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Form AS 2645.1 is an application for tax exemption under Section 1101 of the Puerto Rico Internal Revenue Code, requiring a payment of $300 or $400. The document outlines necessary information about the organization, including its name, address, identification number, activities, income sources, and governance structure. It also includes questions regarding previous tax exemptions, financial operations, and compliance with regulations. The form must be signed by an authorized representative and submitted to the Department of the Treasury.

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What is the 183 day rule in Puerto Rico?

The term resident individual means an individual who is domiciled in Puerto Rico. It should be presumed that an individual is a resident of Puerto Rico if they have been present in Puerto Rico for a period of 183 days during the calendar year.

Who qualifies for Puerto Rico tax exemption?

If youre a bona fide resident of Puerto Rico, you generally arent required to file a U.S. federal income tax return if your only income is from sources within Puerto Rico.

Is Puerto Rico still a tax haven?

Puerto Rico is a US territory, which means that all income generated in Puerto Rico is exempt from additional US federal income tax. Other Puerto Rican tax incentives: Under Act 22 (Individual Investors Act), qualifying Puerto Rico residents are 100% exempted from capital gains tax.

What is the 4 20 rule in Puerto Rico?

If you are a bona fide resident of Puerto Rico while operating an Act 20 company On the corporate side, youll pay a 4% corporate tax to the Puerto Rican government and you will escape the GILTI taxation by the IRS for your Act 20 company. Dividends will also be tax-free.

How long do I have to live in Puerto Rico to avoid capital gains tax?

However, if you wait to realize your capital gains until youve been a resident of Puerto Rico for 10 years, you can receive a 5% reduction in capital gains tax. The governing law extends the benefits of Act 60 through 2035.

Do military members from Puerto Rico pay federal taxes?

Active duty members of the U.S. Armed Forces whose state of legal residence is Puerto Rico or American Samoa are U.S. Government employees. They are required to file both a U.S. income tax return and a territory tax return, as applicable.

How long do you have to live in Puerto Rico to get tax benefits?

The Presence Test ing to Puerto Rican regulations, several ways exist to establish a presence on the island. The easiest is to show that you were in Puerto Rico for more than half the year at least 183 days or an average of at least 183 days over 3 years, with a minimum of 60 days in each year.

Can you avoid capital gains tax by moving to Puerto Rico?

One of the greatest of many Puerto Rico tax benefits is the Act 60 Investor Resident Individual Tax Incentive (formerly Act 22), which allows you to pay 0% federal or Puerto Rico capital gains tax on all capital gains incurred during the time that you qualify as a bona fide Puerto Rico resident living in Puerto Rico.