Introduction to Laws › Act 20 / Act 22 of Puerto Rico

Introduction to Laws › Act 20 / Act 22 of Puerto Rico

4 years ago 4494

Puerto Rico, the smallest isle of the Greater Antilles and with a population of approximately 4 million, boasts one of the most dynamic economies in the Caribbean. With a GNP of approximately $64.84 billion, the island has the highest GNP per capita of Latin America. For the past 50 years, the island has been a manufacturing powerhouse. Many of the top prescription drugs in the U.S. as well as medical devices are manufactured in Puerto Rico. In the financial sphere, Puerto Rico is home to one of the most sophisticated financial markets in the hemisphere. The island has a vibrant mutual funds market of $14 billion and financial firms on the island manage client assets that exceed $34 billion. Yet, as a place for doing business, Puerto Rico is still a well-kept secret. As a Commonwealth of the U.S., Puerto

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Individual Investors Act

4 years ago 427

On January 17, 2012, Puerto Rico enacted Act No. 22 of 2012, as amended, known as the “Individual Investors Act” (the “Act”). The Act may have profound implications for the continued economic recovery of Puerto Rico. The Act provides tax exemptions to eligible individuals residing in Puerto Rico. To avail from such benefits, an individual needs to become a resident of Puerto Rico and apply for a tax exemption decree. Eligibility The benefits of the Act are only available to bona-fide residents of Puerto Rico that were not bona-fide residents of Puerto Rico for the 15-year period preceding the enactment of the Act on January 12, 2012 (“Eligible Individuals”). A bona-fide resident of Puerto Rico is a person who:   is present for at least 183 days during the taxable year in Puerto Rico.  does not have a tax home

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