Renown for the white sandy beaches as well as its killer rums, Puerto Rico is hoping to stake the new claim of providing Puerto Rico tax incentives. It is an incentive aimed at rich persons and this country is also marketing its amazing beaches, bargains and its private schools for purposes of luring the rich people to the country.
A considerable number of millionaires that are not well known have already been attracted by these offers. A number of American executives who run small financial firms have stated that they have relocated to this island. In addition, the authorities say that another group of people, mostly coming from the US, have applied. The savings in taxes that a person can enjoy can reach six figures per year.
It is all well and good for someone to lure the millionaires but the island is mainly interested in luring the billionaires to this island. A certain hedge fund managers are said to be thinking of making the move to this area. In addition to luring the billionaires, this area is also hoping that it can lure wealthy American because it is hoping to become a country like Ireland and Singapore which are low-tax destinations.
The island has an advantage because of its situation near to America compared to Ireland and Singapore. In addition, there is no any a requirement for a person to denounce his or her citizenship. The great weather is what makes a person enjoy spending days on a sailboat or yacht while working.
Income can be sheltered legally and the area is soon catching up with Ireland as well as Singapore. A commonwealth of USA is what the island is but for purposes of taxes, it will be treated differently. Most of the residents in this area do not pay any federal taxes on their incomes. However, the exception to this rule is the federal employees.
Such new rules for taxes are what this island does to try and bolster its own economy. The per-capita income of this island averages $15,200 and it is a figure that is dwarfed by Mississippi, the poorest of the states in America. This has made the island keen to lure wealthy people arriving from the United States.
There was once then incentive that would exempt USA firms from being changed any taxes out of profits from manufacturing operations within the territory. However, the incentive ended since congress said that the incentive bilked taxpayers. This new incentive being offered is a radical departure because it now focuses on the financial as well as legal services.
The incentive that you can find in this island can work with the ones in America. Capital gains of fifteen percent are not taxed and a person is required to have held an asset before relocating. In addition, assets sold ten years after the move will not be taxed. These Puerto Rico tax incentives have made the island to be compared to Florida which does not require anyone to be taxed for ordinary income.
A considerable number of millionaires that are not well known have already been attracted by these offers. A number of American executives who run small financial firms have stated that they have relocated to this island. In addition, the authorities say that another group of people, mostly coming from the US, have applied. The savings in taxes that a person can enjoy can reach six figures per year.
It is all well and good for someone to lure the millionaires but the island is mainly interested in luring the billionaires to this island. A certain hedge fund managers are said to be thinking of making the move to this area. In addition to luring the billionaires, this area is also hoping that it can lure wealthy American because it is hoping to become a country like Ireland and Singapore which are low-tax destinations.
The island has an advantage because of its situation near to America compared to Ireland and Singapore. In addition, there is no any a requirement for a person to denounce his or her citizenship. The great weather is what makes a person enjoy spending days on a sailboat or yacht while working.
Income can be sheltered legally and the area is soon catching up with Ireland as well as Singapore. A commonwealth of USA is what the island is but for purposes of taxes, it will be treated differently. Most of the residents in this area do not pay any federal taxes on their incomes. However, the exception to this rule is the federal employees.
Such new rules for taxes are what this island does to try and bolster its own economy. The per-capita income of this island averages $15,200 and it is a figure that is dwarfed by Mississippi, the poorest of the states in America. This has made the island keen to lure wealthy people arriving from the United States.
There was once then incentive that would exempt USA firms from being changed any taxes out of profits from manufacturing operations within the territory. However, the incentive ended since congress said that the incentive bilked taxpayers. This new incentive being offered is a radical departure because it now focuses on the financial as well as legal services.
The incentive that you can find in this island can work with the ones in America. Capital gains of fifteen percent are not taxed and a person is required to have held an asset before relocating. In addition, assets sold ten years after the move will not be taxed. These Puerto Rico tax incentives have made the island to be compared to Florida which does not require anyone to be taxed for ordinary income.
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Interesting read on tax incentives... I'll be sure to refer to this in my next incentive meetings. Cheers!
ReplyDelete-Jon