Puerto Rico Clauses Relating to Venture Board
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The Tourism Development Act of 2010 (the ?2010 TDA?) sets forth the public policy regarding the Puerto Rico tourism industry. In general, the 2010 TDA traces, but improves, the tax incentives regime of its predecessor legislation, the Tourism Development Act of 1993 (?1993 TDA?).
A foreign corporation may be engaged in trade or business in Puerto Rico as a division or branch of that foreign corporation, or as a separate corporation or subsidiary. Doing business in Puerto Rico - Kevane Grant Thornton grantthornton.pr ? puerto-rico ? publications grantthornton.pr ? puerto-rico ? publications
Chapter 2 of Act 60 for Individual Investors provides 100% tax exemption from Puerto Rico income taxes on all interest and dividend income and on certain capital gains realized and accrued after such individual becomes a bona fide resident of Puerto Rico. Puerto-Rico-Act-60-20-22 - McConnell Valdes LLC mcvpr.com ? practices-Puerto-Rico-Act-60 mcvpr.com ? practices-Puerto-Rico-Act-60
As has been widely reported, Puerto Rico's Act #20 and Act #22 provides incentives for high net worth U.S. citizens to move to Puerto Rico and potentially reduce their 39.6% federal income tax (plus any applicable state tax) to a 0% ? 4% Puerto Rico income tax rate. Act 20/22 Benefits - Ferraiuoli LLC ferraiuoli.com ? practice_area ? tax ? act-2022-be... ferraiuoli.com ? practice_area ? tax ? act-2022-be...
Under Act 22, the most controversial of the two, individual investors looking to benefit from the tax breaks must not have lived in Puerto Rico between 2006 and 2012. They need to buy a residency on the island and live there at least half of the year.
The Individual Investors Act (Act 22) seeks to attract new residents to Puerto Rico by providing a total exemption from Puerto Rico income taxes on all passive income realized or accrued after such individuals become bona fide residents of Puerto Rico.
Under President Woodrow Wilson, the Jones-Shafroth Act (ch. 148, 39 Stat. 951) was enacted on March 2, 1917. This law granted U.S. citizenship to Puerto Ricans, and separated the territory's executive, judicial, and legislative offices into distinct government branches. The Commonwealth of Puerto Rico and its Government Structure loc.gov ? law ? 2022/11 ? the-commonweal... loc.gov ? law ? 2022/11 ? the-commonweal...
What does this mean? It means that once the person becomes a resident individual investor of Puerto Rico unde Puerto Rico Incentives Code 60 ? and until 1/1/2036 ? any dividend or interest income is exempt from tax in Puerto Rico.