tax Act 60 encourages business development in Puerto Rico for U.S. citizens and permanent residents with tax savings and incentive programs. Read my full article for links and detailed information - jentheredonethat.com/tax-act-60/
Enjoy your video updates as a mainland person who visits PR regularly. I don't believe you have addressed any impact to Social Security benefits if you move to PR late in your career. PR residents do not receive full SS (shame as they pay the same rates). How does it impact someone who has spent most of their career on the mainland, but reaches retirement age in PR? I have not located any info.
Are these tax incentives also available to the local/indigenous populace of the island as well? I’ve heard it isn’t, that’s why I’m asking. I’m Puertorican so this question is important to me.
YES!! Existing residents of Puerto Rico now make up the majority of Tax Act 60 decree holders since 2019! US Citizens moving to the island and (legal resident) foreign nationals can apply, too. The restrictions are based on the qualifying business activities are within Puerto Rico and those services are for customers outside Puerto Rico, which can be mainland United States and/or any foreign country. jentheredonethat.com/tax-act-60/
I was born and lived in Puerto Rico, I left and I will never return. The level of crime and insecurity is extremely high. apart from the fact that the cost of living, products, etc... is also high. If you do not have capital and a lot of money to live in exclusive areas well protected with high security. I do not recommend anyone who lives on the island permanently. Just visit for a week or 2 [and quickly leave] and hopefully you won't get mugged. Excuse my English I was not born in the US
Hello: Jen thanks for keeping us informed about PR. Do you know if someone who want to raise cattle if you can get tax break on earnings let me know if you know about this.Thanks for your time. Wish you the best keep up the good work.
J PRcans don’t want you destroying our coast. Sorry but not a good idea! Tax Act 20/22 will be eliminated soon and we will stay in PR looking how you have to pay taxes anyway. We all in PR pay high taxes why you think this is fair.
@@ivonnepr9787 I agree with you, this is such a disastrous initiative for our local economy. I sure hopes this get completely eliminated otherwise we'll have an influx of foreigners living in the island filling their pockets with cash living the life and the people of Puerto Rico still not been able to get ahead. This is called modern colonialism!! Disgusting!
Wow, I hate seeing the negativity in the comments! How many Puerto Ricans moved to the US mainland for better opportunities too? (My grandmother being one of them). Just ignore the haters, Jen, I love your channel and I love how you try to learn about Puerto Rican culture and see the beauty in it. I'm so sorry that people are spreading hate towards such a nice person.
Those people that moved to the USA didn’t get treated like America is doing the people in Puerto Rico today. The only reason why she is there is to avoid taxes.
Ok? YOUR REALTOR LIED TO YOU. THE BEACH AND COAST BELONGS TO THE PEOPLE OF PUERTO RICO. ALL BEACHES. THIS INCLUDES ENCANTO BEACH, IT IS NOT PRIVATE. MISLEADING ADVERTISEMENTS ARE PROHIBITED BY LAW.. A LAW SUIT WOULD BE APPROPRIATE.👇👇👇 The federal Lanham Act allows civil lawsuits for false advertising that "misrepresents the nature, characteristics, qualities, or geographic origin" of goods or services. 15 USC § 1125(a). The FTC also enforces false advertising laws on behalf of consumers
Thanks Jen. My concern with considering a move to PR is the change in Act 60 that retroactively increased fees for annual Act 22 filings. Annual fees were increased from $300 to $5000 for persons that already had a decree or contract with the government of PR. What’s there to prevent PR to increasing these annual fees to $50,000 next year? Nothing.
Is disgusting to see Americans playing with numbers $$ about Puerto Rico. This is why a considerable chunk of Puerto Rican Population "secretly" don't like you guys. (We won't tell because we are mostly polite) We know your warmongering, land grabbing history to other countries, even your own Native Americans. The Puerto Rican Press is talking about this, the Puerto Rican Senate and lots of people on the streets. There will be massive changes in these taxes loop holes. Even the IRS already said will work with Puerto Rican Hacienda to make substancial fiscal changes. This includes ACT 60.
The $10K is only for the individual investor program. There are so many other programs to encourage business growth and economic development. The island needs more jobs (good jobs that pay a livable wage) and these programs are creating those jobs.
@@JenThereDoneThat I don’t see how this is sustainable in the long run. Pr needs massive government stimulus intervention to help the economy. Investments in infrastructure and the people will help a great deal.
Essentially the lump sum tax amount goes to charities instead of a corrupt government. And you get to live in Puerto Rico on top of that. PR frankly thought of a great program.
that’s NOT COLONIZATION 😆. It’s a problem for puertorriqueños BECAUSE your OWN government won’t fix the economic problem in PR. Your own government officials is who you should be mad at. Because for years you’ve gained many opportunities in the US in education, buying business, using our healthcare system because tour government can’t help your country
Jenn, this was very informative and please ignore all the naysayers . This Act 60 was put in place for a reason . People will always go where there are better opportunities. I would just stop complaining , learn a little from the wealthy , and join their game . There are advantages for both the wealthy and the natives . I have moved a lot throughout my childhood Venezuela to Puerto Rico and now in NYC. If people don’t want to be entrepreneurs they would need jobs and without incentives corporation wouldn’t want to establish jobs in PR. Welfare in PR is a huge aide to the natives and with only the mindset of a worker we need corporation . PR imports 80% of the agriculture when that % can be done with the rich soil of PR .. but people will not do it . So ... ACT 60 gives incentives to corporations to establish their companies in PR which in return they create jobs to whoever don’t wanna be a boss . Jobs creation stimulate the economy , remember as a corporation you would still pay the sale tax . Stop being Xenophobic and calling Jenn names and start learning .
@@jasonpagan2042 Sorry you feel that way. We need job creation in PR and people need services prs can provide that.Also we can move freely they should too.
Puerto Rico is a COLONY. This is SETTLER COLONIALISM. Stop moving to the island to gain advantages my family on the island does not have. This is wrong.
Off course they want to bring remote workers , so the island start filling whit wealthy people that not paid taxes and the actual people of the island need to leave to make more money , also they don't want to raise the minimum paid.
@@JenThereDoneThat no they don't! 95% of the locals don't make more than 30,000 a year ! And to pay the fees to be able to apply and maintain these tax benefits is only for people making more than 30g a year.
Also, you don't qualify if you're been living all your life in the island. It only helps wealthy people. Unfortunately is very hard for locals to open a business, I understand that the law requires you to make donations etc., but it's not really helping locals. Some of the wealthy people that come and "hire" locals, they pay them less that what they will have to pay in the US. So at the end, they're not helping locals, they just want to evade taxes and get more rich.
PRcans don’t want you destroying our coast. Sorry but not a good idea! Tax Act 20/22 will be eliminated soon and we will stay in PR looking how you have to pay taxes anyway. We all in PR pay high taxes why you think this is fair.
@@ivonnepr9787 Stop talking nonsense, MISPLACED MIND, Ivonne! PUERTO RICO IS AMERICAN LAND. WHAT ARE YOU DOING IN HER LAND IF YOU DO NOT LIKE IT. Get out of the USA AND PR. *She is home!* Why you do not complaint about the freeloader aliens who traffic drugs along the coasts of the island or invade it with no suitcase or a penny to be a public burden? Get out, go to another country that is not part of the USA
Not really, asking for people to participate, to properly explore the issue. Do you want to participate? Send me a private message on Facebook or Instagram and lets set that up.
We were there in 2018. Reside in AZ, and we are retiring in 2022. Looking for a small beach house in the south (Salinas preferably) , nothing fancy but simple. Question! With all of this gentrification, did y'all think the island is going to turn to another Hawaii? I know of a lot of naidv who can't move back to their rock.🤔
Many diaspora are moving back to take advantage of the Tax Act, all business programs are open except the Individual Investor act. Existing residents of Puerto Rico now make up the majority of Tax Act 60 decree holders since 2019! US Citizens moving to the island and (legal resident) foreign nationals can apply, too. jentheredonethat.com/tax-act-60/
Hi we use to have tax code 936 but it was shut down by the administration of Bill Clinton it was a disaster many factories left PR the federal government did not study how this affected the economy.of PR.
Because Puerto Rico is a colony. Tax incentives bring in foreign investors and drains the island of resources without giving anything back to the people of puerto rico.
@@JenThereDoneThat Those are bank owned by people on wall street. I lived in Puerto Rico im from Puerto Rico my family still live in Puerto Rico I have family in politics in Puerto Rico im involved in politics. This is just one of the reasons Puerto Rico should be independent and not a state they rob the native people of land and agriculture. Nothing against you but that is what that tax brake is for. Because Puerto Rico wont vote for state they sell land and force them out until the majority is no more
@@illsyc.lastofthemoricans5930 what resources does Puerto Rico have to be able to be independent. How are going to fund government pr , teachers,police men poliwoman etc. where is money coming from.?
Its interesting to read the comments about taxes. Sales taxes are 50% higher than Singapore, which are relatively hardest on the lowest income because everyone needs to buy stuff. Low income tax are a kind of free ride since much of the savings go to investing in kids trust funds rather than spend locally. Singapore has a max tax of 22%, which would still be a much better deal than California. A fair change would be to drop sales taxes in half and make income tax half of the US. But the wealthy tend to not endorse fair deals so nothing like this is likely any time soon
So I would have to pay an account twice of what I pay in taxes on the Average? What about Property investment, Would would that also be double of $10,000 @ 2 x $5,000 donations? I need to pay an accountant $20,000 a year for filing and compliance? Thanks for the info.
@@JenThereDoneThat I keep hearing mixed things about investing in Puerto Rico, with any act available at this time. Puerto Rico can be shady place to do business in. Very tricky Government. As well as Very bad slow to fix issues type of system they have. To much red tape. 🤷🏻♂️
Did I understand correctly that for Act 22 there is a $5K annual fee (I guess to the government) and then two $5K donations to private charities for a total of $15K each year?
Hey Jen thank you for this video。 I wouldlike to ask you ,is Act60 also work for US residents ? Because I am not US citizens , but I am US residents on tax .
PRcans don’t want you destroying our coast. Sorry but not a good idea! Tax Act 20/22 will be eliminated soon and we will stay in PR looking how you have to pay taxes anyway. We all in PR pay high taxes why you think this is fair.
So tax haven for main land americans that want the benefits without the contribution, aka "not part of the team". Weren't these tax exemptions and the Jones Act that got PR in the economical situation it is today?
Existing residents of Puerto Rico now make up the majority of Tax Act 60 decree holders since 2019! More businesses are being started and more good paying jobs are available on the island. We still hate the Jones Act.
PRcans don’t want you destroying our coast. Sorry but not a good idea! Tax Act 20/22 will be eliminated soon and we will stay in PR looking how you have to pay taxes anyway. We all in PR pay high taxes why you think this is fair.
Hi Jen so if I sell stocks and incur a capital gains tax, I can avoid it by living in PR for 6 months JUST for that tax year in which I sold those stocks? Thanks
Nope, you have to apply for the tax act decree, get approved, actually move here full time (minimum 3 years) plus many other requirements and charitable contributions to the island to receive any of the benefits. There is no avoiding taxes, there is an incentive program to reduce taxes, if you actually live and contribute to the island.
Find a cpa down in PR that bows about these matters or a cheaper way is to write Departamento de Hacienda because they write the tax laws for PR. You can find their phone number online and their address. I hope this been helpful. Best wishes. Don Jr.
No no this is no bueno...PR dont need a million blancos that are rich in PR....OMG nooooo...to then act better than the people on the island....omg nooo...wow..soon PR will just be speaking english no spanish ....learn spanish its been 5 yrs...if you care about the ppl and its history.. PR is not changing to fit the blancos way of life...nothing personally to you...but your not helping
@@JenThereDoneThat there is no resident in Puerto Rico that is allowed to apply for the so-called incentive tax. If the government actually gave us that resource almost the majority of the population of Puerto Rico wouldn't even think of moving to the mainland for better opportunities. I don't know where you found that information but unfortunately is extremely false and it makes you look like a colonizer.
@@jamiecumba any person in PR can have these tax incentives. The problem is you need to start your own business and that takes money and risk. Two things that most people dont like to gamble on. Anyone on the island can do it. Stop lying and just commenting off emotion.
I don't know of any incentive programs for teachers, but there is a high demand for private tutors right now. In person schools are schedule to start reopening in March 2021, as a slow rollout with safety precautions. Start looking in early summer 2021 for job openings and teacher positions for hire. Best wishes!
All the towns have their charm. If you like mountains and calm, go to the center of the island. If you like beaches and sunsets, go west. Busy towns are in the northeast (metro area).
I lived in Palmas del Mar for 5 years - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-NURMXf-0LPM.html I recently moved to Cabo Rojo and am gathering information for a Cost of Living comparison video. Be sure to subscribe and hit the notification bell so you don't miss it!
Puerto Ricans in the US wants everyone to notice their flag. We don’t care. You want jobs and opportunities here in the US. Go back to your island and guard it maybe you can fix your economy too
Tax Act 20/22 was eliminated, it is now Tax Act 60 and open to any residents of Puerto Rico. The incentives are to encourage new business and (high paying) jobs on the island. jentheredonethat.com/tax-act-60/
Lots of ignorant comments, dont mind them. If they actually did some research themselves they would see why these tax incentives are good for the local economy. My question is how does this work when you're exporting a real estate business? Doing business remotely in PR, while having transactions completed in the US?
Thank you for the kind words. The type of real estate business that you describe is covered under Tax Act 60 for Export Services. jentheredonethat.com/tax-act-60/
@@nazapier8167 For a second there I actually thought you had a valid point until I read the last line which lets me know you know nothing 😂. Hawaii is like that because it is a state. The fact that PR is a territory and isnt bound by most rules of the states is a big benefit. Where do you think the money for rents go? Why do you think people come to the island? By your logic, you want the rich to be taxed like they were in the states. If thats the case most of them wouldnt be there. Study up on economics and you’ll get a better understanding. If PR becomes a state, you will have wish it didn’t. The economy will suffer more than what you think is happening now.
@@nazapier8167 lmao it's not just about the taxman, taxation is just a form of theft. I have a friend who actually lives on the island and she doesn't want to become a state. She would rather have independence which I agree with. If you like the system the states have so bad why don't you move here? You can have the rich taxed all you'd like. California would be great for you.
How am I the problem? How am I any different than someone to moved to mainland US for a better life? I brought my business and jobs to the island. jentheredonethat.com/tax-act-60/
@@JenThereDoneThat PRcans don’t want you destroying our coast. Sorry but not a good idea! Tax Act 20/22 will be eliminated soon and we will stay in PR looking how you have to pay taxes anyway. We all in PR pay high taxes why you think this is fair.
@@JenThereDoneThat ummm because it’s a small island where the people or PR already faced enough. Pls tell me you think it’s right people can run off there and not pay taxes yet the people there struggle to live. The culture is being ripped from the island and you’re okay with that????? Other rich people are trying to take over Old San Juan and turn it into some dumb rich city - and you’re okay with that? This is culture and stealing. It is colonization
@@ivonnepr9787 Here is the reality, people who move to Puerto Rico pay more in taxes, fees, and mandatory donations than 95% of the people on the island. If those incentives didn't exist, the island would be populated exclusively by broke, economically illiterate, underachieving life failures like you because the smart people left the island. The incentives are fair because you get smart, wealthy people who don't commit crime to move to a bankrupt island with earthquakes and hurricanes and horrendous crime. Without those incentives you get 100% of nothing. Hope that helps. :)
I see both sides, and your right in some aspects to want to protect the culture but to be objective i don't recall mainland americans getting upset when puerto ricans moved to the states for a better life for themselves and their families
Oh, then you are really going to HATE this one, where I learn to pronounce all 78 municipalities. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-YbcbIw3H7k8.html
