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Episode 70: Dr. Wes Gray discusses the unique tax benefits of ETFs and other topics of interest, host Rick Ferri
Bogleheads On Investing Podcast
Residence Shapes Tax Obligations
Establishing residency in Puerto Rico requires careful management of income sources to optimize tax obligations. If income is derived from services performed in New York, even as a bona fide Puerto Rico resident, one must account for that income in New York. Living primarily in Puerto Rico and avoiding service work in the States can help minimize tax implications. Additionally, under Act 60, moving to Puerto Rico allows for the favorable treatment of capital gains, contingent upon maintaining residency for extended periods. However, prior capital gains still carryover, necessitating strategic planning to fully benefit from Puerto Rico's tax incentives.
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