I have a business entity in Puerto Rico (just moved here). I am not yet profitable but was wondering if someone wanted to team up to take advantage of the tax exemption status of act 20/22. So I guess I'm recruiting to see if anyone is interested to trade under an LLC from Puerto Rico to pay no capital gains tax on profits .
Don't crucify me here, it's just An idea that I wanted to post. This is not illegal so i think its a legit question. Any commentary/criticism is welcomed. Pm me if you don't want to post on the open forum.
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Hi @sixsmith07, I was wondering if you found out more about the tax status and ended up incorporating. I remember a few months back about full tax exemption for investors, including traders, but didn't pay too much attention.
At this point I am just curious, when I get consistently profitable, I may consider moving back there.
Yes I did move my business and assets there but I haven't incorporated yet. The paperwork needs to be filed by a professional and it will cost some money 10-20k regardless of how big your company is. However you can get fully exempt as a trader
How is your experience so far in P.R? I have been looking into it as I would probably benefit from Act 22 (even though they amended the Act on Nov 15 with the requirement to acquire a residential property). I would love to hear more from a futures traders actually trading from there, i.e power supply, internet speed, living standard etc... looking forward to reading you.
There are many countries other than Puerto Rico that offer similar terms to investors/traders. Most of them are actually located in Latin America and the Caribbean, leaving you an assortment of options if Puerto Rico ever falls through.