Tax Act 60 encourages business development in Puerto Rico for U.S. citizens and permanent residents with tax savings and incentive programs. Read my full article for links and detailed information - jentheredonethat.com/tax-act-60/
Enjoy your video updates as a mainland person who visits PR regularly. I don't believe you have addressed any impact to Social Security benefits if you move to PR late in your career. PR residents do not receive full SS (shame as they pay the same rates). How does it impact someone who has spent most of their career on the mainland, but reaches retirement age in PR? I have not located any info.
Ok? YOUR REALTOR LIED TO YOU. THE BEACH AND COAST BELONGS TO THE PEOPLE OF PUERTO RICO. ALL BEACHES. THIS INCLUDES ENCANTO BEACH, IT IS NOT PRIVATE. MISLEADING ADVERTISEMENTS ARE PROHIBITED BY LAW.. A LAW SUIT WOULD BE APPROPRIATE.👇👇👇 The federal Lanham Act allows civil lawsuits for false advertising that "misrepresents the nature, characteristics, qualities, or geographic origin" of goods or services. 15 USC § 1125(a). The FTC also enforces false advertising laws on behalf of consumers
I was born and lived in Puerto Rico, I left and I will never return. The level of crime and insecurity is extremely high. apart from the fact that the cost of living, products, etc... is also high. If you do not have capital and a lot of money to live in exclusive areas well protected with high security. I do not recommend anyone who lives on the island permanently. Just visit for a week or 2 [and quickly leave] and hopefully you won't get mugged. Excuse my English I was not born in the US
Are these tax incentives also available to the local/indigenous populace of the island as well? I’ve heard it isn’t, that’s why I’m asking. I’m Puertorican so this question is important to me.
YES!! Existing residents of Puerto Rico now make up the majority of Tax Act 60 decree holders since 2019! US Citizens moving to the island and (legal resident) foreign nationals can apply, too. The restrictions are based on the qualifying business activities are within Puerto Rico and those services are for customers outside Puerto Rico, which can be mainland United States and/or any foreign country. jentheredonethat.com/tax-act-60/
Wow, I hate seeing the negativity in the comments! How many Puerto Ricans moved to the US mainland for better opportunities too? (My grandmother being one of them). Just ignore the haters, Jen, I love your channel and I love how you try to learn about Puerto Rican culture and see the beauty in it. I'm so sorry that people are spreading hate towards such a nice person.
Those people that moved to the USA didn’t get treated like America is doing the people in Puerto Rico today. The only reason why she is there is to avoid taxes.
Hello: Jen thanks for keeping us informed about PR. Do you know if someone who want to raise cattle if you can get tax break on earnings let me know if you know about this.Thanks for your time. Wish you the best keep up the good work.
J 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.
@@ivonnepr9787 I agree with you, this is such a disastrous initiative for our local economy. I sure hopes this get completely eliminated otherwise we'll have an influx of foreigners living in the island filling their pockets with cash living the life and the people of Puerto Rico still not been able to get ahead. This is called modern colonialism!! Disgusting!
So I would have to pay an account twice of what I pay in taxes on the Average? What about Property investment, Would would that also be double of $10,000 @ 2 x $5,000 donations? I need to pay an accountant $20,000 a year for filing and compliance? Thanks for the info.
@@JenThereDoneThat I keep hearing mixed things about investing in Puerto Rico, with any act available at this time. Puerto Rico can be shady place to do business in. Very tricky Government. As well as Very bad slow to fix issues type of system they have. To much red tape. 🤷🏻♂️
that’s NOT COLONIZATION 😆. It’s a problem for puertorriqueños BECAUSE your OWN government won’t fix the economic problem in PR. Your own government officials is who you should be mad at. Because for years you’ve gained many opportunities in the US in education, buying business, using our healthcare system because tour government can’t help your country
Thanks Jen. My concern with considering a move to PR is the change in Act 60 that retroactively increased fees for annual Act 22 filings. Annual fees were increased from $300 to $5000 for persons that already had a decree or contract with the government of PR. What’s there to prevent PR to increasing these annual fees to $50,000 next year? Nothing.
Is disgusting to see Americans playing with numbers $$ about Puerto Rico. This is why a considerable chunk of Puerto Rican Population "secretly" don't like you guys. (We won't tell because we are mostly polite) We know your warmongering, land grabbing history to other countries, even your own Native Americans. The Puerto Rican Press is talking about this, the Puerto Rican Senate and lots of people on the streets. There will be massive changes in these taxes loop holes. Even the IRS already said will work with Puerto Rican Hacienda to make substancial fiscal changes. This includes ACT 60.
Essentially the lump sum tax amount goes to charities instead of a corrupt government. And you get to live in Puerto Rico on top of that. PR frankly thought of a great program.
Hey Jen thank you for this video。 I wouldlike to ask you ,is Act60 also work for US residents ? Because I am not US citizens , but I am US residents on tax .
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.
The $10K is only for the individual investor program. There are so many other programs to encourage business growth and economic development. The island needs more jobs (good jobs that pay a livable wage) and these programs are creating those jobs.
@@JenThereDoneThat I don’t see how this is sustainable in the long run. Pr needs massive government stimulus intervention to help the economy. Investments in infrastructure and the people will help a great deal.
We were there in 2018. Reside in AZ, and we are retiring in 2022. Looking for a small beach house in the south (Salinas preferably) , nothing fancy but simple. Question! With all of this gentrification, did y'all think the island is going to turn to another Hawaii? I know of a lot of naidv who can't move back to their rock.🤔
Many diaspora are moving back to take advantage of the Tax Act, all business programs are open except the Individual Investor act. Existing residents of Puerto Rico now make up the majority of Tax Act 60 decree holders since 2019! US Citizens moving to the island and (legal resident) foreign nationals can apply, too. jentheredonethat.com/tax-act-60/
Not really, asking for people to participate, to properly explore the issue. Do you want to participate? Send me a private message on Facebook or Instagram and lets set that up.
Did I understand correctly that for Act 22 there is a $5K annual fee (I guess to the government) and then two $5K donations to private charities for a total of $15K each year?
Hi we use to have tax code 936 but it was shut down by the administration of Bill Clinton it was a disaster many factories left PR the federal government did not study how this affected the economy.of PR.
Because Puerto Rico is a colony. Tax incentives bring in foreign investors and drains the island of resources without giving anything back to the people of puerto rico.
Its interesting to read the comments about taxes. Sales taxes are 50% higher than Singapore, which are relatively hardest on the lowest income because everyone needs to buy stuff. Low income tax are a kind of free ride since much of the savings go to investing in kids trust funds rather than spend locally. Singapore has a max tax of 22%, which would still be a much better deal than California. A fair change would be to drop sales taxes in half and make income tax half of the US. But the wealthy tend to not endorse fair deals so nothing like this is likely any time soon
Jenn, this was very informative and please ignore all the naysayers . This Act 60 was put in place for a reason . People will always go where there are better opportunities. I would just stop complaining , learn a little from the wealthy , and join their game . There are advantages for both the wealthy and the natives . I have moved a lot throughout my childhood Venezuela to Puerto Rico and now in NYC. If people don’t want to be entrepreneurs they would need jobs and without incentives corporation wouldn’t want to establish jobs in PR. Welfare in PR is a huge aide to the natives and with only the mindset of a worker we need corporation . PR imports 80% of the agriculture when that % can be done with the rich soil of PR .. but people will not do it . So ... ACT 60 gives incentives to corporations to establish their companies in PR which in return they create jobs to whoever don’t wanna be a boss . Jobs creation stimulate the economy , remember as a corporation you would still pay the sale tax . Stop being Xenophobic and calling Jenn names and start learning .
@@jasonpagan2042 Sorry you feel that way. We need job creation in PR and people need services prs can provide that.Also we can move freely they should too.
Puerto Rico is a COLONY. This is SETTLER COLONIALISM. Stop moving to the island to gain advantages my family on the island does not have. This is wrong.
Off course they want to bring remote workers , so the island start filling whit wealthy people that not paid taxes and the actual people of the island need to leave to make more money , also they don't want to raise the minimum paid.
@@JenThereDoneThat no they don't! 95% of the locals don't make more than 30,000 a year ! And to pay the fees to be able to apply and maintain these tax benefits is only for people making more than 30g a year.
Also, you don't qualify if you're been living all your life in the island. It only helps wealthy people. Unfortunately is very hard for locals to open a business, I understand that the law requires you to make donations etc., but it's not really helping locals. Some of the wealthy people that come and "hire" locals, they pay them less that what they will have to pay in the US. So at the end, they're not helping locals, they just want to evade taxes and get more rich.
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.
@@ivonnepr9787 Stop talking nonsense, MISPLACED MIND, Ivonne! PUERTO RICO IS AMERICAN LAND. WHAT ARE YOU DOING IN HER LAND IF YOU DO NOT LIKE IT. Get out of the USA AND PR. *She is home!* Why you do not complaint about the freeloader aliens who traffic drugs along the coasts of the island or invade it with no suitcase or a penny to be a public burden? Get out, go to another country that is not part of the USA
Find a cpa down in PR that bows about these matters or a cheaper way is to write Departamento de Hacienda because they write the tax laws for PR. You can find their phone number online and their address. I hope this been helpful. Best wishes. Don Jr.
All the towns have their charm. If you like mountains and calm, go to the center of the island. If you like beaches and sunsets, go west. Busy towns are in the northeast (metro area).
I lived in Palmas del Mar for 5 years - th-cam.com/video/NURMXf-0LPM/w-d-xo.html I recently moved to Cabo Rojo and am gathering information for a Cost of Living comparison video. Be sure to subscribe and hit the notification bell so you don't miss it!
So tax haven for main land americans that want the benefits without the contribution, aka "not part of the team". Weren't these tax exemptions and the Jones Act that got PR in the economical situation it is today?
Existing residents of Puerto Rico now make up the majority of Tax Act 60 decree holders since 2019! More businesses are being started and more good paying jobs are available on the island. We still hate the Jones Act.
@@JenThereDoneThat Those are bank owned by people on wall street. I lived in Puerto Rico im from Puerto Rico my family still live in Puerto Rico I have family in politics in Puerto Rico im involved in politics. This is just one of the reasons Puerto Rico should be independent and not a state they rob the native people of land and agriculture. Nothing against you but that is what that tax brake is for. Because Puerto Rico wont vote for state they sell land and force them out until the majority is no more
@@illsyc.lastofthemoricans5930 what resources does Puerto Rico have to be able to be independent. How are going to fund government pr , teachers,police men poliwoman etc. where is money coming from.?
I don't know of any incentive programs for teachers, but there is a high demand for private tutors right now. In person schools are schedule to start reopening in March 2021, as a slow rollout with safety precautions. Start looking in early summer 2021 for job openings and teacher positions for hire. Best wishes!
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.
No no this is no bueno...PR dont need a million blancos that are rich in PR....OMG nooooo...to then act better than the people on the island....omg nooo...wow..soon PR will just be speaking english no spanish ....learn spanish its been 5 yrs...if you care about the ppl and its history.. PR is not changing to fit the blancos way of life...nothing personally to you...but your not helping
@@JenThereDoneThat there is no resident in Puerto Rico that is allowed to apply for the so-called incentive tax. If the government actually gave us that resource almost the majority of the population of Puerto Rico wouldn't even think of moving to the mainland for better opportunities. I don't know where you found that information but unfortunately is extremely false and it makes you look like a colonizer.
@@jamiecumba any person in PR can have these tax incentives. The problem is you need to start your own business and that takes money and risk. Two things that most people dont like to gamble on. Anyone on the island can do it. Stop lying and just commenting off emotion.
Tax Act 20/22 was eliminated, it is now Tax Act 60 and open to any residents of Puerto Rico. The incentives are to encourage new business and (high paying) jobs on the island. jentheredonethat.com/tax-act-60/
Lots of ignorant comments, dont mind them. If they actually did some research themselves they would see why these tax incentives are good for the local economy. My question is how does this work when you're exporting a real estate business? Doing business remotely in PR, while having transactions completed in the US?
Thank you for the kind words. The type of real estate business that you describe is covered under Tax Act 60 for Export Services. jentheredonethat.com/tax-act-60/
@@nazapier8167 For a second there I actually thought you had a valid point until I read the last line which lets me know you know nothing 😂. Hawaii is like that because it is a state. The fact that PR is a territory and isnt bound by most rules of the states is a big benefit. Where do you think the money for rents go? Why do you think people come to the island? By your logic, you want the rich to be taxed like they were in the states. If thats the case most of them wouldnt be there. Study up on economics and you’ll get a better understanding. If PR becomes a state, you will have wish it didn’t. The economy will suffer more than what you think is happening now.
@@nazapier8167 lmao it's not just about the taxman, taxation is just a form of theft. I have a friend who actually lives on the island and she doesn't want to become a state. She would rather have independence which I agree with. If you like the system the states have so bad why don't you move here? You can have the rich taxed all you'd like. California would be great for you.
Puerto Ricans in the US wants everyone to notice their flag. We don’t care. You want jobs and opportunities here in the US. Go back to your island and guard it maybe you can fix your economy too
How am I the problem? How am I any different than someone to moved to mainland US for a better life? I brought my business and jobs to the island. jentheredonethat.com/tax-act-60/
@@JenThereDoneThat 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.
@@JenThereDoneThat ummm because it’s a small island where the people or PR already faced enough. Pls tell me you think it’s right people can run off there and not pay taxes yet the people there struggle to live. The culture is being ripped from the island and you’re okay with that????? Other rich people are trying to take over Old San Juan and turn it into some dumb rich city - and you’re okay with that? This is culture and stealing. It is colonization
@@ivonnepr9787 Here is the reality, people who move to Puerto Rico pay more in taxes, fees, and mandatory donations than 95% of the people on the island. If those incentives didn't exist, the island would be populated exclusively by broke, economically illiterate, underachieving life failures like you because the smart people left the island. The incentives are fair because you get smart, wealthy people who don't commit crime to move to a bankrupt island with earthquakes and hurricanes and horrendous crime. Without those incentives you get 100% of nothing. Hope that helps. :)
I see both sides, and your right in some aspects to want to protect the culture but to be objective i don't recall mainland americans getting upset when puerto ricans moved to the states for a better life for themselves and their families
![ALLY - OH MY! [ REACTION ] 'Amarin Nitibhon' #ALLY_OHMY #ALLY #allynitibhon #แอลลี่](http://i.ytimg.com/vi/nX9qpHjVfbQ/mqdefault.jpg)
Tax Act 60 encourages business development in Puerto Rico for U.S. citizens and permanent residents with tax savings and incentive programs.
Read my full article for links and detailed information - jentheredonethat.com/tax-act-60/
I Love You Jen 😍🥰😘
Hey Dear .. You remember neil diamond? He sing a song title hello again.. I dedicated song to you.. When u have a chance listen to it.. Be safe
I appreciate your patience and decorum Jen. Thanks for keeping it kind and real.
Enjoy your video updates as a mainland person who visits PR regularly. I don't believe you have addressed any impact to Social Security benefits if you move to PR late in your career. PR residents do not receive full SS (shame as they pay the same rates). How does it impact someone who has spent most of their career on the mainland, but reaches retirement age in PR? I have not located any info.
Ok? YOUR REALTOR LIED TO YOU. THE BEACH AND COAST BELONGS TO THE PEOPLE OF PUERTO RICO. ALL BEACHES. THIS INCLUDES ENCANTO BEACH, IT IS NOT PRIVATE. MISLEADING ADVERTISEMENTS ARE PROHIBITED BY LAW.. A LAW SUIT WOULD BE APPROPRIATE.👇👇👇
The federal Lanham Act allows civil lawsuits for false advertising that "misrepresents the nature, characteristics, qualities, or geographic origin" of goods or services. 15 USC § 1125(a). The FTC also enforces false advertising laws on behalf of consumers
I was born and lived in Puerto Rico, I left and I will never return. The level of crime and insecurity is extremely high. apart from the fact that the cost of living, products, etc... is also high. If you do not have capital and a lot of money to live in exclusive areas well protected with high security. I do not recommend anyone who lives on the island permanently. Just visit for a week or 2 [and quickly leave] and hopefully you won't get mugged. Excuse my English I was not born in the US
Where can the crypto millionaire move to ?
Are these tax incentives also available to the local/indigenous populace of the island as well? I’ve heard it isn’t, that’s why I’m asking. I’m Puertorican so this question is important to me.
YES!! Existing residents of Puerto Rico now make up the majority of Tax Act 60 decree holders since 2019! US Citizens moving to the island and (legal resident) foreign nationals can apply, too.
The restrictions are based on the qualifying business activities are within Puerto Rico and those services are for customers outside Puerto Rico, which can be mainland United States and/or any foreign country.
jentheredonethat.com/tax-act-60/
@@JenThereDoneThat awesome! Thank you for the clarification. I’m glad things are going good for you and enjoying Puerto Rico. Be well!
@@notiwhat1964 Thank you for your reply, however, can you provide the source for that please?
@@JenThereDoneThat not true
The answer is no
Residence Recommendation: 7000 Bahia Beach Blvd., Rio Grande, Puerto Rico condos for sale - best hidden secret of the Island.
Wow, I hate seeing the negativity in the comments! How many Puerto Ricans moved to the US mainland for better opportunities too? (My grandmother being one of them). Just ignore the haters, Jen, I love your channel and I love how you try to learn about Puerto Rican culture and see the beauty in it. I'm so sorry that people are spreading hate towards such a nice person.
Muchas Gracias! I appreciate the kind words. I am glad that your Grandmother had the opportunity to move for a better life.
Those people that moved to the USA didn’t get treated like America is doing the people in Puerto Rico today. The only reason why she is there is to avoid taxes.
@@alivewell2920 If you have an issue with it, take it up with the government. They are the ones that make the laws- not normal citizens like her.
@@WestCountryGurl 😂😂
6 million puerto ricans have move to the mainland compared to 4000 decree holders. PFFFT.
You explained it better than anyone else
Thank you! There are many misconceptions around the programs.
Hello: Jen thanks for keeping us informed about PR. Do you know if someone who want to raise cattle if you can get tax break on earnings let me know if you know about this.Thanks for your time. Wish you the best keep up the good work.
Hey Jen, is the presence test needed for the first year that you move to PR?
183 days.
How do you know tax law doesn’t change? It could change next year or anytime. Will the tax law grandfather your business?
The Tax Act has changed many times since it was created, you are grandfathered in based on the decree issued.
Muchas gracias Jen...wow. 5 yrs already ...in PR. GREAT !!!@
I am glad that everyone (residents and new residents) can contribute to the economic growth and job creation on the island.
@@JenThereDoneThat Job creation in PR is important And I appreciate your contributions to Puerto Rico and the betterment of PR.Thanks Jen.
Puerto Rico has been going through some of the worst years, they need to get its economy back on track every dollar helps.
Exactly! These programs encourage economic development and bring good jobs to the island.
This is inmoral for the poorest children of USA.
J 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.
@@ivonnepr9787 I agree with you, this is such a disastrous initiative for our local economy. I sure hopes this get completely eliminated otherwise we'll have an influx of foreigners living in the island filling their pockets with cash living the life and the people of Puerto Rico still not been able to get ahead. This is called modern colonialism!! Disgusting!
@@ivonnepr9787 There are poorer people living in different sates on the mainland.
great information and I love the way you say Puerto Rico. God bless you.
Thank you!
So I would have to pay an account twice of what I pay in taxes on the Average?
What about Property investment, Would would that also be double of $10,000 @ 2 x $5,000 donations? I need to pay an accountant $20,000 a year for filing and compliance?
Thanks for the info.
HAHA, it is a joke about the cost of accountants on the island compared to taxes, not a set figure. Check with your accountant for pricing.
@@JenThereDoneThat I keep hearing mixed things about investing in Puerto Rico, with any act available at this time. Puerto Rico can be shady place to do business in. Very tricky Government. As well as Very bad slow to fix issues type of system they have. To much red tape. 🤷🏻♂️
that’s NOT COLONIZATION 😆. It’s a problem for puertorriqueños BECAUSE your OWN government won’t fix the economic problem in PR. Your own government officials is who you should be mad at. Because for years you’ve gained many opportunities in the US in education, buying business, using our healthcare system because tour government can’t help your country
Thanks Jen. My concern with considering a move to PR is the change in Act 60 that retroactively increased fees for annual Act 22 filings. Annual fees were increased from $300 to $5000 for persons that already had a decree or contract with the government of PR. What’s there to prevent PR to increasing these annual fees to $50,000 next year? Nothing.
STOP BUYING OUR LAND. ITS CAUSING OUR FAMILIES TO BE HOMELESS. IF YOU WANT TO LIVE IN OUR COUNTRY THEN HELP OUR PEOPLE
False
Do you live in Puerto Rico? Are you or your family from the island?
Is disgusting to see Americans playing with numbers $$ about Puerto Rico. This is why a considerable chunk of Puerto Rican Population "secretly" don't like you guys. (We won't tell because we are mostly polite) We know your warmongering, land grabbing history to other countries, even your own Native Americans. The Puerto Rican Press is talking about this, the Puerto Rican Senate and lots of people on the streets. There will be massive changes in these taxes loop holes. Even the IRS already said will work with Puerto Rican Hacienda to make substancial fiscal changes. This includes ACT 60.
Ojala deroguen esa ley es injusta
Essentially the lump sum tax amount goes to charities instead of a corrupt government. And you get to live in Puerto Rico on top of that. PR frankly thought of a great program.
Yes! And the programs are specifically to encourage business growth, job growth (at higher than min wage rates), and overall economic development.
Great job. Great info thanks.
Thanks for watching!
Hey Jen
thank you for this video。
I wouldlike to ask you ,is Act60 also work for US residents ?
Because I am not US citizens , but I am US residents on tax .
Yes! I know many "foreign nationals" that have applied and been granted Tax Act 60 decrees.
Thank you ,may I ask,did you worried about hurricane? Because I saw the Act 60 requset buy a property after two years .
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.
The 10k fee is counterproductive and sort of disincentives/undermines the entire act.
no kidding. but its not meant for the normal rich people anymore. They want the next level of wealth to move here
The $10K is only for the individual investor program. There are so many other programs to encourage business growth and economic development. The island needs more jobs (good jobs that pay a livable wage) and these programs are creating those jobs.
@@JenThereDoneThat I don’t see how this is sustainable in the long run. Pr needs massive government stimulus intervention to help the economy. Investments in infrastructure and the people will help a great deal.
@@realdeal139 well places like Hong Kong and Singapore has been doing well by encouraging investment
We were there in 2018. Reside in AZ, and we are retiring in 2022. Looking for a small beach house in the south (Salinas preferably) , nothing fancy but simple. Question! With all of this gentrification, did y'all think the island is going to turn to another Hawaii? I know of a lot of naidv who can't move back to their rock.🤔
Many diaspora are moving back to take advantage of the Tax Act, all business programs are open except the Individual Investor act.
Existing residents of Puerto Rico now make up the majority of Tax Act 60 decree holders since 2019! US Citizens moving to the island and (legal resident) foreign nationals can apply, too.
jentheredonethat.com/tax-act-60/
Jen, have you done a video on gentrification in Puerto Rico?
Not really, asking for people to participate, to properly explore the issue. Do you want to participate? Send me a private message on Facebook or Instagram and lets set that up.
Thank you.
Did I understand correctly that for Act 22 there is a $5K annual fee (I guess to the government) and then two $5K donations to private charities for a total of $15K each year?
For the Individual Investor Act, the $10k annual charity donation and the annual filing fee (which keeps changing).
Why does puerto rico have all of these tax advantages? Does anyone know the history or the reason why the US passed these laws?
To attract businesses and economic development on the island. In 2019, more incentives were added to keep people here and encourage more businesses.
Hi we use to have tax code 936 but it was shut down by the administration of Bill Clinton it was a disaster many factories left PR the federal government did not study how this affected the economy.of PR.
They are not passed by the US, passed by Puerto Rico
Because Puerto Rico is a colony. Tax incentives bring in foreign investors and drains the island of resources without giving anything back to the people of puerto rico.
Does this apply to green card holders.
Its interesting to read the comments about taxes. Sales taxes are 50% higher than Singapore, which are relatively hardest on the lowest income because everyone needs to buy stuff. Low income tax are a kind of free ride since much of the savings go to investing in kids trust funds rather than spend locally. Singapore has a max tax of 22%, which would still be a much better deal than California. A fair change would be to drop sales taxes in half and make income tax half of the US. But the wealthy tend to not endorse fair deals so nothing like this is likely any time soon
I think most places are a much better deal than California.
Is there a website for applying or someone to help you w/ getting & applying for a loan to start a business?
If you’re are talking about going to PR they have the SBA and probably other programs specially for job creation.
Jenn, this was very informative and please ignore all the naysayers . This Act 60 was put in place for a reason . People will always go where there are better opportunities. I would just stop complaining , learn a little from the wealthy , and join their game . There are advantages for both the wealthy and the natives . I have moved a lot throughout my childhood Venezuela to Puerto Rico and now in NYC. If people don’t want to be entrepreneurs they would need jobs and without incentives corporation wouldn’t want to establish jobs in PR. Welfare in PR is a huge aide to the natives and with only the mindset of a worker we need corporation . PR imports 80% of the agriculture when that % can be done with the rich soil of PR .. but people will not do it . So ... ACT 60 gives incentives to corporations to establish their companies in PR which in return they create jobs to whoever don’t wanna be a boss . Jobs creation stimulate the economy , remember as a corporation you would still pay the sale tax . Stop being Xenophobic and calling Jenn names and start learning .
We do not benefit from the same tax incentive.
Rich people moving in basically driving us a way from our homeland.
@@jasonpagan2042 Sorry you feel that way. We need job creation in PR and people need services prs can provide that.Also we can move freely they should too.
Puerto Rico is a COLONY. This is SETTLER COLONIALISM. Stop moving to the island to gain advantages my family on the island does not have. This is wrong.
Amazing information... Can I hire you to help me relocate?
Off course they want to bring remote workers , so the island start filling whit wealthy people that not paid taxes and the actual people of the island need to leave to make more money , also they don't want to raise the minimum paid.
Residents of the island qualify for these programs. Remote workers bring their jobs with them and do not take jobs away from residents on the island.
@@JenThereDoneThat no they don't! 95% of the locals don't make more than 30,000 a year ! And to pay the fees to be able to apply and maintain these tax benefits is only for people making more than 30g a year.
This is inmoral and this J lady is part of the problem. Schemer mentioned it will be eliminated.
Also, you don't qualify if you're been living all your life in the island. It only helps wealthy people. Unfortunately is very hard for locals to open a business, I understand that the law requires you to make donations etc., but it's not really helping locals. Some of the wealthy people that come and "hire" locals, they pay them less that what they will have to pay in the US. So at the end, they're not helping locals, they just want to evade taxes and get more rich.
@@ivonnepr9787 Ivonne tu eres negativa.Que esta said hacienda tu para el mejoramiento de Puerto Rico?
Great info. I appreciate the effort to say Puerto Rico in Spanish.
Gracias!
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.
@@ivonnepr9787 exactly!!!
@@ivonnepr9787 lmao life isn't fair, if not for the business there, the economy would suffer. so relax
@@ivonnepr9787 Stop talking nonsense, MISPLACED MIND, Ivonne! PUERTO RICO IS AMERICAN LAND. WHAT ARE YOU DOING IN HER LAND IF YOU DO NOT LIKE IT. Get out of the USA AND PR. *She is home!* Why you do not complaint about the freeloader aliens who traffic drugs along the coasts of the island or invade it with no suitcase or a penny to be a public burden? Get out, go to another country that is not part of the USA
How are the taxes for 401k distribution for over 59.5 year olds?
Discuss with a tax professional.
Find a cpa down in PR that bows about these matters or a cheaper way is to write Departamento de Hacienda because they write the tax laws for PR. You can find their phone number online and their address. I hope this been helpful. Best wishes. Don Jr.
I m thinking of going there for btc.
Hi Jenn, you always provide with very good information. Can you talk about which cities or towns are good to live beside Guaynabo and Dorado. Saludos
All the towns have their charm. If you like mountains and calm, go to the center of the island. If you like beaches and sunsets, go west. Busy towns are in the northeast (metro area).
I lived in Palmas del Mar for 5 years - th-cam.com/video/NURMXf-0LPM/w-d-xo.html
I recently moved to Cabo Rojo and am gathering information for a Cost of Living comparison video. Be sure to subscribe and hit the notification bell so you don't miss it!
@@JenThereDoneThat I am a subscriber. Thank you for your feedback.
She is pointing out places where it is the mayor problems of gentrifications.
@@ivonnepr9787 gentrification is very real in PR. :( specially in the towns she's mentioning.
So tax haven for main land americans that want the benefits without the contribution, aka "not part of the team". Weren't these tax exemptions and the Jones Act that got PR in the economical situation it is today?
Existing residents of Puerto Rico now make up the majority of Tax Act 60 decree holders since 2019! More businesses are being started and more good paying jobs are available on the island. We still hate the Jones Act.
There are talks of Puerto Rico to become a state, is that true?
I rather be a state than independent.I do like the Commonwealth Status but there’s benefits that we don’t get in PR or less because were not a state.
Go home GRINGA
Puerto Rico es mi hogar.
Go home puedo rican. Please 😆
@@JenThereDoneThat NO ITS NOT. YOU"RE WHITE
None of this money goes to Puerto Rico
I pay my checks to the Government of Puerto Rico, Secretario de Hacienda, and the municipal governments. What are you talking about?
@@JenThereDoneThat Those are bank owned by people on wall street. I lived in Puerto Rico im from Puerto Rico my family still live in Puerto Rico I have family in politics in Puerto Rico im involved in politics. This is just one of the reasons Puerto Rico should be independent and not a state they rob the native people of land and agriculture. Nothing against you but that is what that tax brake is for. Because Puerto Rico wont vote for state they sell land and force them out until the majority is no more
@@illsyc.lastofthemoricans5930 what resources does Puerto Rico have to be able to be independent. How are going to fund government pr , teachers,police men poliwoman etc. where is money coming from.?
That's false
Any information on teaching in Puerto Rico?
I don't know of any incentive programs for teachers, but there is a high demand for private tutors right now. In person schools are schedule to start reopening in March 2021, as a slow rollout with safety precautions. Start looking in early summer 2021 for job openings and teacher positions for hire. Best wishes!
Awesome content, please please have a follow up video on this subject
You San Francisco Bay Area New York rican
What would you like to know in the followup?
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.
@@ivonnepr9787 Tu eres negativa Ivonne.
Thanks for the video and letting us know what is going on on the island.
You got it!
Also if you spend money in San Juan that doesn't go to Puerto Rico either
What is your source for that?
No no this is no bueno...PR dont need a million blancos that are rich in PR....OMG nooooo...to then act better than the people on the island....omg nooo...wow..soon PR will just be speaking english no spanish ....learn spanish its been 5 yrs...if you care about the ppl and its history.. PR is not changing to fit the blancos way of life...nothing personally to you...but your not helping
Any resident can apply for these tax incentives! Now is a great time for you to start a business and create jobs on the island.
@@JenThereDoneThat there is no resident in Puerto Rico that is allowed to apply for the so-called incentive tax. If the government actually gave us that resource almost the majority of the population of Puerto Rico wouldn't even think of moving to the mainland for better opportunities. I don't know where you found that information but unfortunately is extremely false and it makes you look like a colonizer.
@@jamiecumba any person in PR can have these tax incentives. The problem is you need to start your own business and that takes money and risk. Two things that most people dont like to gamble on. Anyone on the island can do it. Stop lying and just commenting off emotion.
@@TheHouseOfRonin It takes a special person to be and en5repreneur.
Tax to Puerto Rico is on the way
Puerto Rican don’t see tax act 20/22 fair. It will be eliminated soon.
Tax Act 20/22 was eliminated, it is now Tax Act 60 and open to any residents of Puerto Rico. The incentives are to encourage new business and (high paying) jobs on the island.
jentheredonethat.com/tax-act-60/
Go home gringo
All ricans should leave the US and stay in your own island😊
That's rude
@@pr9114 lame bola
Be careful with Puerto Rico Tax service.
My friend Jen. No but u smart.. Not to mention, your beauty.. Lol. Be safe ..
Gracias.
What you implied to be careful.why?
@@ivonnepr9787 what u mean
Lots of ignorant comments, dont mind them. If they actually did some research themselves they would see why these tax incentives are good for the local economy. My question is how does this work when you're exporting a real estate business? Doing business remotely in PR, while having transactions completed in the US?
Thank you for the kind words.
The type of real estate business that you describe is covered under Tax Act 60 for Export Services. jentheredonethat.com/tax-act-60/
@@nazapier8167 For a second there I actually thought you had a valid point until I read the last line which lets me know you know nothing 😂. Hawaii is like that because it is a state. The fact that PR is a territory and isnt bound by most rules of the states is a big benefit. Where do you think the money for rents go? Why do you think people come to the island? By your logic, you want the rich to be taxed like they were in the states. If thats the case most of them wouldnt be there. Study up on economics and you’ll get a better understanding. If PR becomes a state, you will have wish it didn’t. The economy will suffer more than what you think is happening now.
@@nazapier8167 lmao it's not just about the taxman, taxation is just a form of theft. I have a friend who actually lives on the island and she doesn't want to become a state. She would rather have independence which I agree with. If you like the system the states have so bad why don't you move here? You can have the rich taxed all you'd like. California would be great for you.
colonizer
Nice
Thanks for watching!
EXACTLY WHY YOU HERE!
Same reason Roxana are in the US For a reason
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Excellent Job Welcome to Puerto Rico. This is Best Country to Living. PR.this is the Best Caribbean Island.
Gracias! I agree, PR is the best!
Let’s even make it better for everybody.
Gentrification!😡
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Puerto Ricans in the US wants everyone to notice their flag. We don’t care. You want jobs and opportunities here in the US. Go back to your island and guard it maybe you can fix your economy too
Hey colonizer !!!! Please leave our island alone
Yes I agree. And the IS should leave PR forever to fend for themselves I totally agree everyone stay on they’re own land
@@200x-v4k The US is not leaving PUERTO RICO and it will never will..
Si vives en puerto rico ya deberías hablar español...
¿Por qué crees que no?
Puerto Rico is the United States...
A US Territory that feels like a different country (in a good way)!
You are part of the problem. We welcome people to be part of the solution not the problem.
How am I the problem? How am I any different than someone to moved to mainland US for a better life? I brought my business and jobs to the island.
jentheredonethat.com/tax-act-60/
@@JenThereDoneThat 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.
@@JenThereDoneThat ummm because it’s a small island where the people or PR already faced enough. Pls tell me you think it’s right people can run off there and not pay taxes yet the people there struggle to live. The culture is being ripped from the island and you’re okay with that????? Other rich people are trying to take over Old San Juan and turn it into some dumb rich city - and you’re okay with that? This is culture and stealing. It is colonization
@@ivonnepr9787 Here is the reality, people who move to Puerto Rico pay more in taxes, fees, and mandatory donations than 95% of the people on the island. If those incentives didn't exist, the island would be populated exclusively by broke, economically illiterate, underachieving life failures like you because the smart people left the island. The incentives are fair because you get smart, wealthy people who don't commit crime to move to a bankrupt island with earthquakes and hurricanes and horrendous crime. Without those incentives you get 100% of nothing. Hope that helps. :)
I see both sides, and your right in some aspects to want to protect the culture but to be objective i don't recall mainland americans getting upset when puerto ricans moved to the states for a better life for themselves and their families
LEECH
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Pretentious of Jen. Just say "Puerto Rico" the Americanize way. No need for the fake dialect as a white born American woman.
Oh, then you are really going to HATE this one, where I learn to pronounce all 78 municipalities.
th-cam.com/video/YbcbIw3H7k8/w-d-xo.html
Hater!
Wow, that's rude. She's trying!
Leave them people alone now you want take over there too
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