Puerto Rico Venture Capital Package
Description
How to fill out Venture Capital Package?
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FAQ
The term 'resident individual' means an individual who is domiciled in Puerto Rico. It should be presumed that an individual is a resident of Puerto Rico if they have been present in Puerto Rico for a period of 183 days during the calendar year.
What does this mean? It means that once the person becomes a resident individual investor of Puerto Rico unde Puerto Rico Incentives Code 60 ? and until 1/1/2036 ? any dividend or interest income is exempt from tax in Puerto Rico.
Who's eligible for Act 60? How do I sign up? The business and/or individual must submit an application through the Single Business Portal. Upon approval, they are granted a tax exemption decree which provides full details of tax rates and conditions mandated by the Law.
Once you live in Puerto Rico, your passive income is now ?Puerto Rico source income,? and Section 933 of the Internal Revenue Code says you don't have to pay federal taxes on Puerto Rico source income. Act 60 says you don't have to pay Puerto Rico taxes on passive income.
In addition to being in Puerto Rico for 183 days, you must also pass two additional tests: You must not have a ?tax home? outside of Puerto Rico at any point in that taxable year, and.
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.
The source of income of distributions received by residents of Puerto Rico from a U.S. regulated investment company (RIC) is considered Puerto Rico source income that is exempt from U.S. tax under Section 933.
Act 60 was intended to boost the Puerto Rican economy by encouraging mainland U.S. citizens to do business and live in Puerto Rico, and as is the case with many incentive programs, the opportunity and temptation to abuse these programs has led some to do just that.