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On January 17, 2012 the government of Puerto Rico introduced Act 22, along with Act 20. The purpose of this act is to attract higher net-worth individuals to Puerto Rico in hopes of stimulating the economy with real estate investment, job creation, and overall spending on the island.
This act provides a 100% exemption on interest, dividends and certain capital gains to individual investors who become bona fide Puerto Rico residents.
What are the benefits of ACT 22?
What are the requirements?
How long do the benefits last?
Who is moving to Puerto Rico?
Based upon data released by the Department of Economic Development and Commerce over 500 individuals have moved to Puerto Rico since the act was implemented in 2012. These individuals have invested tens of millions of dollars into the local economy and are proving very helpful to the economic recovery of the island.
Are you ready to learn more?
This article is designed to give you an overview of the basics of how Act 22 works. If you would like to learn more about whether this Act is right for you, please call our offices at 787-691-0107 schedule a free consultation with one of our Puerto Rico tax experts. During this consultation, they will discuss in more detail how Act 22 can benefit your specific situation and can assist you in scheduling a trip to Puerto Rico to learn more.
Act 20 22 Economic Impact Study
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