On July 1, 2019, Puerto Rico enacted legislation providing tax incentives for U.S. citizens that become residents of Puerto Rico. Of particular interest are Chapter 2 of Act 60 for Resident Individual Investors and Chapter 3 for Export Services, which shield new residents who live in Puerto Rico for at least half the year from paying most federal income taxes. The U.S. Internal Revenue Code generously exempts Puerto Rico-sourced income from federal income tax and, under Chapter 2 of Act 60, Puerto Rico new residents pay minimal or possibly NO TAXES on interest, dividends and certain capital gains. Additionally, property taxes are significantly lower than property taxes in the mainland U.S. 

This has brought many U.S. investors to the island and the locals have seen little to no benefit from their relocation. Furthermore, 98.5% of the island has been declared an Opportunity Zone for investors (this includes 99% of our beaches). In other words, Puerto Rico is for sale and real estate agencies are constantly using these tax incentives as a powerful sales tactic to lure investors to relocate to Puerto Rico.

The people of Puerto Rico are not elegible for these incentives. We want every investor that comes to the island to have the exact same opportunities as local investors have. We do not want Puerto Rico to be called a "tax haven" because that is far from the truth.

May this serve as a call to action to the government of Puerto Rico that we do not want Act 60-22-20 anymore as part of our culture.

#PuertoRicoNoEstáALaVenta