The IRS is Coming for Puerto Rico Act 60
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- Опубліковано 21 лип 2024
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''More than 4,000 individuals and corporations have moved to Puerto Rico
Tax attorneys anticipate ‘a lot of audits’ from IRS on residency and source income
Private wealth clients, hedge fund managers and cryptocurrency traders fleeing to Puerto Rico for its huge tax breaks-and to escape President Joe Biden’s proposed capital gains tax increases-are now the focus of a sweeping Internal Revenue Service review.'' news.bloombergtax.com/daily-t...
This video shares the news about how the IRS is Coming for Puerto Rico Act 60.
00:00 Start
0:17 News from Bloomberg
2:32 Leaving Puerto Rico
7:30 Life in Puerto Rico
9:20 What Bloomberg said?
10:31 183 Days in Puerto Rico
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Yep a few days ago you were advocating people go to Puerto Rico??
1. We have not published any videos on Puerto Rico recently.
2. The purpose of this video is not to say "don't go to Puerto Rico"; it's to clarify the risks and what people should know that others may not tell them.
3. Because we deal with 50+ countries in a year, we have no need to present a certain program in a good or bad light for business reasons and will happily share both sides of the argument and trust our clients to make the best choice for them, even if it isn't what we would choose.
So, where is the link of the video? 😊
not sure you have watched his stuff closely enough. he never advocates anything other than go where you're treated best. he's clearly said PR's a half-measure and follow the rules.
@@scottiswatchingteleGiving up US citizenship is WAY better than moving to Puerto Rico.
The takeaway from this is if you’re a US citizen and have wealth, get out and revoke US citizenship ASAP! It’ll only get harder and more expensive to escape, the longer you leave it.
Exactly
Go where you are well treated :)
Is it 400k?
If I was wealthy american I would go for Malta´s programm ASAP.
It's a New World Order, i.e., one world government, one world currency, one world religion. Nowhere to run.
They should crack down on senators like pelosi shumer nadler
Why? US Patriots and tax paying slaves will do absolutely nothing about it.
by failing to name any republican senators, are you implying that republican senators are not greedy or self-serving?? get fuqn real! republicans only care about money and corporations.
They aren’t kicking people off their land and inflating the housing market as they have in PR where people are being kicked off their homes because people keep telling them to move there
One correction about PR being dangerous??? 😂 That's funny. I was born and raised in PR and NOTHING ever happened to me. On the other hand once I moved to Florida this is when bad things (crimes) happened to me. It's relative as anywhere in the world. Stay away from dangerous areas. Then again, while in PR I went everywhere, and was and felt safe. ❤
If your not involved with the drug deal in PR your odds of getting into a bad situation in a sketchy area is about the same than any other city, also in PR you never fear your children could be stolen ( this simply doesn’t happened there) also mass shootings especially in schools don’t happen. I guess it just depends what kind of “dangerous” your comfortable with. They have this view of PR that’s simply not true or grossly exaggerated.
I agree with you two.
Fk Puerto Rico and as a Nuyorican I won’t even visit that fkin crime infested shithole
That’s why so many Puerto Rican move away to Florida.
There’s gun fire every single day in Puerto Rico.. if you don’t know your way around and find yourself lost chances are you’ll getting robbed. The young generation in Puerto Rico has turned the island into a shit hole 😷🤮
As I had learned it. The late Supreme Court Justice Larned Hand said something to the effect that each person has a duty to arrange their affairs so that they pay the least taxes zccording to the rules. None of us has a patriotic duty to pay huge sums for taxes.
To say another Latin country is safer than PR is dishonest. PR it's been a tax haven for years and always will be. If you wanna live in the tropics and be in the US PR is the spot.
He's already presented evidence that the crackdown on the tax haven has begun. It's just not acceleration yet.
GRINGO GO HOME
Even low rollers can make substantive moves to expatriate.
Many countries do not allow foreigners to own real estate, yet you can acquire a master lease (with an option to buy), and then sublet to tenants.
Motivated or distressed owners will very often let you take over the management of their property with no down payment; just make their payments and repairs, and then you're set.
Often, contractual control is superior to the risk of ownership, and you're earning a fair living while you are waiting out the clock to acquire citizenship.
If you don't want to pay taxes to pay for the infrastructure and maintenance of a country you should not speak about the infrastructure and maintenance of that country .
Excellent comment. They are not willing to give anything back but they want all the benefits. Anyway Act 60 is a
program for US citizens that have some serious wealth to protect . If you are not in the this
category and you don’t mind giving up your citizenship then there are other places for you.
bingo!
And with all the money they print they have plenty to build an infrastructure. The problem is is they keep wanting more and more from everybody it’s called greed no individual should be paying over 18% of their own earned money to a corrupt establishment
I have lived in some of the nicest places in the world and I would put Puerto Rico amongst the top five.
The food, the beaches, the people!! Absolutely amazing.
There's not a lot of places. I would be happy to spend 6 months of my year. But the island of Vieques? Sign me up.
My top 5 places to live?
Croatia
Sicily
Rio
Istanbul
Odessa before the war and now replaced by
PUERTO RICO
And there's no tax advantage for me because I'm not American. I have the opposite problem in that I can't spend more than 6 months in Puerto Rico even less if I'm using up vacation time in Florida.
Sorry about Odessa. There are fewer and fewer places to hide out. I've been on the 🏝 island for a long time. Could you please let me know when you find a good hiding spot.
Thank you for the information.
Thank you.
Bloomberg article written in June 2021. Any updates since then?
I'm surprised no one has mentioned this. Per homeland security, the IRS has cameras at SJU that track you leaving and returning. The burden of proof is on the ACT 60 taxpayer regarding substantial presence. Many install phone apps that record their location each day to prove days in PR. I have visited many parts of the island and have not had any problems with safety. Use the common sense tactics for safety that you use on the mainland and you should be fine. You can obviously find trouble anywhere if you go looking for it, but many US cities are an order of magnitude more dangerous than San Juan including, LA, NY, Chicago, Detroit, Miami, DC, SF, Atlanta, E Saint Louis and especially the "oh so charming" New Orleans. Most of what makes the fake news headlines about PR is in La Perla, so stay away from it!
Spot on
Thank you.
I just left PR, About 100 are under direct investigation as we speak. More for not meeting the resident status.
Hopefully, the IRS will make all those pirates get out of the island with all their vulture mindsets.
1 million letters the the members of the US Congress will get their attention. 1 million letters to the WH will get their attention. They have to change the laws.
😂👏🏼👏🏼👏🏼👏🏼👏🏼bravooo
Yes!!!!
Does this apply to US citizens already living for many years overseas?And work online( digital ( nomads)?
The purpose of these incentives was that people who go to Puerto Rico invest in some kind of business ventures. However, the mentality of most of these people is, as they purchase houses, cars, groceries, and services in the island, they already are "investing in the island". In other words, they treat their cost of living (ordinary and neccessary expenses) as if these were "investments". Nothing further from the truth!!!
be cognizant - read about Serbian history. A terrible economic crises was created and people left the country to work. Other people’s were introduced and Serbian’s became the minority. They lost Kosovo - where they have the oldest Serbian churches. 👀👀 In other words - “quítate tu ‘pa ponerme yo.”.
If you own a house in Puerto Rico and it goes up in value because rich people are moving in, your land value goes up and you can refinance and get a lot of cash. What is wrong with you?
I love Puerto 🇵🇷 Rico for visitation but not to permanent or 6 month residence. As far as provision 60 for income taxes, dies it apply to me as an American citizen? Or is it being misapplied according to the Secretary of the Treasury? US source income taxes fall under Title 26, subtitle A, and applies to resident and non resident aliens and foreign Corporations, which I am neither. As long as I stay in compliance with the Secretary of the Treasury, it's rules, regulations and statutes I am free. I can leave the loopholes for the fearful to embrace 😮
I do hope they get those people because locals pay a lot of taxes but the rich millionionaires dont.
They got nobody, everybody was clean. Rich people don't evade taxes, they do it the legal way, because they have powerful lawyers and skilled accountants. The class that evades the most taxes is in reality the lower middle class
This guy is shady especially with negative comments on his opening statement.
I hope the IRS does tax all of these people. Some of then aren’t even obeying the laws put in place to benefit them and not living the full 6 months on the island
It’s about time!
Been funny watching all the crazy conflicts on the Island it's a no brainer to come here in the right situation but most just mess it up. Please tell everyone and everyone not to show up, so we can take full advantage for a decade. Approve videos likes these! Keep em' coming
IT'S ABOUT TIME!
Thank you for the savings i got from this video, Great for tax savings0% I moved already!!!!!
GOOD!!! The governor PIERLUISI's family is making millions selling PR where locals live, hence gentrification. Mean while locals pay 11.5%. On top of ridiculous expensive electricity that hardly ever works. The poor people, elderly and common folk, are still recovering from Hurricane Maria. The monies sent for help, were squandered among friends of the government and family. This is also linked to coastal environmental disasters due to many illegal building. So what is a bargain for an investor is very damaging to locals. That is just scratching the surface. We are resourceful but if they are behind us tearing down what we are reconstructing, dam life.
The video from 4:29 to 4:40 minute,, that is NOT PUERTO RICO.
I said the same thing! How can we trust this guys information if he can’t even use the right footage in his videos. There are more than 1 Puerto Rico’s in the world. 4:29 is Puerto Rico of the Canary Islands 🤦🏻♂️
thats the Puerto Rico in the Canary Islands
What about uk moving to puerto rico, changing citizenship to puerto rico, can you earn income/ capital tax free?
I was surprised to see Americans coming to live in Puerto Rico 🇵🇷I'm living in Puerto Rico 🇵🇷
the beach that was shown is in spain puerto rico, not puerto rico as in the island
Philosophically, I have no strife with people moving to PR. Bringing wealth greases the economic wheels, which is good for everyone. But if you do come, please come with the idea in mind that you will be a part of the community, devote yourself to it's growth, and care about what happens to your neighbors. The island isn't a resort. It's an easy place to fall in love with and easy to feel a part of the family. There isn't any other place in this country like it. The continental US is overly anxious and stressed. You'll find it's the complete opposite in PR.
Yes! I have visited no other place where when you land at SJU, the whole plane starts cheering and clapping!
@@jimmycypher1919no , we do not want you guys here. You are not welcomed in pr. Gringo go home
No, they do not bring any money into the island nor do they respect the island and its people . They need to leave
@@a57478 I'm if you misunderstood. I wasn't saying that they are or they do. I was saying it could be a good thing if they did and cared about the community
Again America is not a country its a corporation!
What do you say about the American Investors that are buying properties and just sitting on the properties or lands, not doing any renovations or creating businesses to only just resell them at higher prices? There are many of them doing this. Do you believe these people are getting audited or verified they're actually living on the island and not splitting their time on the mainland?
The same as Sweden have done, with people that moved to other countries within EU.
If you hitch a wagon to a cart you better have twice as many horses.
My understanding was that the IRS was a private corporation based in Puerto Rico but has recently been made a part of the US Treasury.
The internal revenue service is in Puerto Rico for many years.
Good!❤❤❤❤❤❤❤
I have heard Andrew sing the praises of Malaysia enough, so my upcoming two-month trip to Asia will include this country for the first time. The goal is not to leave the US - Love my house/town/city so US citizenship will be my # 1 but a second place for asset diversification. maybe a condo for $ 300-400k and some money in a bank account at a place like Malaysia is more than enough.
Purpose? Not tax breaks but just diversification in case the US fiat dollar truly implodes. I wish we did not have to even think like this, but darn we have built up so much debt here in the US with no end in sight.
Make a side trip to Singapore and setup a multi currency account at DBS. You get more than a dozen currencies all in the same account and will make currency diversification very easy.
I’m an Aussie and just visited Malaysia last month thanks to Andrews videos. Thinking the same as you
Did I hear correctly he said that there safer country's in Latin America that Puerto Rico. You lost all credibility. There a reason why the border is collapsing right now with immigrants and that's safety issues in all Latin American. People need to travel and see with there own eyes don't trust the numbers in the internet about crime. I love South America is cheap, fun and full of adventure but is no safer that PR Sir.
I can assure you any millionaire would love living in Puerto Rico. 😂 🏝️ ☀️
Love this content..but moving for taxes is really for the 1% of Americans. The only people who moved to P.R. had millions to their name. Us regular people are stuck lol
Even someone making $100K per year could potentially save a few bucks by living in another country and filing under the FEIE (foreign earned income exclusion).
Did people really become that rich through accidental crypto investments that they had to avoid US taxes to the point they renounced citizenship? That sounds wild to me.
I suspect that that was the case with Roger Ver.
a lucky few certainly did and still do
BVI is looking better and better...
Say 1 place more safe?
Puerto Rico 🇵🇷 is a very very save place even more then USA
I just moved back from PR and it is very safe
"I'll give up my US citizenship and go live in Dubai". As if Dubai is giving citizenship or passport so easily (ok it's possible but very rare).
One doesn't need UAE citizenship in order to be a legal resident there.
How about Guam?
The thing with PR is that it has all the disadvantages of a 3rd world country ex: Crime (that is subjective if you've been paying attention to Big Cities in the US) , systemic corruption, massive poverty, poor infrastructure. But it has none of the advantages of such as cheap cost of living, weak currencies, cheap real estate, economic freedom, easy transportation....etc
An excellent point and a big part of why I crossed PR off my list.
That's how I see it also. Only seems to make sense for the very wealthy (Schiff etc) who don't care as much about cost of living. Even then you'd have to have a light footprint and be ready to move at any point. Their fiscal and demographic situation is a disaster and if we're being honest, they have no real sovereignty and the US can reassert themselves there whenever it suits them.
A lot of super wealthy people live in third world countries and they do fine. The purpose of moving to the Island would be to gain financial advantage.
And what you are looking for is a pretty place then there plenty of places to choose from. Good luck with your finances.
After reading you comment, I will love to here your explanation of a third world country 😂😂😂😂
I live here in PR , use to have a house in Destin FL and St. John USVI at the same time.Please enlighten me
@@lehmancamaro After reading your comment I realized you are an ass that should never leave the continental USA
If you are looking for what you call cheap, cheap, cheap there are plenty of places that will satisfy you!
If you really live in PR please pay your taxes and and stop looking for every damn loophole you can find.
Take your badmouthing attitude to another Aryan country. Thanks for moving!
Yes I greed to have the people that move from the USA to be equal on paying tax like everyone else in Puerto Rico but what bothers me is that USA want PR to paid more than what they get from the USA and in top of that PR has a Hughes dept which is causing big increase on living cost to everyone that live there its getting harder for the PR people to keep up whit the living inflections there and the Governor in PR lie in TV that PR is OK which is not the corruption is a big issue there plus they are short of schools plus the need of doctor most of them are in the USA yeah they want to PR to be equal paying anything and some but PR can not vote for USA president lets talk about that .
Don't put the cart before the horse.
PR need to find a path and leave USA
I dought the house pass this bill
Is it a good idea to move to Puerto Rico?
No, horrible weather and the island is barely functional.
I wouldn't bother. It's basically a third world country. I don't like the high crime, potential for hurricanes, and I don't speak Spanish.
Not related, but I have a question. What countries are good for a woman in her 30s whose career is in fitness and yoga, and media? Thank you!
@@svensulzmann4282 it's not cheaper than most of the US
Been here 5 years. It was not an easy start but I love it
Peter Schiff be sweating again.
he is wealthy to buy a passport and renouce US
Or end up like his dad
@@heavenismydomicile3280 I think he does not have that much strength as his father to accept jail time for what he belives
@@heavenismydomicile3280 I think he will do what Andrew Henderson did and what most millionaires do bye bye US passport. Will see
@@carolinavarela1572 hopefully so,his dad suffered a miserable fate
Good. PR Gov should do the same and tax this vultures.
So what are the additional requirements that the IRS is looking at in these cases?? You move down there. You either rent or buy a house. What else do you they want you to produce that you are actually living there? Daily food receipts? Receipts for activities? What?
It’s intent based as I understand it. You have to spend 183+ days in PR. You have to purchase a house within 2 years as your primary residence. PR has to be interpreted (by the govt at least) as your “first connection”. PR is home and the mainland is to visit/vacation so to speak.
I want the IRS to KNOW I have a bunch of hidden gold.
Bought it long ago.
Wont tell the Israeli revenue service where it is.
Safer places? I haven’t heard of any mass school shootings in Puerto Rico. I think it has occurred in the US in more than one occasion. 🤔
You realize shootings in schools is extremely rare anywhere? If you want to look at safety, look at robberies, felonies, and other crimes per 1000 people.
taxation without representation
Hide all the CHULETASSSS😂
Si todos hablamos en ingles, este mundo va ser muy aburrido. Además de perder mucha riqueza cultural.
Have you faced danger in Puerto Rico. You’re speaking out of your @$$. I’ve lived and travel to Puerto Rico for decades. Nothing has ever happened to me and I’ve never seen a crime.
Hmmm!
Let’s see, a niece shot in bed by her boyfriend, a nephew killed at home if front of his wife, another nephew killed in prison, friends killed on the streets, drug overdose, on and on. That’s just some in my family, plenty more around town. There is crime in PR, only some people are not exposed to it.
The newspaper El Vocero used to be famous from their dead people on the front page every day.
Now, I’ve heard since Hurricane Maria things have calmed down some, only some.
Wow
I about deam time! ✊🏿🤬🇵🇷
These people benefit from telling lies and don’t help to hired new employees.
So it was a bait and switch?
Dang. Guess Mark Moss is looking to relocate after just a couple of years there. 😳
I know I'm not saying anything we're not aware of, but it just galls me that the US government, as it is structured and run now, acts as if its citizens are merely financial worker bees who should all bust their asses and not worry what the leaders of the hive are doing with the country's wealth. Reminds me of one of the few moronic squad leaders I had in the military who actually said, "Do what I say, not what I do!" If your leaders are pretty much living by that mantra, its time for new leaders, or time to leave.
Didn't he already leave? He made a video 6 months ago saying he left.
@@jlm3744 Yes, he's back in the US mainland..... Los Angeles, I believe.
He mentioned it here: ua-cam.com/video/B2iO0gTMlOY/v-deo.html
people still pay taxes?
No
@@svensulzmann4282 some people don’t like taxes!
@@svensulzmann4282 why would i do them? do taxes benefit me in any meaningful way? what I pay will just go to people who live of off the government, illegals and people who openly hate me because of my skin color, said money will probably go to pay the bail of the people who commit crimes and to pay politicians and whatever meager scrap they leave behind will probably end in ukraine or some narcos pockets so no, they can ask somebody else for their taxes.
Safety issues? What a crock. There are practically the same safety issues in tons of places in the US. But, that’s not something you’d say. So, if you don’t know, then shut it.
I lived in USA and now I live in PR. Living in USA is tooooooo expensive now so chew on that......
if you renounce your citizenship can you still get your Social Security at 62
YES! Assuming the program is still solvent (it will be one of the last things to go before the USA collapses).
Good question
UNDER CURRENT RULES, the answer is an unequivocal "yes". The only question is whether the rules will be changed in the future. At some point, there's going to have to be an overhaul of the social security system (the US simply can't afford it), and at that point, they might decide to "shaft" people who gave up their US citizenship.
Yes.
@@nomadcapitalist Never knew that! Thanks answering.
the way world is going there will be nowhere to live free... instead of tax paranoia, best aproach is ro make others pay for your expenses, investments and taxes. let the world get sucked into the economics sinkhole it has created...
Other places in South America safer than Puerto Rico and PR is US territory. Maybe cheaper to live at compared to US territory but safer i question it.
YAY!!! GET THEM COLONIZERS !!!!
No tax havens ‼️‼️‼️‼️
Safer than Puerto Rico ?
Tell me which ones in South America
Argentina
Puerto Rico always made sense to me because I have family there. That being said, it can be isolating living on a little island.
You hitch your wagon to a star (or a horse), not a cart; a wagon is a cart :)
The problem with that law is that it discriminates against Puerto Ricans. If I'm Puerto Rican living in the U.S. and I want to move to Puerto Rico to take advantage of that law, I wouldn't be able to do so, for the simple fact that I'm Puerto Rican. That law applies mostly to whites that want to move to Puerto Rico and in that way, they remove the Puerto Ricans from the Island. Discrimination!
If ur a Puerto Rican from the island u can actually move out to the states and then go bak in 10yrs and the law would in theory apply to the Puerto Ricans from the islands but not many Puerto Ricans don’t want to move out
So technically it’s not discrimination …cause if they do that then the law would apply to them
@Randy Rodriguez In 10 years? Yeah, it's discrimination my friend.
@@randyrodriguez8625 lol yeah a difference of 10 years is nothing, You dont know what systemic discrimination is. What is the purpose of preventing locals from applying to these laws? Why make them go outside, if they dont intend to?
@@tytania3545 even if they don’t want to leave don’t…crypto is soo volatile and unregulated that the locals can make money right in Puerto Rico if they apply themselves..without needing Act60..the volatility is open to everyone so opportunities are there for everyone…it’s a matter of it they invest or continue to worry about what the gringos are doing ..how about learn from the gringos and take advantage of the unregulated market 50 dollars to start …people have made a killing with just 500 dollars it’s a matter of who’s capitalizing on it …so yea no discrimination in crypto maybe the law but opportunity is there they need to smarten up and get that education and they won’t need act 60 promise u that..
The Bahamas is Better
Not good
The're were of time before the American troops invaded Puerto Rico back in 1898s,
The history lesson.
The Great American Spanish war.
there was the time when the government of puerto rico getting so corrupted by bank, any other American who going to live on the island of puerto rico. If not going to be easy if you want to live with it. The American had a choice whether they want to stay, or not.. that depending when the natural disaster had been going on in puerto rico......
The top 1% should pay their fare share of taxes.
The IRS will find you even if you hide under a rock.
They don't have the power to go to another country!
Of course... that's where the recruit their best people.
Uh oh! Peter Schiff is gonna be moving lol
They are coming foe whoever they can catch
PUERTO RICO !!!!😂
Very simple (if this is what you want) - get out.
They can go too Haiti or Cuba its very democratic
Could you please name the places in latin america that are safer than puerto rico. I see quite a lot of famous entertainers walking around here with no body guards 🤔. El 🇸🇻 salvador is the safest place in Latin America! Janet Yellen is a Ivory tower professor. What's the story with all the California license plates?
Costa Rica is safer than Puerto Rico and El Salvador.
@chichijima4257 costa rica WAS safer than el 🇸🇻 Salvador. There is no one left to lock up. And I still don't lock my car doors in my TOWN!
@@ivanojeda1691A lot of the gangs of El Salvador have moved to Costa Rica taking refuge from Bukele.
@@anafranco5733 THATS WHAT I THOUGHT!
So a Congress person wants to go after wealthy people - imagine that.
Come to El Salvador the New land of the free
where in South America is safe r than Puerto Rico 🇵🇷 ???? 😂
People who want to evade tax are lazy in doing their homework on how to outsmart the taxman on how he enforces the tax collection. Where there's a will, there's a way.
i find it hilarious that the founders of thic country were aoiding taxes form the king of england, and look what those founders have lead this country to. greed! people will always leave here. it is not the greatest country in the world. a lot of other smaller peaceful countries live with a lot less nonsense and are perfectly happy. yes its all relative, but the united states has lost its luster years ago. i would move to portugal or new zealand if and when i decide to do it, and give up my citizenship her in the states. a lot safer south of the equator too.
Isn't this article from 2021?
This is a long ass Ad.
This is big nothing burger. You are always subject to a potential audit and legally should be trying to pay a fair share of taxes. If your not then you know who you are and thats the risk you choose to take. This probably stems from a disproportionate amount of people who have some egregious tax violations to the tune of millions of dollars and so you get increased audits. This doesnt apply to most people.
You can move to Egypt for what I care.
Puerto Rico is much better law and order the American way.
The American way including police brutality and corruption?