Puerto Rico Adoption of incentive compensation plan
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How to fill out Adoption Of Incentive Compensation Plan?
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FAQ
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.
Specifically, a U.S. citizen who becomes a bona fide Puerto Rico resident and moves his or her business to Puerto Rico (thus, generating Puerto Rico sourced income) may benefit from a 4% corporate tax/fixed income tax rate, a 100% exemption on property taxes, and a 100% exemption on dividends from export services.
Therefore, in many cases, a U.S. citizen or resident cannot avoid U.S. income taxation on gains associated with appreciation in investment assets by establishing bona fide residence in Puerto Rico unless recognized after 10 years of bona fide residence in Puerto Rico.
Attention all property owners in Puerto Rico! Don't forget that your property tax bills are due at the end of this month, January 2023. As a reminder, property taxes in Puerto Rico are paid twice a year, with the first installment due at the end of June and the second at the end of January.
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.
A 25 percent non-transferable tax credit for the purchase of products manufactured in Puerto Rico (PR-Products Credit) and a transferable tax credit equal to 50 percent of the eligible investment made for research and development activities in Puerto Rico (R&D Credit).
The Puerto Rican government first created these tax incentives, initially known as Acts 20 and 22, in 2012 to attract wealthy investors from outside the island, as well as corporations that could export goods and services.
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.