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Puerto Rico Becoming US Tax Dodge

Category: Real estate, Posted:22 Apr 2013 | 06:00 am

While the US government continues intent on hunting down it's citizen's engaged in taxation avoidance, an emerging loophole is close to home in Puerto Rico.
According to an article in the New York Times, while Puerto Rico is part of the commonwealth of the US, it's not treated the same as the fifty states.
Except for those employed by the US government there is no federal income tax. Residency comes easy with only 183 days each year, that need to be spent there.
Other incentives included a lowering of tax on interest and none on dividends. Capital gains tax has also been reduced from 10% to nil.
Reading on in the article on of the key benefactors of the move is the island's real estate business which is seeing brisk business from wealthy US citizens looking not only for a but of sun but a way to retain their savings.

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