Join Rachel Farris, a CPA and tax strategist, as she reveals the perks of moving to Puerto Rico under Act 60, including a 0% capital gains tax. She shares insights on the lifestyle changes expats face, from the cultural adjustments to the vibrant expat community. Rachel also discusses the financial implications for W2 workers and entrepreneurs, offering a balanced view of tax incentives and local engagement. Discover how this Caribbean paradise combines significant savings with a unique living experience!
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insights INSIGHT
Volatility Drives Interest In Territorial Tax Planning
Interest in Puerto Rico rose as people treat tax planning like financial planning amid market and political volatility.
Many prefer a legal, transparent territorial solution that keeps U.S. citizenship while lowering taxes.
insights INSIGHT
Act 60 Creates Predictable Low-Tax Rules
Puerto Rico's Act 60 offers 0% tax on capital gains, interest, and dividends and a 4% corporate tax for qualifying activities.
The law attracts entrepreneurs and investors seeking predictable, low tax rates tied to residency and business rules.
question_answer ANECDOTE
How Rachel Entered The Niche
Rachel began advising after helping a close family friend move pro bono and then grew the practice through referrals.
She built a network of local lawyers, CPAs, and advisors which scaled her Puerto Rico relocation work.
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Some families have lived on the same plot of land for generations… what’s more Americana than passing down the family farm to the next generation?! But the US also has a history of moving towards opportunity – the settling of the west and the gold rush in California, returning veterans moved at higher rates in the aftermath of WW2, and then more recently the pandemic led to an uptick in people reconsidering their living situation. BUT, what if the next great place to move to is an island in the Caribbean Sea? Not just because it’s beautiful, but because it offers certain tax perks that are unavailable anywhere else. Rachel Farris, CPA and tax strategist, joins the show to share the unique tax benefits of moving to Puerto Rico, particularly under Act 60, which offers significant savings for individuals and businesses. We discuss the implications of relocating including cultural adjustments of expat life, cost of living, the eligibility requirements for tax benefits, the appeal for W2 workers and entrepreneurs alike, the community of expats on the island, and much more!
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