Further, U. citizens and resident aliens living in Puerto Rico are generally subject to U. tax on worldwide income. However, a bona fide resident of Puerto Rico for an entire taxable year may exclude income from sources within Puerto Rico for U. federal income tax purposes. An individual is considered to be a bona fide resident of Puerto Rico only if he or she satisfies all of the following three conditions: (1) physical presence test, (2) tax home test, and (3) closer connection test. A special rule applies for the year of the move.
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Is Relocating to Puerto Rico the Right Move for You? Puerto Rico has a long history of using tax incentives and credits as tools for economic development and recovery after economic crises. Most recently, then Governor of Puerto Rico, Ricardo Rossello, signed Act 60-2019 (“Incentives Act”) into law on July 1, 2019, with an effective date of January 1, 2020. Chapter 2 of the Incentives Act includes measures to attract individual investors to Puerto Rico by providing many incentives to resident individuals, such as full tax exemptions on Puerto Rican-source dividends and on capital gains stemming from the appreciation in value of securities. Further, under Chapter 3 of the Incentives Act, Puerto Rico implemented changes to entice business entities to move their operations to Puerto Rico by reducing Puerto Rican corporate taxes and providing exemptions from property taxes, municipal taxes, and taxes on dividend distributions for income generated and property used in exempt operations.
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Thus, gains realized from securities acquired after establishing domicile in Puerto Rico are exempt from Puerto Rico income tax. However, U. investors need to appreciate that capital gains derived from securities acquired prior to the individual becoming a Resident Individual are exempt only to the extent that the gain is attributable to the increase in value of the securities after the individual is domiciled in Puerto Rico. The portion of the gain attributable to the increase in value of the securities prior to establishing domicile in Puerto Rico is subject to the applicable Puerto Rico capital gains tax rate, but, if such gain is recognized after ten years from the date that the individual becomes domiciled in Puerto Rico, the Resident Individual benefits from a tax rate reduced to 5%.
U. citizens who become bona fide residents of Puerto Rico can maintain their U. citizenship, avoid U. federal income tax on capital gains, including U. -source capital gains, and avoid paying any income tax on interest and dividends from Puerto Rican sources. The expatriation rules do not apply to U. citizens who relocate to Puerto Rico because the relocation by itself does not require any renunciation of U. citizenship. Therefore, if an individual relocates to Puerto Rico, the move does not result in an expatriation tax.
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Of special note, on January 27, 2021, the Large Business and International Division of the IRS announced that it had opened an audit campaign addressing taxpayers who have claimed Puerto Rico tax benefits without meeting the bona fide resident requirements. For example, according to the IRS, these individuals may be excluding income subject to U. tax on a filed U. income tax return or failing to file and report income subject to U. tax. This campaign will also address those individuals who have met the bona fide resident requirements but may be erroneously reporting U. -source income as Puerto Rico-source income in order to avoid U.
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