Puerto Rico Petition for Voluntary Annexation
Description
How to fill out Petition For Voluntary Annexation?
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FAQ
Moving to Puerto Rico may not exempt U.S. citizens from all U.S. income taxes. Any income generated from U.S. sources, or other non-Puerto Rican sources, will still be subject to U.S. income tax. A U.S. citizen becoming a bona fide resident of Puerto Rico may still be required to file and pay U.S. income taxes.
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.
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.
Because Puerto Rico is a territory of the US, no special visas or work permits are necessary for US citizens. Think of it as an extension of the US with beautiful beaches and a Caribbean vibe with none of the paperwork and red tape hassle of moving to a foreign country.
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.
The first requirement has to do with time spent in Puerto Rico. Individuals are expected to spend 183 days a year in the territory. Further, they must spend at least 549 days in a three-year period. Also, they are not permitted to be present in the US for more than 90 days in any year.
On October 18, 1898 an armistice with Spain was signed and the United States gained control of the island of Puerto Rico. United States General John R. Brooke became the governor of the island. The United States has made efforts to Americanize the island of Puerto Rico.
Visa Not Required This includes nationals of Canada, who are also able to obtain authorization to work in Puerto Rico and the US through a simplified procedure under the North American Free Trade Agreement.
