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Act 22 of 2012 —also known as the Act to Promote the Relocation of Investors to Puerto Rico (Spanish: Ley para Incentivar el Traslado de Inversionistas a Puerto Rico)— is an act enacted by the 16th Legislative Assembly of Puerto Rico that exempts local taxes on certain passive income generated by individuals that reside in Puerto Rico. [1 ...
Under provisions known to residents on the island as Act 22, the law's original name, individual investors who haven't previously lived in Puerto Rico between 2006 and 2012 can get a 0% tax rate ...
Taxation in Puerto Rico consists of taxes paid to the United States federal government and taxes paid to the Government of the Commonwealth of Puerto Rico.Payment of taxes to the federal government, both personal and corporate, is done through the federal Internal Revenue Service (IRS), while payment of taxes to the Commonwealth government is done through the Puerto Rico Department of Treasury ...
About 67% of Dominicans in Puerto Rico are legal citizens. [15] The 2010 census estimated a population of 68,036 Dominicans in Puerto Rico, [1] equal to 1.8% of the Commonwealth's population. Majority of Dominicans in Puerto Rico live in the San Juan metropolitan area, chiefly the cities of San Juan, Bayamón, and Carolina.
You can expect to pay taxes, though, on any tax-deferred investment accounts. This includes self-directed traditional IRAs and SEP IRAs as well as employer-sponsored plans like a 401(k), 403(b)s ...
Puerto Rico is an unincorporated U.S. territory with a population of about 3.2 million people. It is officially known both as the Commonwealth of Puerto Rico and as the Estado Libre Asociado de ...
On October 25, 2006, Mari Brás became the first person to receive a Certificate of Puerto Rican Citizenship from the Puerto Rico Department of State. [87] The Certificate of Puerto Rican Citizenship can be used to obtain dual nationality in Spain, as it is considered proof of Ibero-American heritage. [ 88 ]
If you can, contribute the maximum amount to your retirement accounts each year. In 2023, the IRS permits savers to contribute up to $22,500 to 401(k)s and similar accounts and $6,500 to IRAs .
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