[ Offshore Tax ] What is the main tax advantage of moving to Puerto Rico? Video

[ Offshore Tax ] What is the main tax advantage of moving to Puerto Rico?

The Tax Incentive Code, known as “Act 60”, provides tax exemptions to businesses and investors that relocated to or are established in Puerto Rico. The incentives are particularly attractive to U.S. citizens who moved to Puerto Rico because they do not need a residency permit. Likewise, their Puerto Rico-sourced income is exempt from U.S. federal and state income taxes.
They also get to keep benefits such as Medicare and Social Security. Furthermore, the Puerto Rican tax code mirrors the U.S. Internal Revenue Code, making the transition much easier for those who became bona fide residents of Puerto Rico.
The U.S. tax code (Section 933) allows a bona fide resident of Puerto Rico to exclude Puerto Rico-source income from their U.S. gross income for U.S. tax purposes. If the income was received from sources outside Puerto Rico, then a U.S. federal tax return must be filed if the income earned outside of Puerto Rico exceeds the taxpayer’s filing threshold.
Any U.S.-sourced income is still subject to U.S. taxes at the regular rate, but under the tax exemption decrees, Puerto Rico-sourced income for an individual may be taxed at 0% for Federal and Puerto Rican tax purposes. Puerto Rico-sourced income may include interest and dividends from sources in Puerto Rico.

TIMESTAMPS:
0:00 INTRO
0:10 What are the main benefits of moving to Puerto Rico
1:00 Political and taxes situation in Puerto Rico
1:55 Manufacturing and services in Puerto Rico
2:25 Tax benefits moving to Puerto Rico
4:23 OUTRO



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DERREN JOSEPH
So what is the main attractiveness of, obviously Puerto Rico is a beautiful territory, a beautiful island, right? But, as a jurisdiction, what is the main benefit of moving to Puerto Rico from the US?

GIANCARLO ESQUILIN:
Yeah. Well, let me give you some political status. What means to, in Puerto Rico is a territory of the United States, but being a territory we have some particular exemptions, but okay, Puerto Ricans are born and raised or US citizens by per, so that means that, you know, you pay taxes to the US based on citizenship, but there is a particular situation in the case of Puerto Rico bonafide residents. Right? And Puerto Rico bonafide residents are particularly defined or provided by section 937 of the US tax code. And that basically allows Puerto Rico bonafide residents who do not pay us taxes on Puerto Rico source income, but it's Puerto Rico source income only based on section 933. So those are the main two sections that allows Puerto Rico residents to not pay US taxes. But that doesn't mean that if you generate income from other sources, internet dividends if you have a rental home in the US, that means US source income. So even if you live in Puerto Rico, you may be saving for US or state income taxes. Okay. One of the principal benefits of moving in or living in Puerto Rico, for income taxes is those tax benefits that the Puerto Rico government has been offering for decades. Now, there is an evolution from manufacturing activities to pharma airplanes, systems, and services. And since 2012, basically Puerto Reconnected Act training and 22, that is now Act 60.

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