Chris, his son CJ, and friend, Eugene, took a trip to Puerto Rico this past week to investigate this incredible tax incentive further.
Since 2012, businesses such as ours (where we work over the phone) can move to Puerto Rico and pay literally 0% personal income tax.
The corporate tax rate is 4% and there are no other taxes, period. This is under Act 20, Puerto Rican law. As a United States Territory, all federal US laws apply except for taxation and voting, which is left up to the people of Puerto Rico. They cannot vote for the US President at election time, but they enjoy their own system of taxation.
Chris has been researching this incentive for the past two years. This trip was the culmination of lots of research and planning. Chris met with two different accounting firms. One firm, BDO in San Juan, wants to charge $12,000 for the filing of the decree documents. The other, Tax Credits International, wanted to charge $20,000 for this same service.
Chris documented his visit in these two videos. Chris' next step is to take the family to see Palmas Del Mar in 2016.
Please “LIKE” and comment on the videos there on Youtube if you found them interesting at all!
Remember, this is amateur videography, folks!!
Here is Part 1:
They look better in full screen, click that box [ ] on the bottom right of the video player.
Here is Part 2: