Puerto Rico

Puerto Rico, officially the Commonwealth of Puerto Rico is a United States territory located in the northeastern Caribbean, east of the Dominican Republic, and west of both the United States Virgin Islands and the British Virgin Islands.

Puerto Rico is an archipelago that includes the main island of Puerto Rico and a number of smaller islands, the largest of which are Vieques, Culebra, and Mona. The main island of Puerto Rico is, by land area, the smallest of the Greater Antilles. With around 3.5 million people, it ranks third in population among that group of four islands, which include Cuba, Hispaniola and Jamaica. The capital and largest city is San Juan. Due to its location, Puerto Rico has a tropical climate with warm weather year-round and does not observe daylight saving time. Its official languages are Spanish, which is prevalent, and English.

Today, people born in Puerto Rico are natural-born U.S. citizens.[17] The territory operates under a local constitution, and Puerto Ricans elect their own governor. However, Puerto Rico lacks voting members in Congress and is subject to the plenary jurisdiction of the United States under the Puerto Rico Federal Relations Act of 1950. As of 2015, Puerto Rico remains a U.S. territory, although a 2012 referendum showed a majority (54% of the electorate) in favor of a change in status, with full statehood the preferred option

Not too many places in the world can offer Return on Investment the way the beautiful island of Puerto Rico does. In fact, most of the fast-expanding array of services and rising industries generally attribute their success to the incentives made available by the Puerto Rican government.

All US federal laws apply to Puerto Rico. They share a common currency, the US dollar, a common military defense and citizenship with the US. In traveling to and from the US mainland, no passports are needed. But because it is not a state but a commonwealth of the US, Puerto Rico enjoys fiscal independence and autonomy. This means attractive Puerto Rico tax incentives not available in the US mainland.

These elements critical to investors and businessmen are formidable. Over and above, these investments are safeguarded by the prevailing rule of law, the absence of any risks on the currency and Puerto Rico’s political stability.

Puerto Ricans And Corporations Are Not Subject To US Federal Taxes All Puerto Ricans born from 1917 onwards have automatically become citizens of the US. Because they all reside within the commonwealth, US federal taxes do not apply to income generated by individuals and corporations. For federal tax purposes, corporations in Puerto Rico are treated as foreign corporations and are not subject to US corporate taxes.

Act 20 Puerto Rico (The Export Services). Act 20, 22
Act 20, 22 were two additional laws passed in 2012. These new laws enable the establishment of a legal framework of incentives which were worked out to stimulate the development of a wide range of ventures. Among these, were manufacturing, social media, other interest-based businesses and operations and the export of services.
In particular, The Export Services Act 20 Puerto Rico was aimed at developing in Puerto Rico an international export services center. This was enacted to encourage local service companies to expand their services to persons and groups outside of Puerto Rico and rev-up the development of new businesses. Below are the major tax incentives that went along with these:

  • Corporate tax rate of only 4%
  • 100% tax exemption on dividends or profit distributions
  • 100% exemption of property taxes for certain export service businesses
  • Decree of 20 years guaranteeing these rates, renewable for an additional 10 years.

The Individual Investors Act 22 provided the following key incentives:

  • 100% tax exemption from Puerto Rico income taxes on all dividends.
  • 100% tax exemption from Puerto Rico income taxes on all interest
  • 100% tax exemption from Puerto Rico income taxes on all short and long-term capital gains accrued after the individual investor becomes a bona-fide resident of Puerto Rico.

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