Puerto Rico Statement of Reduction of Capital of a Corporation
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How to fill out Statement Of Reduction Of Capital Of A Corporation?
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FAQ
Act 22 of 2012 ?also known as the Act to Promote the Relocation of Investors to Puerto Rico (Spanish: Ley para Incentivar el Traslado de Inversionistas a Puerto Rico)? is an act enacted by the 16th Legislative Assembly of Puerto Rico that exempts local taxes on certain passive income generated by individuals that ...
Along with Puerto Rico Tax Act 20, Puerto Rico adopted an additional incentive, the ?Act to Promote the Relocation of Individual Investors,? Puerto Rico Tax Act 22, to stimulate economic development by offering nonresident individuals 100% tax exemptions on all interest, all dividends, and all long-term capital gains.
Law 68: Promotes acquisition and investment into the housing market on the island LEARN MORE. Law 187: Exempts buyers from paying property taxes for five years as well as certain closing costs for the purchase of the new residence as a primary residence, second home or investment property.
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.
What Is Act 60? Act 60 (formerly known as Acts 20 and 22) allows certain people to avoid both federal and state income taxes on their income. With a few changes in your life, you could be one of those people.
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 U.S. tax code (Section 933) allows a bona fide resident of Puerto Rico to exclude Puerto Rico-source income from his or her U.S. gross income for U.S. tax purposes.