Do you write or own a service business? Here's how to pay NO taxes, and live on the beach.

[Ubermensch]

Figured it was time to post something worthwhile here.

There exists a community of like-minded, Fastlane living, internationally living professionals. I've recently tapped into this network and have learned some interesting things that I thought I'd share with you guys.

FORBES: Puerto Rico Pours On Tax Incentives For Investors

Enacted in 2012, Puerto Rico’s Act 22 allows investors and traders with bona fide residence in Puerto Rico to exclude 100% of all short-term and long-term capital gains from the sale of personal property accrued after moving to PR. Act 22 exclusions include day trading and it does not require investment in Puerto Rican stocks and bonds; trades can be made with a U.S. broker or on any exchange around the world.

Americans with residence in PR report “non-PR source” income on U.S. Form 1040, and PR-source income on a PR income tax return filed with Hacienda (PR’s tax authority).

See the entire article here.

I've had my eye on Puerto Rico for awhile. Until recently, the only recourse for American citizens who wanted to avoid U.S taxes was to renounce citizenship. The articles below should provide a pretty clear idea of the opportunity. I'm interested to see what folks here think about this. If you're a successful or soon-to-be successful writer or service provider, and you can do your work from anywhere, imagine the consequences of not having to pay 38% (only 4% max), plus state taxes on seven or eight figures of income.

Further Reading:

Puerto Rico as an Alternative to Renunciation

Peter Schiff Goes to Puerto Rico

Puerto Rico's Tax Benefits

Why I Really Moved to Puerto Rico and You Should Too

 

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[Nadia]

Hah. Very interesting articles.

I am a British national. I wonder if the tax thing applies to me as well ?

Thank you for posting!

 

[S&P]

Very interesting, bookmarked. Thanks

 

[pro]

Yes but BEWARE as it's struggling with major debt issues
http://www.reuters.com/article/2014/07/17/us-usa-municipals-puertorico-idUSKBN0FM0BS20140717

 

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[MyronGainz]

Interesting, bookmarked!

 

[DreamsCameTrue]

OK i'm sold. I'm going, who's with me?

 

[SirTristram]

Yes but BEWARE as it's struggling with major debt issues
http://www.reuters.com/article/2014/07/17/us-usa-municipals-puertorico-idUSKBN0FM0BS20140717

Which country isn't?

 

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[pro]

Which country isn't?

Norway.
There are other countries with big sovereign wealth funds too.

 

[EnglandBorn]

I haven't read the links, but I'd be careful.

Being the current biggest superpower means the US can get its hands anywhere. Even in countries with "secret" banking like Switzerland.

They will try and tax you regardless of whether it is right or not. Remember when England was the biggest power in the world and you guys had to go as far as going to war against us to stop unjust taxation......

Figured it was time to post something worthwhile here.

There exists a community of like-minded, Fastlane living, internationally living professionals. I've recently tapped into this network and have learned some interesting things that I thought I'd share with you guys.


See the entire article here.

I've had my eye on Puerto Rico for awhile. Until recently, the only recourse for American citizens who wanted to avoid U.S taxes was to renounce citizenship. The articles below should provide a pretty clear idea of the opportunity. I'm interested to see what folks here think about this. If you're a successful or soon-to-be successful writer or service provider, and you can do your work from anywhere, imagine the consequences of not having to pay 38% (only 4% max), plus state taxes on seven or eight figures of income.

Further Reading:

Puerto Rico as an Alternative to Renunciation

Peter Schiff Goes to Puerto Rico

Puerto Rico's Tax Benefits

Why I Really Moved to Puerto Rico and You Should Too

 

[Ubermensch]

Which country isn't?

The ones that don't spend more than they bring in.

 

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[Ubermensch]

I haven't read the links, but I'd be careful.

Being the current biggest superpower means the US can get its hands anywhere. Even in countries with "secret" banking like Switzerland.

They will try and tax you regardless of whether it is right or not. Remember when England was the biggest power in the world and you guys had to go as far as going to war against us to stop unjust taxation......

This is baseless fear-mongering. Read Act 20 and Act 22. They're legit.

But you're probably right that Puerto Rico is a short-term plan. That's how I'd view it. Better long-term plans are outlined by the likes of International Man Simon Black, Nomad Capitalist Andrew Henderson, et el.