I just got my Act 60 decree and am making plans to relocate. It took 9-months to get approved from the DECD, and now I have 12-months to make the move and enjoy relief from taxes. Making the donation and buying a home in PR is a small price to pay for all I will be saving. Moving to PR probably only makes sense for $250K+ annual income earners.
@@rr-wh6jd I applied for, and was approved for my decree before moving to Puerto Rico. If you are a US citizen, you don’t need to move to Puerto Rico until you get your decree. Once you are approved for your decree, you have a year to relocate to Puerto Rico, and then two additional years to purchase a home.
I live in Puerto Rico, and have relocated my corp here. Purchased a 7-figure home last year and if I sold it now I would guess it would be go for 1.5-2x, but that's the story in a lot of places in the world right now. By my estimate you need at MINIMUM $500,000 per year in income or be planning on a massive moonshot investment (100x crypto, IPO, etc...) to make PR worth the effort, it isn't just move and sign some papers, and your current positions in markets or crypto or equity in a company you started before don't qualify in the same way.
Please cover act 135! (The young entrepreneurs tax program in Puerto Rico) It’s much more accessible to young people and a better deal than act 60 in my opinion. I bet a lot of your sub 6 figure viewers would be interested in that
Just came back from Puerto Rico after scouting out the island for a potential move. Thank you for the deep dive into everything about the island in regards to the pre-requisites!
After touring the entire island (didn’t get to see the little islands of Culebra or Vieques), Palmas Del Mar, Rincon and Dorado are definitely 3 fantastic places to reside at in Puerto Rico if your relocating from the mainland U.S. or anywhere else in the world.
@@craiggoldzweig1491 Thanks for the update. I only knew about San Juan from employees we sent there on business years ago. They said San Juan is ok if you are in a gated community area otherwise watch out. I assumed the whole island is not like that.
That’s exactly right. I can attest. My wife and I stayed in the Ocean Park section of San Juan while scouting out the island. San Juan is no joke as far the potential for crime in certain areas. Thankfully we didn’t run into any trouble while we were there but I’d be lying if I didn’t tell you that we heard gun shots on 4 separate nights while we were at our villa. And I’m talking automatic gunfire gunshots, no exaggeration!! I have no clue where it was coming from as the areas of Ocean Park, Isla Verde, Carolina, Condado and Old San Juan are considered to be the nicer more upscale areas of San Juan but I can assure you, it definitely wasn’t fireworks. Lol! DO NOT UNDER ANY CIRCUMSTANCES GO TO LA PERLA! La Perla is a small oceanside community next to Old San Juan and is the epitome of the Wild Wild West. There is one way in and one way out and tourists are not welcome. It is considered to be the most dangerous section of Puerto Rico and the only way to get in there safely is by invitation only. From what I was told, the police don’t even go in there. All that aside, I definitely didn’t base my entire opinion of the island solely on the experiences of San Juan (there are dangerous neighborhoods all over the world). Puerto Rico has so many other beautiful places to discover and I must say some of the friendliest locals I’ve ever encountered out of any island I’ve visited in the Caribbean, bar none. After seeing just about every other section of Puerto Rico, I now understand why they call it “The Land of Enchantment.”
@Nomad Capitalist Team - Any 2023 updates re: Puerto Rico Act 60? Do you foresee it to remain intact for several more years? Also, a video addressing day traders specifically who reside in Puerto Rico, Dubai, etc. to save on taxes would be much appreciated!
Andrew Thanks again for a informative video hi would enjoy you expanding information about Puerto Rico especially income threshold’s and the amount of investment that you think would be required to relocate to Puerto Rico Gracias
Plan on spending $50-100k in the move alone, assuming no exit taxation. It's too complex to do TH-cam videos on because each individual will be different and each situation will be different. A lot of dumb money tries to move here without doing the work, I see it all the time.
@@joshuamauricewooten well Im on track to become a millionaire pretty soon, but I still have a frugal mindset which is how I was able to invest so much...I could understand a one time donation but an annual 10k payment takes away much of that tax savings....I guess they only want the super rich to take advantage
@@kasseen congrats on becoming a millionaire. It depends on your companies ebitda. Paying 4% should be worth it for every company having an >500k income. For example if you have an online business it’s worth it in my opinion. But you have to check out the life style in PR if it’s for you. I have plenty of rich friends living there.
@@joshuamauricewooten thanks man, an yea I see what you mean... I'm just a simple IT worker that went all in crypto back in 2018...I don't have an high income business yet but hopefully I will after I start a couple new business ventures. Your lucky to have a bunch of rich friends b/c I think I'm the richest person that I know lol smh
@@kasseen your on your way making your first million. don’t underestimate yourself. If I would be you I would learn a high income skill that fits you well. there are plenty of options. just don’t focus only on crypto !!! And go out where rich people hang out and don’t waste your time with the wrong ppl.
Could you ever go into the specifics of what the capital gains tax situation is in Puerto Rico? Like why are people going there and how much do they save.
Rentals got greedy for sure. $5-10k for a 2 bedroom in a modern building is silly, and won't last. Purchase prices got distorted but it's exactly the same in most desirable markets where people are moving. Likely to calm down as well.
Thanks for the great video, Andrew. I have two video suggestions/requests: 1. Unique ways of getting citizenships/passports, e.g. converting to Judaism and getting Israeli citizenship, serving in the French Foreign Legion and getting French citizenship. 2. Unique passports, e.g. Interpol passport, British National (Overseas) i.e. BNO passport, Taiwanese passport for "Nationals without Household Registration"
There's been talk of the current administration pushing to make PR a US state. I believe the people of Puerto Rico have voted against this in the past, but I don't trust a future vote to give us accurate results (i.e., what people actually cast ballots for). I'd like to hear your take on how these different political outcomes could shape future opportunities on the island.
Doesn't matter what the people in PR want the US Congress is the only one with the power to give PR Statehood , Independence or stay the way it is now . Last 50 plus years has been discussed and nothing happens . I would be more worry if Congress kick PR out and cut them loose .
Is it true that if you reside in Puerto Rico for a year, you can apply for the Certificate of Citizenship of Puerto Rico at the Departament of State and then USE that lifelong document to fast track the Spanish passport to two years (as opposed to ten years) while not having to renounce your original passport? If so, that would be a lit TH-cam video. 🔥 PS I want to work for you!
Zero Capital Gains tax is criminal. There is no accounting of how or where this money is going. Jobs are not being created despite this trinkle down bs and many native Puerto Ricans are not eligible to take advantage of these "tax incentives."
@@laborincana4490 Absolutely.. Blatant Disrespect and Gentrification no matter how they Word it.. No matter what Corrupt Laws they Implement. It's a ROBBERY.. THE PEOPLE NEED too FIGHT RIGHT BACK. FIGHT FOR WHAT IS OURS. MILITIAS
I just got my Act 60 decree and am making plans to relocate. It took 9-months to get approved from the DECD, and now I have 12-months to make the move and enjoy relief from taxes. Making the donation and buying a home in PR is a small price to pay for all I will be saving. Moving to PR probably only makes sense for $250K+ annual income earners.
How long is it required to stay in PR to get the decree and have zero cap gain tax? Last time I checked it was give or take 6 months.
@@rr-wh6jd I applied for, and was approved for my decree before moving to Puerto Rico. If you are a US citizen, you don’t need to move to Puerto Rico until you get your decree. Once you are approved for your decree, you have a year to relocate to Puerto Rico, and then two additional years to purchase a home.
Is there any way you know of now that you have gone through the process, on how to condense that 9 month period to get the Act 60 decree?
@@rr-wh6jd hello: My understanding 183 days . Best wishes
Stay the hell out you fricking tax dodgers.
I live in Puerto Rico, and have relocated my corp here. Purchased a 7-figure home last year and if I sold it now I would guess it would be go for 1.5-2x, but that's the story in a lot of places in the world right now. By my estimate you need at MINIMUM $500,000 per year in income or be planning on a massive moonshot investment (100x crypto, IPO, etc...) to make PR worth the effort, it isn't just move and sign some papers, and your current positions in markets or crypto or equity in a company you started before don't qualify in the same way.
Outstanding! More videos on PR would be appreciated!
Yes, more Act 60 in depth pros/ cons
another fact: you are gonna get hit with hurricanes every year. PR is beautiful though. But get ready for not having power for months
No power yet, after Fiona storm.
This is a new thing.. we didnt had any importante hurricaine since '98 ... I'm fact, hurricaines seemed to go around us like Magic.
It is absolutely disgusting that you have to flee your own country because of their outrageous taxes! Taxes should be EARNED and not expected.
Indeed, its sad.
Please cover act 135! (The young entrepreneurs tax program in Puerto Rico)
It’s much more accessible to young people and a better deal than act 60 in my opinion.
I bet a lot of your sub 6 figure viewers would be interested in that
Just came back from Puerto Rico after scouting out the island for a potential move. Thank you for the deep dive into everything about the island in regards to the pre-requisites!
What do you think about the island after the scouting?
After touring the entire island (didn’t get to see the little islands of Culebra or Vieques), Palmas Del Mar, Rincon and Dorado are definitely 3 fantastic places to reside at in Puerto Rico if your relocating from the mainland U.S. or anywhere else in the world.
@@craiggoldzweig1491 Thanks for the update. I only knew about San Juan from employees we sent there on business years ago. They said San Juan is ok if you are in a gated community area otherwise watch out. I assumed the whole island is not like that.
That’s exactly right. I can attest. My wife and I stayed in the Ocean Park section of San Juan while scouting out the island. San Juan is no joke as far the potential for crime in certain areas. Thankfully we didn’t run into any trouble while we were there but I’d be lying if I didn’t tell you that we heard gun shots on 4 separate nights while we were at our villa. And I’m talking automatic gunfire gunshots, no exaggeration!! I have no clue where it was coming from as the areas of Ocean Park, Isla Verde, Carolina, Condado and Old San Juan are considered to be the nicer more upscale areas of San Juan but I can assure you, it definitely wasn’t fireworks. Lol! DO NOT UNDER ANY CIRCUMSTANCES GO TO LA PERLA! La Perla is a small oceanside community next to Old San Juan and is the epitome of the Wild Wild West. There is one way in and one way out and tourists are not welcome. It is considered to be the most dangerous section of Puerto Rico and the only way to get in there safely is by invitation only. From what I was told, the police don’t even go in there. All that aside, I definitely didn’t base my entire opinion of the island solely on the experiences of San Juan (there are dangerous neighborhoods all over the world). Puerto Rico has so many other beautiful places to discover and I must say some of the friendliest locals I’ve ever encountered out of any island I’ve visited in the Caribbean, bar none. After seeing just about every other section of Puerto Rico, I now understand why they call it “The Land of Enchantment.”
@Nomad Capitalist Team - Any 2023 updates re: Puerto Rico Act 60? Do you foresee it to remain intact for several more years? Also, a video addressing day traders specifically who reside in Puerto Rico, Dubai, etc. to save on taxes would be much appreciated!
Would greatly appreciate updated PR act 60 from a traders perspective. Thank you
MORE Puerto Rico Act 60 please!
Yes, please I'd love more Act 60 info.
Andrew Thanks again for a informative video hi would enjoy you expanding information about Puerto Rico especially income threshold’s and the amount of investment that you think would be required to relocate to Puerto Rico Gracias
Plan on spending $50-100k in the move alone, assuming no exit taxation. It's too complex to do TH-cam videos on because each individual will be different and each situation will be different. A lot of dumb money tries to move here without doing the work, I see it all the time.
@@Timithos If you have an 8 figure+ company and aren't just day trading then you'll easily spend 50k on the restructuring alone.
More on Act 60 Please...Thanks Andrew. 👍
What I can't seem to figure out is do I have to have 100% ownership in my company to use act 60??
Andrew, please cover Act 60 in another video when time permits. Thanks much.
What? a 10k annual charity contribution!? That's basically a tax in itself smfh
if 10k is a lot for you act 60 wouldn't be a fit for you (no offense)
@@joshuamauricewooten well Im on track to become a millionaire pretty soon, but I still have a frugal mindset which is how I was able to invest so much...I could understand a one time donation but an annual 10k payment takes away much of that tax savings....I guess they only want the super rich to take advantage
@@kasseen congrats on becoming a millionaire. It depends on your companies ebitda. Paying 4% should be worth it for every company having an >500k income. For example if you have an online business it’s worth it in my opinion. But you have to check out the life style in PR if it’s for you. I have plenty of rich friends living there.
@@joshuamauricewooten thanks man, an yea I see what you mean... I'm just a simple IT worker that went all in crypto back in 2018...I don't have an high income business yet but hopefully I will after I start a couple new business ventures. Your lucky to have a bunch of rich friends b/c I think I'm the richest person that I know lol smh
@@kasseen your on your way making your first million. don’t underestimate yourself. If I would be you I would learn a high income skill that fits you well. there are plenty of options. just don’t focus only on crypto !!! And go out where rich people hang out and don’t waste your time with the wrong ppl.
Time for the PR to become independent!
Absolutely
If i made more money online I'd for sure move to a place like Puerto Rico if it otherwise made financial sense, and i liked the area
Please do a deeper dive Andrew
Could you ever go into the specifics of what the capital gains tax situation is in Puerto Rico? Like why are people going there and how much do they save.
More on Act 60 please, great subject interesting to a lot of us now
I watched the prices almost double for rentals in just a few months and real estate isn't far behind.
Rentals got greedy for sure. $5-10k for a 2 bedroom in a modern building is silly, and won't last. Purchase prices got distorted but it's exactly the same in most desirable markets where people are moving. Likely to calm down as well.
@@tokyoblender4911 Yeah I saw a place for $500 suddenly go to $$$$$
Are people that desperate to pay thousands for a rental?
@@tokyoblender4911 Hard to believe there is a market those rentals that were much lower before. Not like it was always expensive.
Working remotely, my boss refused me the act 52. PR is a foreign country for the US !
Thanks for the great video, Andrew. I have two video suggestions/requests:
1. Unique ways of getting citizenships/passports, e.g. converting to Judaism and getting Israeli citizenship, serving in the French Foreign Legion and getting French citizenship.
2. Unique passports, e.g. Interpol passport, British National (Overseas) i.e. BNO passport, Taiwanese passport for "Nationals without Household Registration"
I am from Puerto Rico and you can lower tax up to 0% for 3 years if you are under 35 years old with their young entrepreneur incentive.
Can you share more details on this? Any links?
It's disgusting that you are promoting this. Zero taxes for the rich steals from the Puerto Rican people. They are stealing our land. Gringos go home.
1k a month for charity, thats like paying taxes.
If you've still got to pay federal taxes of 37.5 percent, what's the point of living there financially???
There's been talk of the current administration pushing to make PR a US state. I believe the people of Puerto Rico have voted against this in the past, but I don't trust a future vote to give us accurate results (i.e., what people actually cast ballots for). I'd like to hear your take on how these different political outcomes could shape future opportunities on the island.
Doesn't matter what the people in PR want the US Congress is the only one with the power to give PR Statehood , Independence or stay the way it is now . Last 50 plus years has been discussed and nothing happens .
I would be more worry if Congress kick PR out and cut them loose .
They have actually voted repeatedly to become a state. PR becoming a state is at the top of Democrats agenda along with DC.
No IRS !
Democrats want to make Puerto Rico a state so that they can tax tf out of the people
Updated video on this plz Andrew. 🙏
Is it true that if you reside in Puerto Rico for a year, you can apply for the Certificate of Citizenship of Puerto Rico at the Departament of State and then USE that lifelong document to fast track the Spanish passport to two years (as opposed to ten years) while not having to renounce your original passport? If so, that would be a lit TH-cam video. 🔥
PS I want to work for you!
More act 60 please. Also give us the facts above bona-fide resident means. It seems a bit vague
✌😎👍I'm trying to figure out the Government tax rat maze now. Will I be caught in the trap! Or can I find the exit? 🤔
Residence Recommendation: 7000 Bahia Beach Blvd., Rio Grande, Puerto Rico condos for sale - best hidden secret of the Island.
Joe Bidestan
*Joe Bidenstan
I went to Law School in PR less than 10 years ago 😬
I file a 1099 with my company and I sadly, I don't think PR is gonna work for me.
Zero Capital Gains tax is criminal. There is no accounting of how or where this money is going. Jobs are not being created despite this trinkle down bs and many native Puerto Ricans are not eligible to take advantage of these "tax incentives."
The charity should be automatically changed to producing sustainable jobs and things that are sustainable and housing
Puerto Ricans have U.S. Passports.
THIS IS GENOCIDE...
No, unlike Spaniard did to Tainos.
IT is GENTRIFICATION. Ousting Puertorricans in favor of foreigners.
@@laborincana4490 Absolutely.. Blatant Disrespect and Gentrification no matter how they Word it.. No matter what Corrupt Laws they Implement. It's a ROBBERY.. THE PEOPLE NEED too FIGHT RIGHT BACK. FIGHT FOR WHAT IS OURS. MILITIAS
Go home gringo. More are ending up missing. Read the message
*I’m being abused by someone who trafficked me to Puerto Rico so that he can take advantage of this act.*