Don’t Play Games with Puerto Rico Tax Savings

[@lerryperry]

Messing with the US Government is like ripping off the mob.

[@DavidJGlad]

I thought it funny his line the IRS, not to be trifled with, is the kiddie table compared to California's taxing authority. Latter proposes coming after you up to 20 years after you leave the state for why ASAP is not soon enough!

[@troy5007]

LIKES attract LIKES. The Mob is also known as the Sovereign Free willed people being ripped off by the World Corporate government via their own Free Will to be a slave or not be a slave, to be bullied or not be bullied, to experience being extorted, threatened and or murder? FYI the soul never dies?, all being PRIVATE entities Sovereign in their own creative Rights. NO point playing the Blame game , when people simply just have to start providing for themselves, grow your own food no permission needed, collect your own water no permission needed, produce ones own Electrical needs no permission needed, growing applicable recourses to meet their own needs and stop replying on others to wipe the peoples asses for them. people should stop comply and volunteering in a system that has NOTHING to do with the people. The People are meant to be SELF governing meaning we create our own system that benefits our fellow man, woman and child. That's what the Declaration of Independence means, reliant on ones INNER self to remain Sovereign and free in their Physical earth experience. ones Natural State of being . peace...

[@dougdrummond9341]

I think the IRS is too sloppy to catch most people

[@dougdrummond9341]

24 years for the Department of Defense sloppy sloppy sloppy

[@mjhmn]

lolz

[@abs2fast2furios]

"How will they know where I am?" Snowden: Really Bruh?

[@mobileandroid5299]

BS! They don't know! Andrew is just scared.

[@riqqarddopv7918]

@@mobileandroid5299 they do know they'll track your phone

[@wielandsmith]

@@riqqarddopv7918 right. Guess you got to invest in one of those pre-paid.

[@wielandsmith]

They should get members of the IRS to help with all the drug running that seems to slip through the cracks! That said, I’ve met quite a few fugitives in PR.

[@mikewilliams4947]

99.9% of people considering PR for tax reasons will follow the law. If they don’t they wouldn’t anywhere else either. PR has world class everything. Water, mountains, food, drink social life you name it. Not to mention it’s a very “fit” city. Lots of talent all over. And a few hours from the southeast US or NY for getaways. If you are poor it sucks more than poor on the mainland.

[@jamesbond9093]

You don't have to live in PR 24/7. Example: Leave Fort Lauderdale on the afternoon 2 1/2 hour non-stop flight from FLL and arrive in SJU about 8 p.m. The clock starts. Leave SJU on non-stop to FLL Wednesday afternoon. Arrive around 5 p.m. You have just spent 4 days in PR. If you did this every week, you will accumulate about 200 days toward the requirement. The IRS has a regulation (I've read it) that states any part of a day counts on the 183 day requirement. Just think of all the air miles you will accrue!

[@jec1ny]

Two comments. First PR has a lot of problems and a lot of potential. The problems include systemic governmental corruption that has existed since the Spanish ran the place. It's part of the culture. Breathtaking incompetence and levels of debt coupled with an ongoing exodus of its population who are fleeing the island. The cost of living is high with essential services being both expensive and frequently of indifferent quality. The potential lies in the location and climate. PR is relatively close to the US mainland and is semi-tropical with lots of vegetation and beautiful beaches. If they can ever get their act together PR could become the Hawaii of the US east coast. San Juan is a an old Spanish colonial city with a lot of potential for tourism. And lastly there are cultural barriers including language. My second comment is that Andrew is absolutely right in cautioning those who are looking to play games with the authorities. The US Government and the IRS are not known for their sense of humor. Don't mess with them. There are no gains worth the potential trouble this could get you into. Just don't do it. Edit: Typo

[@koroborok2719]

Ur so right... I live on the island...

[@wielandsmith]

Yep. My mom lives there. Lots of corruption but a gorgeous place to live. Where she is located, the cost of living is super low but getting a good or affordable electrician or plumber is a huge headache. The move itself was really easy though.

[@andith]

jec1ny, Puerto Rico is the island that supports us, from DR when we arrive along the coasts. In my country DR the government is so corrupt that we make less than $6.00 for a day of work, and we have to live on prostitution and the tits of the USA, a foreign country to survive. Maud de Boer-Buquicchio, the U.N. special rapporteur on the sale and sexual exploitation of children, said the Dominican Republic is a child sex tourism hotspot. BOGOTA (Thomson Reuters Foundation) - Children in the Dominican Republic are preyed upon by foreigners who visit the island to have sex with youngsters.* New York Post- For decades most alien Dominicans residing in the United States depend on food stamps and welfare that includes Section 8, Medicaid, Transportation paid by taxpayers according to the Weekly Standard magazine.* By RD Oropesa- Most Dominicans are discriminated for being considered clients of the state and a public burden for the USA. NY Post- Dominican merchants sell food to welfare recipients from their country who send it to support Dominican Republic, a foreign country that contributes with nothing to the USA.

[@andith]

Probably this je1ny is from DR the brothel of the Caribbean and public burden in the USA that came to the island with no suitcase, a penny or dignity to be supported by Puerto Ricans and like all of them do, get full of envy and attack the ones who feeds their people. They risk their lives because they make less than $7.00 for a work day and come to the island to take a free ride for decades according to the census of the USA and PR. The government of the island has to start sending back all this burden that so much damage does to the island and USA. PUERTO RICO? Puerto Rico workers pay the majority of federal taxes that Americans on the mainland pay - payroll, social security, business taxes, gift taxes, estate taxes and so on.The island pays more than 3.6 billions in federal taxes a year. Bruce Jones says: The beautiful people and island of Puerto Rico contribute roughly $3.5 Billion to the Federal IRS Gross Collections every year. That’s about $1,000 per person every year on average.

[@cla1814]

Hawaii is a aweful for business, they have one of the worst taxes rate, and everything so expensive there, in Puerto Rico is the opposite low taxes and lower prices of goods including gasoline.

[@quietsteels5165]

Peter Schiff has left the chat

[@jordanroberts7931]

Peter Shiff has entered the chat with his residence and business located in Puerto Rico.

[@vrcmf3172]

Spending 183 days in PR WILL and I repeat WILL get you audited by the IRS… do NOT do that. 190-200 days is what is best. Now, you don’t have to spend a Day in PR. You have to move you’re permanent home to PR and closer connections to PR. Your doctor (unless specialist is state side) gym membership, clubs, church etc all of that has to be in PR, where do you keep you’re jewelry… has to be PR, where is you’re dog? Has to be PR. IRS did this because you CAN literally spend ONE minute in PR and that is considered an entire day in PRs government. The issue wasn’t with people going to Pr then flying back state side it was people lying about EVER going. So you CAN fly out to San Juan spend one minute on the island and fly back to the states and that counts as one day on the island. Where the issues comes into play… why are you going To the states? You’re gym, church, bank accounts, dog, personal belongings are back on the island… that’s why IRS has close personal connections test. And biggest one… you CANT CANT conduct ANY business in the states. Basically IF you are going mainland it’s a “vacation” for you. Can’t take a business call, can’t go to a gym, can’t go a temple or church. It’s not about spending time in PR… it’s about everything else.

[@nextari]

Are you sure about no business allowed in US? Can you live full time in PR, but maintain a business on mainland that is run by your employees as long as you pay US tax on that income? Say you have an S-Corp and receive that K-1 income that is not related to labor/W2 income. Would you still qualify for the zero cap gains on investments?

[@vrcmf3172]

@ that’s not act 60. In that case it’s not being a resident. That would be cooperate tax, nothing different then having your cooperation in a place like BiH or Croatia or Isle of Man, or Ireland (think Apple) but in that case how will you spend the money? You will pay additional taxes. But no you can’t do that.

[@zorasantiago3041]

I appreciate your ethics, Andrew . I am working on this right now.

[@nomadcapitalist]

Thank you Zora!

[@elgrandisimojoe]

etica de sabandija

[@LordKaiser003]

Puerto Rico has a 12% (They call it 11.5%) sales tax called the IVU and also electricity and water is very expensive. Also their government has a lot of red tape so to get permissions to build something takes a very, very long time. Everything is slooooow in PR.

[@carlogambino9476]

You have to know where to build, problem is that many people want to build bear by the shore and that my friend is ILLEGAL

[@carlogambino9476]

Slow even in the US is slow go to the State government in any state for example the DMV is a nightmare in any state in the US mate

[@dan_the_health_agent4902]

@@carlogambino9476 TRUST ME, i helped open a buisness in Puerto Rico with ACT 60, and its true, it takes WAY longer in PR than in the US, and its not even close

[@harrymalave1813]

Born and raised in PR. Also, I am a CPA. Quality of life sucks. Moved out after getting tired of hearing gunshots and losing electricity at least once a week.

[@gabrielpinero8032]

Yo estoy loco por irme. You're right on the money bro. La f****** AEE 😂😭

[@gabrielpinero8032]

@Nice Shot oh boy... 😂 you're in for a surprise... Unless you live in rich people neighborhoods jajajajaja

[@ivonnepr9787]

PRcans don’t want you destroying our coast. Sorry but not a good idea! Tax Act 20/22 will be eliminated soon and we will stay in PR looking how you have to pay taxes anyway. We all in PR pay high taxes why you think this is fair.

[@4037Mia]

I don't know where you lived because if I heard a gunshot probably was once or twice in 45 years.

[@MariA-bu2jv]

Sounds like South Africa 💀😐

[@crippledgenius]

Yeah there is no easy way, best I've found in Canada is that you can invest in Canadian companies and receive tax free dividends upto 45k or 90k for a couple. I've considered leaving but my health is not the best. Great video Andrew

[@thedcrypted]

Andrew is right. We are Act 60 residents and have an Act 60 company. ONLY do this if you follow the letter of the law. There is no way around spending more time in PR than the US. In my opinion, PR only works if your saving a TON of tax because you will spend a TON making PR work. The real estate in the nicer parts of the island is far more expensive than Florida. Furthermore, you will spend money hiring a concierge doctor and an assistant just to navigate the local red tape. PR is not for the faint of heart yet it can serve as an amazing stepping stone for Americans to bigger and better things. It’s not a permanent solution by any means.

[@sirgalahad1470]

Who wants to live in the piece of crap that the United States has become? To quote one congressman "It is 2021, and we are living under Soviet era infrastructure in the United States". The recent cold front in Texas almost completely melted down the power grid. Neighborhoods with multi-million dollar homes were without power for days. Water lines and gas lines broke everywhere across the state. It's a joke! We have been giving this country one third to almost half of our income our whole lives, and for what ?! I for one want out.

[@JAW242]

@@sirgalahad1470 Yet the 2017 hurricane completely plummeted the island with the ramifications seen to this day. I fly there very often. and drive around a lot. I was just there a month ago. They have not completely recovered yet. You really wanna talk about the outdated and indolent infrastructure... Compared to the US they are decades behind. Interesting you picked TX for your comparison too. I happen to currently live in Dallas. TX bounced back within weeks. I don't think they will see a storm like that in the foreseeable future. On the contrary, hurricane season in El Caribe is ON every year. Guaranteed. As a foreigner, I can tell you this - compared to depressing septic tanks such as NYC or LA (lived for years in both) - Dallas has immensely better infrastructure. The other two truly look like 3rd world country slums towns.

[@pablomorales748]

@@JAW242 From a Puerto Rican is truest, I still family that one of there house is still without the electricity since de hurranca, compare it to what happen in Texas, is no comparability of the infrastructure in the island. Plus, Puerto Rico crime rate have been going up since the hurricane.

[@Nightverslonn]

I make 100% of my income of capital gains. I like the idea of PR but it seems there are more taxes not being discussed. Property taxes seem high. Can we get a discussion on the bottom line of living there? All the taxes, cost of living, etc?

[@thelifeofpaladin]

How does the tax benefit work. Do i have to stay there for a year first and pay the US federal income tax and then the next year no tax?

[@chizzlemo3094]

I’m not American and I still wouldn’t trust PR

[@mikewilliams4947]

You don’t trust America?

[@carlogambino9476]

Then why are you here?

[@CustomSneakers]

What if you make 50-100m in crypto and sell thst amount while living in PR and wait a year or two and then move back to the states? Is the 50-100m now taxable?

[@kenlewis2253]

No, taxes are based on the time of the event (the sale). It is free to move money around, only events trigger taxes.

[@konicakonica8635]

what is the pureto Tex game ?? I don't understend ! please tell me detail !!

[@First-gd7ci]

This is the most destructive Law ever conceived.

[@johneverson6252]

Ha! Ha! Have people really called you the “Goody Two Shoes of the Offshore Industry”? Hilarious! Also shows that you are doing something right - Well done!

[@stevewinn5672]

When I was shopping for an off shore home for my hedge fund in the 80's PR did not meet our criteria however they did have a program to attract retirees whereby they could sell their US home and then elect 'accrural basis' accounting and shelter the capital gain from tax liability. Does this still exist and does it avoid 'source of income' rules?

[@sandraduncan4372]

We have extremely high power and water rates. I have no ac or a pool and our basic electric bill is $200. This is the residential rate with is the most cheapest rate

[@tomtocz7284]

Have you looked into solar power as a way to bring the electricity costs down? PR seems like a decent candidate for good all year solar production.

[@tracywilliams7929]

Isn't it so that the way the 183 days is calculated you don't have to spend 6 months? Each day is converted into 1 minute so you only spend 183 minutes to achieve residency.

[@JanVelazquez]

I live in PR and I am planning to move to the states. If after a few years I come back, can I apply to these tax incentives?

[@petec2022]

The last time I checked you need to be a non-Puerto Rico resident living in the Mainland to qualify for the tax incentives. So if you move to the Mainland you will need to wait 10 years if that requirement hasn’t changed and it doesn’t change in the future.

[@call787-7REALTY]

Hi Mr. Velasquez Pete is right but there’s so many incentives for local Puerto Ricans did you know that if you make half $1 million you don’t have to pay any taxes we’ve been here for 2 1/2 years and we created a business but I Wish that we heard about this and sent it before but it’s never too late to make money again just like the stock market and the real estate market there’s always a new opportunity especially in Puerto Rico is the best place in the world to make money right now

[@TimKyoutube]

Peter Shiff must be a client :)

[@alexnezhynsky9707]

Or vice versa. He had a gold company

[@JorgeL721]

I need help with a big decision. I am about to become a Veteran of the US Navy. I plan on attending college in Puerto Rico for the reason being I have a significant investment in cryptocurrency. I was hoping to use my GI Bill to attend one class at Interamerican University, while taking the majority of my classes online for the overseas housing allowance. After spending over 9 months per year in Puerto Rico for at least 2 years, having no dependents or assets in the United States, would I be eligible for the Capital Gains Tax Exemption? With some luck and timing I hope to become a client.

[@robg4696]

Do I have to have a business to move to PR? Can I just work a normal job there? Can I move there 6 months before Jan 1st and then cash out capital gains to save on taxes?

[@sydneegoodman2615]

I just told a family friend what I would like to do , he said it's impossible just give up don't waste your time & I also showed him dual citizenship , he says it's unnecessary !!!!! Maybe that's because he has south Korean P.A & has travelled a lot , don't know what to tell him

[@lmcousyn]

I've only heard discussion about moving a business for tax savings. What about moving as an individual without setting up a business? All income is passive (dividend/interest/cap gains) from a non-US country. Do the acts cover this?

[@nomadcapitalist]

Yes.

[@stevemasterson7776]

Only cap gains is what I had read. Like if you get money from staking its also taxed

[@loanauditscal]

What if you have your business there? Do you have to live there if you have a staff there?

[@darrinvincent7427]

Does it have to be six consecutive months to qualify?

[@ivan_orange]

I have a question about being a dual citizen. Would I be able to become a resident of Puerto Rico and then move to Australia to avoid FATCA? I would be willing to spend the 183 days but after would I still need to come back every year?

[@nomadcapitalist]

US citizens are subject to FATCA regardless of residence status or dual citizenship.

[@markcanfield7598]

There is plenty of information available re Act 20/22, now rolled into Act 60, but trying to find basic info on personal income taxes in PR isn’t easy or readily understood. I’m also considering the U.S. Virgin Islands & those rules are easy to understand. I’m considering retiring to PR and living 8 months there & 4 months in NJ. I will have no problem qualifying as a PR citizen but don’t know if I want to from a tax standpoint. My income will all originate from accounts on the mainland. I will earn no income from PR sources. So what taxes will I owe & what entities will I be required to file with?

[@danitradess]

Might be a bit ignorant question, but can move to puerto rica and qualify for their tax system while working for the company in California? Fully remote, under W2

[@nomadcapitalist]

Hi Dani, this article might be helpful for you: nomadcapitalist.com/expat/puerto-rico-faqs/

[@marcosahlman5962]

Hey andrew, I moved to PR from Chicago and am now an employee at a hospital, do the tax breaks apply to me or do you need to have your own Buisness for these benefits?

[@marcosahlman5962]

I have not changed my official residency from Chicago, I have been here 2 years

[@stevemasterson7776]

You'd need a business or investment income

[@whatitdo6287]

What if, weird question, you just spend 183 days there? Must they be consecutive? 16 days / month doesn't seem all that bad especially if you algo-trade. Must servers reside locally or does my laptop suffice? Do you have to purchase property or can you rent and still qualify?

[@call787-7REALTY]

Hi William we moved to Puerto Rico 2 1/2 years ago and as Andrew says you have to respect the two governments now which is IRS and the government of Puerto Rico so you got a play by both rules but if you have a successful business like we did in the states you can replicate here and triple it there’s a lot of opportunities after moving from Panama to Costa Rica to the Dominican republic we are so thankful to God that we found this incentive from the Puerto Rico government good luck to your investments and keep up the good spirits

[@davidmacgown321]

I know you can't visit the US for those 183 days but can you visit other countries during those 183 days? Like could I visit the Dominican Republic for a weekend or am I required to stay on the island for that entire time?

[@chrisphillips1973]

So do you have to move your kids to Puerto Rico to qualify? If I move to Puerto Rico and stay the 6 or 7 months out of the year, do I have to move my kids there as well?

[@bodyloverz30]

So Anderew what are you thoughts on the Dominican Republic?

[@call787-7REALTY]

Hi George we just moved from Punta Cana Dominican republic to Puerto Rico and we are very happy here creating a new business

[@bodyloverz30]

@@call787-7REALTY What's it like in the DR? I am interested in Santo Domingo or La Ramona (Casa de Campo).

[@call787-7REALTY]

Hi George we bought a place in Punta Cana and I sold it owner financing I got lucky so far the buyers pay me every payment on time it’s nice there it’s always nice when you live in any place in the world with the idea that home is where the heart is that’s what we did when we lived in Costa Rica and Panama but there’s nothing like Puerto Rico and also you are in the statesAnd not to mention the investment opportunities here it’s a gold mine

[@NavaDownSouth]

physical presence test if you are physically present in a foreign country or *countries*

[@tylerlesko8405]

My job may allow me to spend 3 days a week in the continental US and 4 days in PR or even 1 month here and 1 month there back and forth to meet the 183 day requirement. If I have a business in Puerto Rico working with full time operations and working 2-3 days a week or part time in the continental US how would the tax rate vary? With legal citizenship in PR could you claim all income taxes subject to 4% or only the ones earned on PR soil?

[@btuesday]

Can I move to PR and not pay taxes on my 401k?

[@macd6576]

Curious to know what your thoughts are on USVI and their EDC Programs.

[@nomadcapitalist]

Thanks for the idea.

[@brunokoegler2189]

You need to rent a place in their biz parks relatively expensive and get approval I not mistaken also with costs

[@countdrake8700]

Always love the intro.

[@RicherThanIeverbeen]

Its better to just play by the rules. At least the loophole does exist. I Will give it a try and just spend the 5-6 months

[@bodyloverz30]

Thanks Andrew, for doing a video as my suggestion! George

[@nomadcapitalist]

Thanks for the idea George!

[@bodyloverz30]

@@nomadcapitalist Andrew, can you do one of the Dominican Republic as well? Wealthy investors might like living in Casa de Campo, while others might like the new condo-hotels in Santo Domingo.

[@cybertrk]

If I have a traditional IRA... if I retire and become a citizen of PR... does that mean I don’t pay US income tax on it?

[@WitchMedusa]

What happens if you live in Puerto Rico more time than anywhere else, similar to a Deleware's Nomad Residence. If you spend 1 month in Puerto Rico, but only 2 weeks max in other states, then shouldn't Puerto Rico should still be your actual domisile. Like you dont have a permanent presence in any other state, & only own a home in p Puerto Rico then how can you be a resident of anywhere else in the US?

[@AngelRivera-wp9bg]

Honest analysis and reporting.

[@JERios-wv8lx]

THANK YOU SO MUCH FOR THE VIDEO. These tax programs are supposed to be a win-win arrangement in which both the individual and the Commonealth of Puerto Rico get some benefits. Puerto Rico doesn't gives this incentive because you are such wonderful and aewsome guy or girl!!! By the way, as a Puertorican i've always wondered how a stock trader or a "bitcoin millionaire" are investing in the Puerto Rico economy. Are they starting businesses in PR and hiring people, or are they just trading their accounts in the markets without investing in the island economy?

[@JERios-wv8lx]

@@nathansmolinski1826 With all due respect, it is ridiculous if that is the only way a millionaire trader or a "Bitcoin Millionaire" plans to "invest" in the Puerto Rico economy. In that case then every Puertorican resident is "investing" in the economy and none of them receive a tax incentive for "investing" in the island economy.

[@JERios-wv8lx]

@@nathansmolinski1826 Okay, i see you didn't understand my point. Good luck, and Happy Holidays Season to you and yours!!!

[@stevemasterson7776]

Every time they go out to eat, buy a boat, rent a house, buy electricity. Etc etc etc

[@yourcalling8419]

Q - Hey, I wonder if you would make a video explaining how to pay yourself as a solo-preneur. I am really fascinated with Ireland, a country which has a very low tax rate of 12.5%. Assuming a very simple consulting business structure, I wonder if this actually works out well if you incorporate there, pay 12.5% tax on company earnings and then take drawings tax free. Does this sort of thing actually work? What am I missing!

[@angelgonzalez-du1oo]

Any one can go to Puerto Rico and do what they want according to the laws of the land, but if you go to Puerto Rico, go with a clean and clear heart and not just for the tax break whan you know that you are hurting the economy, but if you go because you want to become a residen of Puerto Rico and Participate in the Puerto Rican activities and send your children to regular schools and participate ,then we have no problems, but if you go just to exploit the Puerto Rican State, then don't go. Estado Libre Asociados de Puerto Rico.

[@japprivera3129]

Come to Puerto Rico, where the locals will pay taxes in full for you. Without asking or complaining, but if they do, just drop a few thousand dollars into any of the 2 main political parties representatives and they'll play some music or create some carnival to quiet the masses. Who then, again will happily pay in full, the offset for your well deserved tax benefits. 😂😅😂

[@addiemaysonet1]

I was born and raised in ny, my parents are from p.r. my mother is buried there. I still have family in p.r. I literally shed tears for my people the other night watching a documentary spreading awareness of what these people are doing there. They've been uprooting indigenous people all over this world for their selfish gains for far too long. The question now becomes what do we do about it? What can legally be done about? Because that's gonna last but for so long before these strangers start getting laid out and meeting their makers.

[@vrcmf3172]

You CAN leave PR… 183 days means you are IN PR for at least a minute. If you sleep in PR and fly to Miami that day counts as a day in PR. What the scheme was… not spending ANY time in PR.

[@linislicor9994]

If I move property management business to PR, but generate most of the funds on the mainland do you pay taxes on both ends?

[@stevemasterson7776]

You pay to the IRS its us sourced income

[@linislicor9994]

@@stevemasterson7776 I figured. Thx

[@goldenarm2007]

@@linislicor9994 Actually that isn't true. You must qualify for residency in Puerto Rico according to the rules laid out by the IRS in order to qualify for the Puerto Rican tax exemption and therefore pay no US tax, but to receive the tax benefits as laid out by the Puerto Rican govt, your business income must be sourced from *outside* Puerto Rico. Otherwise Puerto Rico will tax you as a normal Puerto Rican citizen.

[@mindy2215]

Puerto Rico residents pay more in federal income taxes every year than do residents of six U.S. states: "From 1998 up until 2006, when Puerto Rico was hit by its present economic recession, Puerto Rico consistently contributed more than $4 billion annually in federal taxes and impositions into the national fisc." This was more that the IRS collected from taxpayers in six States of the Union: Vermont, Wyoming, South Dakota, North Dakota, Montana, and Alaska, as well as the Northern Mariana Islands.[17][18]

[@xcitadel5763]

Do you think the new administration will change to change PRs low tax status?

[@maryannwaters339]

Thank you! It's ironic how most Puerto Ricans are Democrats, when it was Bill Clinton who closed down the once, booming, pharmaceutical industry in P.R. Kamala and Joe will crack down on any tax loophole P.R. enjoys.

[@TheWaynester101]

@@maryannwaters339 the only way to crack down on this one is to make PR a state.

[@justy085]

What administration are you talking about ? If it is the goverment of Puerto Rico it wont change the low tax status , if you are talking about the US they can’t imposed anything in the island since we are not a State only a commonwealth

[@justy085]

@@TheWaynester101 😂 That’s a joke right ? If Puerto rico gets to be a State it will change everything to the worst

[@justy085]

@@maryannwaters339 you’ll be surprised how many are republicans now rather than democrats since we wake up with the lies of Obama and the imposition of the promesa law and the fiscal control agency , good representation is in florida and the winning of De Santis that’s the state puertoricans tends to move when out of the island

[@adamazad698]

Andrew, could you do a quick research into one euro houses in Sicily, Italy? There are hidden costs, but I was invited to a webinar that pitches an Italian residency card.

[@5klisting606]

Want him to come make your suitcase too? lol

[@corybooker5332]

My friend, Sicily is awful. Stay in America.

[@adamazad698]

@@corybooker5332 I have no intention to live there but obtain a residency within the EU via Italy. I will see how the webinar goes. lol

[@maryannwaters339]

@@corybooker5332 Italy's Puerto Rico.

[@eclipseUFO]

He right, agreed, is true

[@seanodaniels]

You don't think the Federal Govt will back tax all the Americans who moved to PR?

[@ChristianMFrank]

No. The IRS doesn’t consider PR a country, and any PR taxes paid (usually) excempt stateside taxation.

[@Dangic23]

Everyone in PR is American.

[@ChristianMFrank]

@@Dangic23 Well, not everyone everyone. But, PRicans are US citizens.

[@Dangic23]

@@ChristianMFrank Of course....just like in every state, you have people on different statuses of citizenship.

[@ChristianMFrank]

@@Dangic23 Precisely. 👍

[@danielclayton3170]

My house is in Hatillo an its by far the best area, along with jobos and Crash Boat beeches

[@JERios-wv8lx]

Daniel Clayton, I live in Hatillo too, and Jobos Beach is in Isabela (30 minutes from Hatillo), and Crash Boat Beach is in Aguadilla. (4o to 45 minutes from Hatillo.)

[@rd4871]

Way to much government

[@deadcell1]

I'll stick to working part time at McDonalds in a non income tax state life Florida so I can keep my income under $40k. That way when I decide to sell my crypto portfolio I'll qualify to pay 0% in long-term capital gains.

[@LS-pk3lh]

Unfortunately, if your earned income is 39k and your investment income is 20k, you will still own Fed cap gains tax. If your earned income and investment income both add up to less than 40k, then you will owe no cap gains tax. Another option is to look into a CRT charitable remainder trust.

[@deadcell1]

@@LS-pk3lh I heard about the CRT Charitable Remainder Trust and it wouldn't fit what I'm looking for. I would much rather go for an Offshore Self Settled Spendthrift Trust in the Cook Islands (for Asset protection) that will manage all my investments through an offshore LLC I establish for it. I'm more concerned about losing my assets in a divorce or a lawsuit than paying taxes. Besides, I have children that I want my assets going to upon death. Thanks for the suggestion tho

[@MrInzeo]

Good warning for everyone.

[@needparalegal]

Texas or Florida are probably better choices. Their local taxes are very high, even for a Liberal corrupt government.

[@thejuan113]

depends where your income comes from...

[@Subject82]

You'd still pay higher taxes in Texas and Florida as PR's income tax is only 4%.

[@liutasllc6338]

living in Texas or Florida won't help with the 37% top bracket federal tax rate

[@dahlap6708]

After watching this video... I WON'T.

[@richardjaskiewicz4039]

It is a gold mine!!!!!!! I checked it out. I am going.

[@davidhidalgo8465]

Play the game correctly, if you try to fuck around you will find out the hard way unfortunately. It’s a blessing and a curse to be a US citizen

[@sebas8225]

"Play" with the thugs and you´ll see how quickly your money starts vanishing.

[@koltoncrane3099]

I get if a person wants the benefits he has to move. But a corporation is a legal person. Like Microsoft is a corporation. They got caught because their transfer pricing of their patents were fraudulent basically but they setup a company there.

[@danielclayton3170]

Those breeches are in the Aquadilla area on the north west side

[@dylanappenfeldt2442]

Excellent Again!

[@kieranpearson]

All forms of government are immoral. Government cannot exist without taxation. Taxation is non consensual. There is essentially no difference between it and a "protection" racket/extortion racket of a mafia. All cops (regardless of race, created, gender, sexual orientation) are paid with taxes; thereby making all actions cops take as cops immoral; no matter how "good" or "necessary" that action is deemed by the observer. Very much the same way any and all the actions taken by a mafia henchman in their role as a goon, even if they are passing out turkeys on Thanksgiving to the poor. Those turkeys were purchased with protection racket money. If you vote, whether it be Republican, Democrat, Independent, Green, or Libertarian®, you are a voting for this extortion but also the fraud, assault and battery, kidnapping, rape, and murder that governments routinely commit. This means you are a #Statist. I'm not at all religious but if you are and think you are a good and righteous religious person, you are not a good Christian, Jew, or Muslim or whatever other religion that recognizes theft as a sin. You are not going to Heaven, Jannah, or Shamayim if you vote for govt. Thou shalt not steal (or vote for ppl to steal). Thou shalt not murder. Taxation is theft. Government is slavery. #Voluntaryism #taxationistheft

[@stevemasterson7776]

Just filed for my act 60 they raised the fee to apply from $750 to $5k lol

[@Larrygu]

How do you apply for act 60?

[@stevemasterson7776]

@@Larrygu contact PRELOCATE. Tell them I sent you

[@TheRetirementality]

I've been doing videos on what it takes to buy property in Puerto Rico on my channel. I just put out a video yesterday on what I think will happen to the Real Estate market if they become a US state.

[@justy085]

We will never be a state

[@787aida-rivers.a]

Never.

[@josearce3233]

there is a high increase of crime against PR

[@penn5254]

To sum up: Actually move to Puerto Rico

[@MannyScoot]

Move to Puerto Rico and the first thing is spending $3,000 on purchasing a gun, training, and license (CCW) now survive getting robbed or falling into a financial scheme or even worst like for example getting killed by a crackhead or falling on the radar of a drug cartel .....Stay away from that joint for sure it's dangerous !

[@nesq4104]

I have been robbed three times in 6 months. Im moving back to mainland. Im terrified

[@therevenant8590]

@@nesq4104 Hard to believe, I've lived here my whole life and never been robbed.

[@iambinh]

@@nesq4104 which area do you live in? why are you getting robbed?

[@nesq4104]

@@iambinh near condado. Probably because I don't look like a local and look like a foreign person. I just spoke with a lady renting on the beach and she said there were multiple robberies of people at night. One person at the beach rental robbed at the front gate

[@iambinh]

@@nesq4104 wow. is this an ongoing trend lately? also, what hours are these happening? I'm visiting there soon.

[@mattblah7737]

Is like to move to PR for tax reasons, but its hot as hell and puerto ricans live there

[@shirleylake7738]

Thank you for the information.

[@nomadcapitalist]

Our pleasure!

[@wrapzoo295]

I'm moveing there in next 5 years. If that to far away should I move sooner. I need to live in PR!

[@4037Mia]

@AntiCommunist not at all. I live in Texas, lived in California, Las Vegas, Florida. There's no place like PR. Every place has their own issues. There's no perfect place. In all this states I lived the salary is way more than in Puerto Rico, but the quality of life is way better in PR.

[@ddillard143]

Getting a passport with a felony. I am still waiting for that video

[@heruone3249]

You can. I know a guy who a felon for drug charge. He got a pass port and started a traveling business to show people around

[@ddillard143]

@@heruone3249 from what country?

[@williswillardmagayhe]

Get it reduced or expunged. If you have to wait to become eligible then do it.

[@williswillardmagayhe]

Get it reduced or expunged. If you have to wait to become eligible then do it.

[@williswillardmagayhe]

Get it reduced or expunged. If you have to wait to become eligible then do it.

[@snoopy7ghosts744]

They just don’t know how the crime over on PR and no work

[@orquideasbellas]

Puerto Rico's only court system is the US Federal Court System, so don't pretend to be living in Puerto Rico, if you're not, to avoid being caught, as the US Federal Court will track you in the US mainland.

[@ELEVOPR]

I live in Puerto Rico and Pretend to live here my myself, Do I have anything to worry about :o/

[@t-real7088]

That depends on where exactly you live and how much money you have.

[@ghostgrovyle4249]

Depends if you like burning in hell or not :/

[@mrright1068]

Yea, Just when I would get set up in PR for Crypto trading they will become a state and screw up my whole plan.

[@donpedrometal351]

Cant teach New Tricks to an Old Dog specially if the trick is an honest one. People : can I live there and then fridays night take a dinghy to another Island and Fly away to my tinder fiance ???

[@agentcooper6179]

Well this was honest. Uh. Hey guys. Make Puerto Rico a state. It’ll be a blast.

[@matthewfrancis8470]

This new KZbin layout is so garbage

[@HOTPLATEGAMING]

Puerto Rico here I come~~

[@fabiangardon3773]

Please don't come.

[@johnnysantiago857]

Wether y’all decide to move out here or not please respect my people and culture we do not play there has already been people from the states coming over here and acting like they own place those same people are now missing

[@scrappychildhood6633]

The IRS current audit rate is between 1 and 5%, but if the United States government wanted to dedicate a trillion dollars to an auditing program they can easily push that number to 30 to 50% on individuals who earn between 100K and 400k plus. See one people don't understand is United States has unlimited printing power they can do whatever they want they can print as much money as they want the problem is is US peasants don't get it corporations and businesses get it though

[@MandoTrades]

Well their goes my idea

[@carlogambino9476]

Puerto Rico have a great infrastructure and lots of potential. I just move in and I love it. Plus I can travel to Miami and US Virgin Islands when ever I want and very cheap.

[@cylololo6401]

what about the cost of living in Puerto Rico?

[@richardruiz7286]

Has great infrastructure? You haven't live there right?

[@carlogambino9476]

@@richardruiz7286 are u Puerto Rican? I guess NOT 😂. In my opinion the territory is pretty awesome. Visit me at Yabucoa Palmas Del Mar I’ll give you a tour kid.

[@carlogambino9476]

@@cylololo6401 it is average, the only problem they have is that the Minimum wage is $7.50 still

[@carlogambino9476]

@@cylololo6401 someone with a $10 an hour live there very comfortable

[@SendFoodz]

how do you even get a large holding of crypto without going thru a heavily regulated exchange, if you don't mine it yourself?

[@unaffiliatedwealth1798]

Why are people doing this? Puerto Rico is likely not the best option. Make the clean break!

[@prestonberry5266]

Disagree on dating Russians. MIA is cheap easy flight.

[@LEVO555PR]

The tax incentive is a "Honey pot" for idiot basically with a lot of money.

[@choreomaniac]

It seems like a pretty good option for us for retirement. We hope to have 2-4 million in investments and want to live off of the cap gains/dividends. We could buy a house there and live pretty well on our social security and tax free 100k a year while still traveling the world and visiting family in the states in the summer. Seems easier than retiring in Mexico or Panama and lower tax too.

[@josearce3233]

stay out

[@cashstore1]

So does everything change if the Democrats make Puerto Rico a state? Seems that spending 6 months in Puerto Rico would be fun if you lived on the ocean.

[@macd6576]

With new Gov. Pedro Pierluisi being pro-statehood. I'm now feeling the need to rethink my exit strategy.

[@permaculturemom8706]

It'll never happen. Puerto Rico is poorer than Mississippi.

[@macd6576]

@@permaculturemom8706 So the fact that the people of PR have already voted to become a state and there is a pro-statehood movement in congress. That being the case the likelihood of it happening has increased greatly. Not to mention the the US government will absorb the PR debt. Seems even more likely.

[@permaculturemom8706]

@@macd6576 Absorbing the PR debt is basically paying off one person: Paul Singer. Independence is what the Puerto Ricans really want and to get out from under the Jones Act. It doesn't really matter what the people in PR want. The US govt has been balking about bailing out the states and cities for decades. I don't think a flip will come overnight. What they need to do is allow PR to go bankrupt, as Peter Schiff has suggested. If they do, they can get out from under the oppressive debt that makes everything higher.

[@macd6576]

@@permaculturemom8706 I don’t disagree. The only issue is the “powers to be” and what they want. More power. In order for them to get it PR and DC need to become states. More “Blue votes” Now DC is more of a problem because of the constitution, but PR can fall easily if there is a Blue House and a Blue Senate along with a Blue President. Basically a One Party government. I hope hope to never see it, but the Dominos are standing up and it would not take much to tip them over.

[@macd6576]

P.s. this is good dialogue!