Puerto Rico’s Act 60: A Caribbean Gem for Entrepreneurs and Investors
Puerto Rico’s Act 60: A Caribbean Gem for Entrepreneurs and Investors
Puerto Rico's Act 60, (formerly known as Acts 20 and 22), has created a buzz among entrepreneurs and investors worldwide. This legislation offers compelling tax incentives, making the island not just a tourist destination but a hotspot for business and investment. Here's a closer look at what Act 60 entails and how it can benefit both US and non-US citizens.
What is Puerto Rico's Act 60?
Act 60 is a tax incentive code designed to attract businesses and investors to Puerto Rico. The act consolidates and enhances the benefits previously under Acts 20 and 22. Its primary aim is to boost the island's economy while offering attractive perks to entrepreneurs, investors, and service providers.
Perks for Entrepreneurs and Investors:
Tax Incentives: Businesses operating under Act 60 can enjoy a 4% corporate tax rate, one of the lowest compared to US federal taxes. There’s one catch though – you must export your services from Puerto Rico.
Individual Investors: US citizens who become residents of Puerto Rico can benefit from 0% tax on dividends, interest, and certain capital gains under Act 60.
Exemption from Federal Taxes: Income generated in Puerto Rico is exempt from US federal income taxes, a significant advantage for US citizens.
Benefits for Non-US Citizens:
Non-US citizens can also reap benefits from Act 60. The act offers incentives for establishing businesses on the island, contributing to its growing reputation as a hub for international trade and services.
Good News for Digital Nomads and Remote Workers:
Puerto Rico's Act 60 is particularly appealing to digital nomads and remote workers. With its favorable tax regime, beautiful landscape, and robust infrastructure, the island presents an ideal blend of work and leisure.
Don’t Wait. Start Planning Your Next Steps Today:
Beyond tax benefits, Puerto Rico offers a vibrant culture, stunning beaches, and a welcoming community. It’s an opportunity to enjoy a high quality of life while benefiting from financial incentives.
Puerto Rico's Act 60 presents a unique opportunity for both US and non-US citizens to enhance their financial strategies while enjoying the perks of living in a tropical paradise. Whether you’re looking to optimize your tax situation, invest in new ventures, or simply enjoy a change of scenery, Puerto Rico's Act 60 could be your key to a successful and enjoyable lifestyle.
Considering taking advantage of Act 60? Connect with Global Citizen Consulting to discuss building your action plan to make the most of this opportunity.
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