Puerto Rico Memo on Company Relocation
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How to fill out Memo On Company Relocation?
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FAQ
U.S. citizens who become bona fide residents of Puerto Rico can maintain their U.S. citizenship, avoid U.S. federal income tax on capital gains, including U.S.-source capital gains, and avoid paying any income tax on interest and dividends from Puerto Rican sources.
A U.S. company that wishes to do business in Puerto Rico may choose to either form a new subsidiary entity or register an existing company. In order to determine the best option, the company should consult an attorney familiar with tax laws and the company's business activities and structure.
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 fully exempts local taxes on all passive income generated by individuals that
How to Incorporate in Puerto Rico. To start a corporation in Puerto Rico, you'll need to do three things: appoint a registered agent, choose a name for your business, and file Certificate of Incorporation with the Department of State. You can file online or by mail. The certificate costs $150 to file.
To make amendments to your limited liability company in Puerto Rico, you must visit the Department of State's website and provide the LLC's name and its registration number (this can be found by doing a name search for your LLC). Then you'll be given the option of selecting the type of amendment you'd like to make.
One of the greatest of many Puerto Rico tax benefits is the Act 60 Investor Resident Individual Tax Incentive (formerly Act 22), which allows you to pay 0% federal or Puerto Rico capital gains tax on all capital gains incurred during the time that you qualify as a bona fide Puerto Rico resident living in Puerto Rico.
Commonwealth taxesAll federal employees, those who do business with the federal government, Puerto Rico-based corporations that intend to send funds to the US, and some others also pay federal income taxes (for example, Puerto Rico residents who earned income from sources outside Puerto Rico.
If you only move the company, though, on your personal tax income, you'll be paying the federal government their fair share of your Puerto Rico sourced income. But the island of Puerto Rico will still give you all the same breaks. So, if you only move your company, you would have to think of Puerto Rico as your state.
If you move to Puerto Rico under the provisions of recent legislation, you can retain your American citizenship and still pay no taxes to the IRS. You will have to pay territorial taxes in Puerto Rico, but these are much more modest.
The announcement is related to Act 22, which seeks to attract new residents to Puerto Rico by providing a total exemption from Puerto Rico income taxes on all passive income once an individual becomes a resident of Puerto Rico.
