Puerto Rico Service Agreement for Development
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FAQ
Puerto Rico offers businesses the security and stability to operate in a US jurisdiction, while providing an unmatched variety of tax incentives that make it an attractive destination for businesses, large and small.
Puerto Rico Act 60: How You Can Lower Your Federal and State Tax Rates Under the Resident Tax Incentive Code. July 12, 2021. The Tax Incentive Code, known as Act 60, provides tax exemptions to businesses and investors that relocate to, or are established in, Puerto Rico.
1. You were present in the relevant territory for at least 183 days during the tax year. 2. You were present in the relevant territory for at least 549 days during the 3-year period that includes the current tax year and the 2 immediately preceding tax years.
Only Bona Fide Puerto Rico Residents Qualify for Act 60 Tax Benefits. The first question the IRS asks is whether an individual has been physically present on Puerto Rican soil for at least 183 days during the taxable year. Note that there are additional methods for satisfying this requirement.
An individual is considered to be a bona fide resident of Puerto Rico if three tests are met. The individual must be present for at least 183 days during the taxable year in Puerto Rico or satisfy one of the other four presence tests (the presence test).
Act 20 and Act 22 were enacted in Puerto Rico in 2012 to promote the exportation of services by companies and individuals providing such services from Puerto Rico and the relocation of high-net-worth individuals to Puerto Rico.
Further, Resident Individuals must apply for and obtain a tax exemption decree under Act 60. To obtain access to the approved and signed tax exemption decree, a one-time fee of $5,000 must be satisfied and deposited into a special fund to promote the relocation of Resident Individuals to Puerto Rico.
An individual is considered to be a bona fide resident of Puerto Rico if three tests are met. The individual must be present for at least 183 days during the taxable year in Puerto Rico or satisfy one of the other four presence tests (the presence test).
You spent at least 549 days in Puerto Rico throughout the current and previous two tax years, including at least 60 days per tax year. You spent no more than 90 days in the mainland U.S. throughout the tax year.
Act 60 - Resident Individual InvestorWith total exemption from local income taxes on certain passive income earned after they become bona fide residents of Puerto Rico. These new residents of Puerto Rico are entitled to 100% income tax exemption on dividends, interest and certain capital gains.
