Puerto Rico Clauses Relating to Dividends, Distributions
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How to fill out Clauses Relating To Dividends, Distributions?
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FAQ
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.
In the case of Puerto Rican non-resident foreign nationals, investment income, such as rent and interest income, is subject to a flat rate of 29%, and dividends to a flat rate of 15% (or a lower flat rate in certain cases).
What Is Act 60? Act 60 (formerly known as Acts 20 and 22) allows certain people to avoid both federal and state income taxes on their income. With a few changes in your life, you could be one of those people.
To enjoy these Puerto Rico tax incentives, you must qualify as a bona fide Puerto Rican resident by passing three tests?the presence test, the tax home test, and the closer connection test?to prove your intention for living in Puerto Rico long term.
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.
Cost of Living Living in Puerto Rico is comparatively cheaper than other parts of the US, making it a desirable destination for wealthy individuals who wish to make their money go further. This makes it an attractive option for millionaires looking to stretch their money further.
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.
An Overview of the Tax Benefits Under Act 60 of Puerto Rico: A tax exemption of fifty percent for the municipality. An exemption from the local and state property taxes equal to 75%. An exemption from taxes equal to one hundred percent on all distributions made from earnings and profits *