Do you think one can raise his kids in the US and still qualify? the presence test requires the family to move but i'm wondering if this is heavily enforced, if we meet every other requirements. thank you.
Act 20 now Act 60? Sole proprietor is a different tax structure than an LLC..so do that means a sole proprietor business is not eligible for the Act 20 or Act 60? Thanks for the well though out and executed video. From NYC
I read somewhere that besides the 183 days in the taxable year, one needs to also live on the island for at least 549 days during the three-year period consisting of the taxable year and the two immediately preceding taxable years, and be present on the island for at least 60 days during each year of such three-year period..are you saying this is changed in 2020?
Hi CCR the rule you highlighted has not changed, it's actually an alternative to the 183 day rule. If you think about it the rule you highlighted actually can be beneficial to someone implementing this strategy long term. It creates flexibility to where you do not need to live in PR for 183 days and instead over 60 days. For purposes of simplicity I did not mention this in my video - but it's a great observation by you!
Intro - 0:00-1:54
1) How are Americans Taxed? - 1:54-4:58
2) Breaking down the Numbers - 4:58-9:35
3) What are the Rules? - 9:35-17:03
4) Structuring Example - 17:03-22:38
fucking killer video
Do you think one can raise his kids in the US and still qualify? the presence test requires the family to move but i'm wondering if this is heavily enforced, if we meet every other requirements. thank you.
I think it would be difficult to defend bonafide resident. We suggest reaching out to an ACT 60 (FKA Act 20) expert
Great video . Looking forward to more 💪🏼
Act 20 now Act 60? Sole proprietor is a different tax structure than an LLC..so do that means a sole proprietor business is not eligible for the Act 20 or Act 60? Thanks for the well though out and executed video. From NYC
Act 20 is NOT Act 60. Regarding the structure - you will need to create a new business entity in Puerto Rico and apply for ACT 20 status.
Hi. Thank you Christian we moved here with the Act 22 to get 0% capital gains did you hear any changes on that?
We have not heard any changes however recommend speaking with an expert who specializes in Act 60/22 (FKA Act 20).
Great information however where did the inflated application cost come from? Its a $750 application fee. Where is the rest of the number coming from?
Legal fees! This is just an estimate, but these can be costly.
I read somewhere that besides the 183 days in the taxable year, one needs to also live on the island for at least 549 days during the three-year period consisting of the taxable year and the two immediately preceding taxable years, and be present on the island for at least 60 days during each year of such three-year period..are you saying this is changed in 2020?
Hi CCR the rule you highlighted has not changed, it's actually an alternative to the 183 day rule. If you think about it the rule you highlighted actually can be beneficial to someone implementing this strategy long term. It creates flexibility to where you do not need to live in PR for 183 days and instead over 60 days. For purposes of simplicity I did not mention this in my video - but it's a great observation by you!
Value bomb
I was listening until you mentioned Puerto Ricans having the right to vote for the president. We don't.
Sorry for the incorrect info!