Why I Moved To Puerto Rico (And Will Save $3 Million In Taxes)

If you're interested in the 1:1 mentorship here's the link to apply (watch the video then schedule a call): www.impactclie...
For hungry individuals that seek entrepreneurship advice and would like to speak with me directly (Subscribers Only), IG is the best place to reach me.
My IG handle is @richardyuzee. Just DM me the word “KZbin” so I know where you came from.

[@RichardYu1]

Puerto Rico is for you if you're already doing 7-figures+ in income, however if you're just starting out, THIS is the best KZbin video for how to get to your first $10,000 month: kzbin.info/www/bejne/rH3Od3tpm8ujeLs

[@amandeeptripathy9540]

bro why dont you try dubai then

[@gallolobanchi7h805]

🇵🇷Que brutal, Dios bendiga broder, Que casualidad que acavaba de ver el otro video de las comparaciones de negocios digitales haller y hoi me entero que eres vesino 😂 Gloria Dios y e estado berificando ese modelo de negocio del que recomendastes en el otro video, si puedes ser mi mentor me dejas saber..

[@DanBelsky_Health_Money_Love]

Great video and information I moved already and putting your youtube video to save me $$$$. Thank you.

[@vickiboise]

I am also living and working PR on the Act 60 tax incentive program. Everything Richard says is 100% true. But... one thing he didn't mention that is incredibly important is, yes, you only need to live in PR 183 days (6 months) of the year, BUT if you are "sourcing income", ie, working and making income, you MUST be in PR while doing it to get the 4% tax rate. In other words, if you living in PR 6 months out of the year and are working and earning, you get the 4% tax rate. Then if you go to ANYWHERE other than PR... being the US, England, South America, ANYWHERE other than PR... and you are working and earning and "sourcing income", you pay the standard US tax rate in your tax bracket (presumably 37%). The 4% tax rate only applies to income sourced while YOU are physically in PR. Remember, Richard talked about two things... export services where your business is sourcing income at 4% and individual investor where you have capital gains from things like crypto, stocks, etc at 0%. I'm talking about your service or product business income at 4%. Also, if you think I'm mistaken, ask your CPA or attorney. But make sure you ask one that is VERY knowledgeable in the US/IRS side of things. Many PR CPAs and attorneys are not aware of the IRS rules. And... read your Act 60 official government documentation. It is very clearly written what the rules are.

[@shw3255]

非常欣赏你既能拥抱自己的华人传统又能拥抱新的文化 你自信勇敢 是华裔年轻人的楷模

[@anonsoldier8907]

Dang, you are dreaming big but you seem to be heading in the right direction. Props to you! You will make it

[@jon6309]

I live in Hawaii and work in banking. The investment capital gains laws in Puerto Rico for bonafide residents is really attractive. I used to think moving outside the USA to tax havens like Monaco would work but US citizens are taxed anywhere in the world!

[@money0436]

how is living in Hawaii like?

[@jon6309]

@@money0436 since I grew up here since 5 I kind of have a biased but I’m very comfortable where I live. It’s really expensive out here and salaries don’t make up for it. I’m only able to live here through generational properties owned by my family but there is no way I could afford to live on my own out here. I have the 20% down payment for a decent condo or townhome but I just don’t have the income to qualify for a mortgage.

[@peterschiff]

I'm right next door to Martin. I didn't realize there was a house that small anywhere in The Estates. Are you renting someone's guest house?

[@RichardYu1]

Haha no it's not a guest house - it's a condo on East course! Good to see you here on the channel, let's connect in person sometime in the neighborhood!

[@victormgv]

lol when Peter Schiff comments on your video about being your neighbor bruh, you made it

[@peterschiff]

@@RichardYu1 OK, I know those condos. I have some friends living there. They are behind The Estates, but they share an entrance from the main road. You seem like a very ambitious young man. I wish I was where you are when I was 24. I was just chasing girls back then. Happy to meet up with you.

[@constantlylearning4625]

If not durado, any other recs for a 30 y.o single male business owner where I’ll be working from home. Somewhere safe with young professional, but for like $2500/mo for 2bed/2bath condo or house? Cheers.

[@jlm3744]

Do you plan on living in Puerto Rico forever? With all those dreams you have, they are very unlikely to be achieved in Puerto Rico. With all the controversy surrounding Act60 heating up with the IRS crackdowns and with more and more local Puerto Ricans finding out about all this and protesting it, and all the requirements for keeping your decree, its not worth it, and the Puerto Rican government is definitely going to take them down soon. With your plans and all that stuff going on, I don't see you staying on the island for long bro. I see you probably leaving around the time your wife and you start having kids. Also I get the want to promote entrepreneurship, but you want to promote Christian faith and English? The island is already very hardcore roman catholic and Spanish is the dominant language. Saying you want to promote your Christian faith and English, sounds like you want to gentrify and Americanize the island, and by you calling Puerto Rico a state when its not a state, makes it pretty obvious that your trying to get into the whole Puerto Rico status issue by promoting statehood. If your dream is to build a church that speaks English, Mandarin, and Spanish, you'll have to definitely do it back in the states. Puerto Rico is just owned by the US, its not a part of the US so its still like its own country with its own history, culture, and language. You're not going to get a lot of English and Mandarin church supporters in Puerto Rico. The advice you give at the end I do agree with, the island is totally not the place you should move to just so you can pay less taxes, and its really for very wealthy people who are real big time hustlers.

[@esatakan3076]

Loll i want a Ricardo mode on every video richard haha. Btw the move makes total sense to me! You're working insanely hard, it only makes sense that you want to keep as much of it as possible

[@tessaelaineconners]

My husband and I just moved to Dorado Beach East! So nice to see another young like minded couple living here

[@RichardYu1]

That's great, Tessa! Which part did you like the most?

[@miked4973]

Exploring moving to PR to secure my capital gains at 0% will likely be a tax bill savings for me in the seven figure range. It sounds like more of a commitment than I bargained for though, with the purchase of a property and time commitment. Thanks for the insight.

[@RichardYu1]

That sounds like a good deal! What do you do for a living?

[@miked4973]

Private equity/ acquisition

[@user-ug5mw6sl7y]

And tax evaders keep coming to Puerto Rico.

[@luissantiago147]

Tax evasion and contribute nothing to the Island or our people!

[@lordbeaky3496]

Honestly the people who actually want to live there should live there instead of the people who don't want to

[@JOHNNY-nu1fm]

Great Job Richard. Just Stay With GOD'S PLAN, NO Distractions!

[@RichardYu1]

That's right! Did you like the video?

[@TracyEllennn]

Great video! How about family and being with family?

[@CaKiteboarding]

great honest video, thanks, so you are saying stock traders will qualify for the tax break? Isn't that income from the states? also do you anything about receiving money from pensions or huge 401K withdrawal? will those qualify? the money in the pensions is being also invested in stock purchases? Should one just contact a PR tax lawyer? Thanks again...

[@Matthew-qx6ui]

Hay Richard, have you thought of Dubai where it's 0% tax across the board.

[@rockstar-kp2jy]

He's Christian so that's gonna be a hard no

[@jon6309]

US citizens are taxed everywhere around the world but Puerto Rico bonafide residents are exempt from Capital Gains Taxes from investments.

[@alexanderramos9492]

Awesome 💯

[@RichardYu1]

Thank you Alex! Any takeaways?

[@lorque496]

Peaceful, safe and quiet - looks like a great family environment, really! PR must be like my own neighborhood here in PH. Way to go for the personal experiences you share here. Everybody gets really inspired and pumped to live the way you do! BTW, Mrs. Yu is so pretty! 💐

[@RichardYu1]

Thanks Lor! Which part stood out to you the most?

[@benjamindominish4349]

I'm curious about overhead costs. If you make $4 million, housing and Healthcare are not issues. So paying 37% tax and keeping $2.4 million is plenty to live from... So if you're trying to penny pinch to pay less tax, why? Are there overhead costs that make the $2.4 million actually less because of what you had to spend to maintain business? Or is it just a greed thing of seeing a big number and wanting more? No one got "rich on their own". Employees, consumers, teachers, etc contributed to that growth, yet seeing so many want to "keep what is theirs" is not attributing to those that helped. So I'm curious if that profit isn't "take home" hence trying to save more. The CEO of Costco was at one point only taking a salary of a few hundred thousand. Not exactly sure why R&D design and make the product, and Advertising sells the product, and all the employees contribute to the success of a product, but a CEO wants to make 36 times their salary because of banking shenanigans of sitting on their ass... CEOs are replaceable. Successful companies with start-up self-made CEOs as high-schoolers and college students prove that CEOs aren't exactly needed for anything and aren't really specialized. It's simply funding acquisitions...

[@andrewlong6064]

Oh look, another millionaire who became successful in large part due to taxpayer funded infrastructure who has decided to do everything possible not to pay their fair share

[@darrellb9665]

How much is a fair share just out of curiosity? It seems as though generally speaking when people use the phraseology of "fair share" as a euphemism for wanting wealthy people not to exist at all and are simply coveting but want to shroud it something that seems virtuous. Define fair share. What is the percentage and how did you determine it?

[@andrewlong6064]

@@darrellb9665 I’m fine with the rich existing and I would rely on the OMB and other relevant regulatory authorities to determine appropriate tax rates to meet the country’s fiscal needs. I can say that a number as 4% is ridiculous to consider fair.

[@SebConte202]

Dude already paid millions in taxes to the USA lol. He did his fair share.

[@putaindemardesale]

If you think pouring more money into the system is gonna make it better youre part of the problem

[@Liberationgenz2050]

@@darrellb9665 The only fair chair is to nationalize his entire empire. People who own millions each year simply shouldn't exist in a democratic economical system.

[@thomasfandrade]

How did you meet your wife in South America? I'm sure it's a cool story!

[@RichardYu1]

I did! In Cancun! Are you interested in that story?

[@thomasfandrade]

@@RichardYu1 Yeah, it would be good to see a video on it, and on dating/relationships in general

[@KyolinzZ]

Yeah, you should make a video about how you knew she was the one to marry

[@ravenmatthew5311]

I love Ricardo mode! I want to learn Spanish too! 🙂

[@RichardYu1]

Thank you, Ray! Let's go!

[@vexy6086]

It is an old country, old San Juan city is 535 years old , is the oldest city in the new continent

[@777dderek]

Way to contribute to the problem in PR

[@RichardYu1]

I'm going to build schools specifically in Puerto Rico for children to promote entrepreneurship, English, and Christian principles inside the next 6-12 months. And I'm doing it with the tax savings I get from living in PR. Just FYI.

[@tuva1619]

@@RichardYu1 that’s missionary styled colonialism. don’t turn the isla toxic. stay out of it. we don’t need the schools on the isla that they forced indigenous americans to go to. they’re brainwashing schools. so please no to the colonialism and stay in america. you don’t have to be exploitative and u should pay what u owe in taxes lol tf ? u made all this money so u know how it works . stay out of puerto rico.

[@rockstar-kp2jy]

​@@RichardYu1 honestly your prob better investing in the infrastructure

[@777dderek]

@@RichardYu1 that’s amazing to hear actually, really great to see some positive being done there. If you ever need volunteers there for the schools and to deal w the kids, I speak Spanish and love to help people. Thanks for spreading love ❤️

[@Wtc24-vj3wb]

@@777dderek he’s not doing anything positive for the island , in fact it’s the opposite.

[@gallolobanchi7h805]

El fraude mejor planeado que e visto

[@gallolobanchi7h805]

Es el fraude mejor planiado que e visto

[@awomanwhokills]

Do NOT move to Puerto Rico. Thank you.

[@user-ug5mw6sl7y]

And tax evaders keep coming to Puerto Rico.

[@AlexJasawGames]

@richard i would like to know if you have been contacting me. Through Instagram, im not sure if its a frauds/scam or not. I woul appreciate a reply back.

[@IsDatReallyBalla]

the audacity to make this video lol