Over the past year, Puerto Rico has been featured in the news and touted as a tax haven for corporations and the wealthy due to the special nature of their corporate and income taxes as well as their capital gains. Puerto Rico reduced taxes policies are sure to keep observers at the edge of their seats for some time.
Since the very beginning of the year, the island has engaged in a campaign with the objective of promoting the tax incentives, which took effect a year ago. A lot of their assets, such as their beautiful beaches, private education and bargain costs are being marketed. Everything has been an effort to lure in business executives and millionaires.
A reported number of forty people are said to have applied for residency. They are following the lead of the number of millionaires that have already relocated. So far, most of them are from the United States and come from small financial firms rather than big corporations.
Barry Breeman once claimed that tax savings can possibly add up towards six figures in the very least with each passing year. Breeman, one of the co founders of Caribbean Property Group, is making the move to Puerto Rico with his wife. The Group happens to be a real estate investment firm with some significant holds on Puerto Rico, is based in New York.
As if millionaires are not enough, officials are also courting billionaires. John A. Paulson is one of them. Paulson, whose occupation is hedge fund manager, was considering the move, but reportedly declined in the end. The government has been hard at work at attracting men like Paulson, who can enhance their reputation even further.
Comparisons to places like Singapore or Ireland are quite welcome to government officials and real estate brokers. In their view, it would mean the elevation of the island to a status comparable to those other countries as a tax haven. One advantage it has over everywhere else though, is that Americans can retain their citizenship even after moving.
For someone to even qualify as a legal resident, one must live in the island for at least one hundred and eighty three days out the year. The wealthy would have no trouble doing that. Perhaps living in their private yachts for a hundred and eighty three days can be considered a vacation for them.
Puerto Rico may be an unincorporated territory of the US, but the way it is treated when it comes to taxes is different. The policies are very different in comparison. For example, most residents are not required to pay their federal income tax, with the exception of federal workers.
As a result of years of economic recession, the economy is bad shape. The unemployment is hire than most states and the pension fund is also among the weakest. It can also run out by the year 2014. This Puerto Rico reduced taxes plan may attract wealthy investors who could conceivably save the economy. It is a decent plan and one that might soon come to fruition.
Since the very beginning of the year, the island has engaged in a campaign with the objective of promoting the tax incentives, which took effect a year ago. A lot of their assets, such as their beautiful beaches, private education and bargain costs are being marketed. Everything has been an effort to lure in business executives and millionaires.
A reported number of forty people are said to have applied for residency. They are following the lead of the number of millionaires that have already relocated. So far, most of them are from the United States and come from small financial firms rather than big corporations.
Barry Breeman once claimed that tax savings can possibly add up towards six figures in the very least with each passing year. Breeman, one of the co founders of Caribbean Property Group, is making the move to Puerto Rico with his wife. The Group happens to be a real estate investment firm with some significant holds on Puerto Rico, is based in New York.
As if millionaires are not enough, officials are also courting billionaires. John A. Paulson is one of them. Paulson, whose occupation is hedge fund manager, was considering the move, but reportedly declined in the end. The government has been hard at work at attracting men like Paulson, who can enhance their reputation even further.
Comparisons to places like Singapore or Ireland are quite welcome to government officials and real estate brokers. In their view, it would mean the elevation of the island to a status comparable to those other countries as a tax haven. One advantage it has over everywhere else though, is that Americans can retain their citizenship even after moving.
For someone to even qualify as a legal resident, one must live in the island for at least one hundred and eighty three days out the year. The wealthy would have no trouble doing that. Perhaps living in their private yachts for a hundred and eighty three days can be considered a vacation for them.
Puerto Rico may be an unincorporated territory of the US, but the way it is treated when it comes to taxes is different. The policies are very different in comparison. For example, most residents are not required to pay their federal income tax, with the exception of federal workers.
As a result of years of economic recession, the economy is bad shape. The unemployment is hire than most states and the pension fund is also among the weakest. It can also run out by the year 2014. This Puerto Rico reduced taxes plan may attract wealthy investors who could conceivably save the economy. It is a decent plan and one that might soon come to fruition.
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