18-220H 18-220H . . . Stock Option Plan For Federal Savings Association which provides for grant of Incentive Stock Options to officers and employees and Non-qualified Stock Options to officers, employees and outside directors. Plan meets certain requirements of the Office of Thrift Supervision
Puerto Rico Stock Option Plan For Federal Savings Association
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Multi-State
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US-CC-18-220H
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Word;
Rich Text
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Puerto Rico is an unincorporated territory of the United States and Puerto Ricans are U.S. citizens; however, Puerto Rico is not a U.S. state, but a U.S. insular area. Consequently, while all Puerto Rico residents pay federal taxes, many residents are not required to pay federal income taxes.
Any U.S. source income is still subject to U.S. taxes at the regular rate, but under the tax exemption decrees, Puerto Rico source income for an individual may be taxed at 0% for Federal and Puerto Rico purposes. Puerto Rico-sourced income may include interest and dividends from sources in Puerto Rico.
Thousands of Americans have relocated from the mainland to the island to reap the benefits of Act 60 and other generous tax incentives. Follow in their footsteps to this tax haven, and you'll remain in the United States without having to pay most U.S. taxes. Puerto Rico is truly the best tax haven for Americans.
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.
U.S. citizens who have lived all year on the island are exempt from filing taxes to the federal government of the United States as long as all of your income was from Puerto Rican sources only.
Individuals who are bona fide residents of Puerto Rico are eligible for a possession-source income exclusion, and therefore not subject to U.S. income tax on work or business income sourced from within the territory.
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.
Puerto Rico offers great tax incentives to LLCs and individuals who move to Puerto Rico, including a 4% income tax and exemptions from paying taxes on capital gains, interest, or dividends (for individuals and businesses that meet the requirements).