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Puerto Rico is an unincorporated territory of the United States and Puerto Ricans are U.S. citizens; however, Puerto Rico is not a U.S. state, but a U.S. insular area. Consequently, while all Puerto Rico residents pay federal taxes, many residents are not required to pay federal income taxes.
For starters, REITs are corporations with regular management structures and shareholders, whereas MLPs are partnerships with so-called unitholders (i.e., limited partners). Investing in a REIT gives you an ownership share in a corporation, whereas MLP investors possess units in a partnership.
THE WHY OF PUERTO RICO'S TAX INCENTIVES Puerto Rico is willing to supply an attractive tax regime because it needs money from investors and businessmen for its economic development.
Act 135 - Tax Incentives for Young Entrepreneurs These include: 0% fixed income tax rate on gross income up to $500,000. 100% tax exemption on personal and real property taxes. 100% tax exemption on municipal license taxes.
Since 2012, Puerto Rico has offered investors ? primarily mainland Americans ? one of the most attractive deals in the world: move to the commonwealth and pay no taxes on interest, dividends or capital gains, all while living on a balmy and culturally vibrant Caribbean island without having to surrender US citizenship.
The Puerto Rican government first created these tax incentives, initially known as Acts 20 and 22, in 2012 to attract wealthy investors from outside the island, as well as corporations that could export goods and services.
TAX CREDITS Research and Development (R&D) Investment Credit: Puerto Rico offers a 50% transferable credit for eligible R&D activities.
Specifically, a U.S. citizen who becomes a bona fide Puerto Rico resident and moves his or her business to Puerto Rico (thus, generating Puerto Rico sourced income) may benefit from a 4% corporate tax/fixed income tax rate, a 100% exemption on property taxes, and a 100% exemption on dividends from export services.