I'm hoping to connect with any traders in Puerto Rico that relocated from the US. Posting to this old thread on the topic on the off-chance anyone is still following it.
I live and trade in Puerto Rico. Best decisions I have made in my life. It is correct - no tax (0%), federal or state, if spending 181 days out of a year in PR. Could be even less time - as long as total PR days a calendar year are more than total US mainland days (With some other times traveling the world). Will be happy to answer questions and partner up with the tax-paying profitable traders if needed
Yoyotrader thanks for responding. With the hurricanes in the past few years that have hit the island how has this effected life in PR? We are thinking about making the move but of course we are concerned about security, services, where to lives on the island. Best places to live. I trade 1256 exclusively for my business is it truly 100% exempt? Also what is the chance that PR is going to make any changes to this law in the future?
Hurricanes and all the other things are way overrated in TV news. Hose where I live - the worst hurricane knocked down just the balcony lamp only. As far as changing the law - they can't do it unilaterally. It is a 20 year contract between you and the government. I am not sure what 1256 is...
Great! Thanks for the response. Do you live on the beach or in the interior of the island? Hurricanes are pretty much all we see of PR here in the US so I assume my perspective is pretty biased. What is the standard of living and how is the health care where you live? Everyone says that services are horrible in PR. Also is there High Speed Wifi only in certain parts of the island or everywhere? How much does it cost to purchase a 4000 sq ft home on the island? Can you establish residence without purchasing a home? Thanks for any help with these questions. Never ready anywhere about this 20 contract with the government. That is new to me.
PM me if you want more details, but depending on your needs you can get a decent house between 300-500K, or rent. I don’t think you have to buy right away. It’s really fine, I live about 10 minutes from the beach and I have better Internet here than I had in South Carolina. Standard of living in healthcare is certainly subpar to the mainland states, however it’s still pretty good since it is part of US territory and most of the doctors are trained in the US. A few annoying bureaucratic details can be solved by having an assistant. It really depends on math, how much are you potentially saving. If you’re saving five figures in taxes, I would say not worth coming down. If you’re saving hundreds of thousands to millions - then it certainly is
I am personally living better with less cost on the island and don’t feel anything about not having in the US. They have Costco and Walgreens here down the street
What about non PR resident US citizen income? So trade via the cloud from PR but reside in the US how are capital gains from that taxed?
Ya I really looked into that and you have to certify that you have physically been in Puerto Rico for at least 183 in a Calander Year to qualify.