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How long do I have to live in Puerto Rico to avoid taxes?
There's a special exception that will allow you to use the Puerto Rico tax benefits immediately upon moving there in certain circumstances, but this exception requires you to live in Puerto Rico for at least 3 years. Then, the capital gain must be Puerto Rican source capital gain.
How does Act 22 affect Puerto Ricans?
The Individual Investors Act (Act 22) seeks to attract new residents to Puerto Rico by providing a total exemption from Puerto Rico income taxes on all passive income realized or accrued after such individuals become bona fide residents of Puerto Rico.
Do residents of Puerto Rico pay US income tax?
While the Commonwealth government has its own tax laws, Puerto Rico residents are also required to pay US federal taxes, but most residents do not have to pay the federal personal income tax.
Who qualifies for Puerto Rico tax exemption?
An individual is treated as a bona fide resident of Puerto Rico under Section 933 if the person (1) meets a physical presence test; (2) does not have a tax home outside of Puerto Rico during the taxable year; and (3) does not have a closer connection to the United States or a foreign country than to Puerto Rico.
Do U.S. citizens living in Puerto Rico pay taxes?
Residents of Puerto Rico are required to pay most types of federal taxes. Specifically, residents of Puerto Rico pay customs taxes, Federal commodity taxes, and all payroll taxes (also known as FICA taxes, which include (a) Social Security, (b) Medicare, and Unemployment taxes).
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An individual is considered to be a bona fide resident of Puerto Rico only if he or she satisfies all of the following three conditions: (1) physical presence test, (2) tax home test, and (3) closer connection test. A special rule applies for the year of the move.
Who must file a Puerto Rico tax return?
Generally, if you are a Puerto Rico bona fide resident, you must file a Puerto Rico tax return. If you are not a bona fide resident of Puerto Rico, you must file both a Puerto Rico tax return and a U.S. tax return. If you are a member of the United States Armed Forces, special tax rules may be applied.
Does Puerto Rico have tax exemptions?
Puerto Rico source passive income is completely exempt from federal taxation under IRC §933; however, new qualifying residents may even reduce the tax rate on non-Puerto Rico source passive income to 0% (for interest) and 10% (for dividends) by using Puerto Rico investment vehicles.
What is a Form 482 Puerto Rico?
Form \u200b482\u200b is used to report worldwide income. Non-Puerto Rico residents will use Form \u200b482\u200b to report income they earned from Puerto Rican employers. If you're not a bona fide Puerto Rican resident, you'll also need to complete Form \u200b1040\u200b with the IRS for all the income you've earned worldwide.
How do I get tax benefits in Puerto Rico?
Further, Resident Individuals must apply for and obtain a tax exemption decree under Act 60. To obtain access to the approved and signed tax exemption decree, a one-time fee of $5,000 must be satisfied and deposited into a special fund to promote the relocation of Resident Individuals to Puerto Rico.
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