I am considering moving to PR to open a business and I'm curious about the tax implications of this. The revenue of the business will be less than $500,000. I will retain my address in the US and the business will be registered/incorporated in a US state that has no state income tax. Can anyone tell me how the income will be taxed in PR or point me to some good references?
Do you have any experience with this and how it works? I will look at these links you provided. It's also helpful to hear the perspective of somebody who has actually dealt with what I'm trying to figure out.
It's pretty much the same as in other countries where I've lived and worked. The PR tax system is similar to the US tax system; we also pay most federal taxes. I really don't know all the details - I leave that to a CPA who is taking care of filing.
I moved to Puerto Rico last year and have become a bonefied resident. I moved here from the USA and purchased a residence here. My income consists of 2 small pensions and a minimal Social Security income. I can't find any information on the net that will tell me what taxes I should pay in PR. My house is under the amount that would require me to pay CRIM or property tax. I understand if my income from the pension is X$ I will not have to pay PR income tax but I am not sure about the Federal Tax since my pensions are from the States. I have asked locally but frankly the answers just make me more confused. Any assistance will be greatly appreciated.
My husband and I are considering a move to PR and while there last week a few of his clients told us about Act 20 and Act 22. You might want to research these as depending on your situation, there could be some good tax benefits.
