Trading from Puerto Rico. Anyone actaully doing it?

Discussion in 'Taxes and Accounting' started by Foxtrader, Jul 11, 2020.

  1. For the past several weeks I have been looking into moving to Puerto Rico. I trade options exclusively so I am only dealing with Captial Gains taxes and the thought of saving hunderds of thousands of dollars a year is very enticing. The idea of not WORRYING about paying taxes, figuring out the best tax deductible loopholes ect... is very exciting to me. Ever since I started making serious money with my trading this year it seems like I have been thinking more and more about how I can avoid paying over $600,000 in taxes to the state and Federal Governemt! I realize there is not much I can do for my current situation but going forward the PR seems like the answer. My question is, is there anyone out there actually living and trading in PR.
     
  2. ZBZB

    ZBZB

    A lot of bitcoiners in Puerto Rico. Are you a buyer or seller of options?
     
  3. Before you make a big move see if you can make big money a few yrs in a row . This yr was once in a lifetime volatility . Sang Lucci who moved to Puerto Rico trades options and has a paid service the last 5 yrs or more . But i've pretty certain he's been devastated financially the past 6 weeks shorting stocks like Tsla and Amzn . They changed the tax act in Jan.You have to have 1 full time employee ,contribute $10k to a charity yearly and own property with full time residency .Your audited every 2 yrs.You better be making big money year in and yr out and really want to live in puerto rico

    https://relocatepuertorico.com/2020-changes-to-act-20-22-new-incentives-code-of-puerto-rico/
     
    Last edited: Jul 11, 2020
  4. zdreg

    zdreg

    Will the last person to leave Puerto Rico please turn off the lights?

    Economic conditions are dismal in PR. However if you have enough money any place can be a good place to live.
     
    Last edited: Jul 11, 2020
  5. I am a net Seller of Options
     
  6. horizon

    horizon

    Sorry for off topic. @Foxtrader , would you please share more info of your strategy? What do you mean by “net seller”? Are you selling covered calls and covered puts? Or are you doing Iron condor? Which stocks or etf did you trade? We are so inspired to hear more about your story.
     
  7. SunTrader

    SunTrader

  8. qlai

    qlai

    I wander how trading fits under below

    Employee requirement: Under the new law, exempt businesses that generate an annual business volume of at least $3,000,000 must also directly employ at least one full-time employee.
     
  9. I would be applying for the Act 60 Individual classification. It is my understanding that I have to donate $10,000 to charity every year and comply with all of the presence test, home test and connection tests but nothing to do with the emplyee. I believe that is under the business Act 60 catagory.