CPA Rachel Farris joins us to talk about how you can benefits from Puerto Rico's Act 60 tax incentives by becoming bona fide residents of the island. Rachel explains how the program was created to attract capital and talent to Puerto Rico, the rules around residency and post-move appreciation, and the common pitfalls people face when trying to qualify.

She also discusses lifestyle differences, cost of living, and more, as the Act requires genuine relocation and compliance with IRS rules to be done correctly.

We discuss...

Rachel Farris explains Puerto Rico's Act 60 tax incentives and how they allow U.S. citizens to pay 0% on capital gains, interest, and dividends.
The program offers a 4% corporate tax rate for businesses relocated to Puerto Rico.
Rachel details the legal requirements for becoming a bona fide Puerto Rican resident.
The conversation covers the importance of distinguishing pre-move and post-move capital gains for tax purposes.
Kirk and Rachel discuss common pitfalls people face when trying to qualify for Act 60 benefits.
They explore how Act 60 was designed to attract capital, entrepreneurs, and skilled professionals to Puerto Rico.
Rachel outlines lifestyle differences between the mainland U.S. and Puerto Rico.
The discussion includes the island's cost of living, housing options, and healthcare quality.
Education systems and family considerations for those relocating are reviewed.
Rachel emphasizes the need for real relocation and compliance with IRS residency rules.
They touch on hurricane preparedness and infrastructure realities of island living.
The episode concludes with insights on how to properly structure a business move to maximize Act 60's benefits.

Today's Panelists:

Kirk Chisholm | Innovative Wealth
Barbara Friedberg | Barbara Friedberg Personal Finance
Douglas Heagren | Mergent College Advisors

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For more information, visit the show notes at https://moneytreepodcast.com/puerto-ricos-act-60-rachel-farris-758

Santa Misa del viernes 15/8/2025, Iglesia de María Virgen Madre