Four Reasons I Didn’t Move to Puerto Rico (and Why Perhaps You Should)
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- Опубліковано 8 лип 2024
- nomadcapitalist.com/
Should you move to Puerto Rico? In this video, Andrew shares his own experiences why he didn't move to Puerto Rico and discusses all the pros and cons you should consider.
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Would you move to Puerto Rico for tax savings? Let us know here in the comments.
@Phone Mail that's exactly why I changed my mind about going. If they can just jump from zero to 12% capital gains on a whim what other Whimsical fancy am I going to have to be prey to?
Literally in Puerto Rico with my wife as we speak looking for a home. And your UA-cam channel was the beginning of the inspiration of it my friend. Thank you for that!! Will be in touch with your firm at some point to put together an even greater holistic plan to live the Nomad capitalist lifestyle and to “Go where we’re treated best.”. ;)
PR needs to become independent.
@@markstlcard they can't because they owe the US too much money
@@rhapzodyb Nobody gives a about how much Puerto Rico owes Look what the United States is doing Leo lots more
I moved to Puerto Rico almost 5 years ago. My cost of living went down considerably. I purchased a 3 bedroom house in the mountainous countryside 45 minutes away from the capital, San Juan. I have NO interest in returning to the mainland USA.
@@joeshmoe7899 -- 😏👌 That's why it's so cheap ! Just like Mexico ...
@@jamescalifornia2964 Actually, around the world you can find affordable places to live that are VERY safe. Look at Portugal for example. Wonderful country to live in, many affordable places to live and very safe. The world is not the USA only.
@@rebeccagutierrez1960 / Can you think of another example other than a country ruled by Communist China . ..?
What do you do for a living out there if you dont mind me asking? I'm considering moving out of the U.S.A. myself. But I dont know if I should move out now and get a regular job in another country in the meantime while I'm working on my business. Or if I should wait until I am self sufficient in the U.S. and then move out?
@@joeshmoe7899 Not everywhere on the island. I sleep peacefully.
I moved from Massachusetts to PR three years ago. Absolutely love the weather and lifestyle.
Moved to PR. Here’s why.
1. 40% tax went down to 4%
2. I want the option to keep my citizenship and go back to the USA
3. I travel international a ton. This way I can still do that and pay 4% and keep my citizenship.
4. I have a gf who has the same kind of business as me so I still see her a ton
To summarize
You wanna travel the world, have a gf/wife, and want to keep your citizenship its perfect.
Only reason to me to give up your citizenship is if you truly hate the USA. In PR I can travel the world and make a logical decision after traveling everywhere.
My 2 cents.
@USMedQuotes US as many as ya want. They just need ya in PR six months. They’re just stingy on USA stuff but depends on the lawyer you speak to. Their job is to scare ya and only give you advice that they can follow through on 100%
So some will say you can do 6 months in Puerto Rico and six in USA.
But then some not to because IRS will try to get you on the connection test.
I’d prefer 6/6 obviously but even if I can’t.
Long as when you go to USA you move around like a tourist would. So few weeks here and a few there you’re fine.
Again I wanna see the world and keep my citizenship. 4% beats 40% so easy choice.
Agreed with Tanner’s assessment. Wonderful temporary opportunity to invest for a period of time, retain US citizenship, travel to a number of places and retain little tax burden
@Tanner Chidester, do you still pay social security tax?
@neworthodox it’s grey area at best. I’ve met a ton of people who have lived here five plus years and never had an issue doing 6/6
I’m not saying you should or shouldn’t. I am saying it’s not this clear cut rule. The connection test is like an English paper.
Depending on the teacher you can get different grades. That’s the only part I’m still playing safe till I speak to more lawyers etc.
Hey Tanner quick questions, how is the night life in PR? And is it really dangerous in PR? If you only hang out in Old San Juan and Condado.
Go where your treated best is a great life philosophy in general
what about going where your loved best lol. living wher theres people (friends and family) that actually care about you i a huge difference.
@neworthodox / Many people have pets too ! 😏 🐱
I agree and would add these caveats...
Go where the country ideology matches yours...
Go where you love the landscape, the cityscape, the ecology
Go where you love the culture
Go where you love the cost of living
Go where you love the colors
Go where you are emotionally content
i.e.: consider the Aesthetics as well as the Economics.
@@user-dy2qq5wh4b if you have to be in a certain place to be loved then it's probably not love
That would be on ISIS territory
As a mainlander who lived in PR in recent years, while the people of the island are nice, you realize shortly that you will never be one of them, and never be accepted. They are very insular in this way. Not just my opinion, I heard it from many mainlanders living there. You also have to realize that nothing works (govt, businesses, institutions, home utilities, etc) and nothing, except the simplest of things, is reliable. That said, the island is very beautiful.
The reason they feel this way is valid. I have been here 2 years and have made many friends with locals across the island. Their issue with folk who come here to take advantage of the tax break is that they do it for their gain and dont give back ti build communities. They reap the benefits but isnt using their profits to make any changes on a grassroots level.
With all respect I disagree with you once they take you under their arms they treat you like family once you do them wrong they will forgive you but not forget they will hug you and say they’re sorry accept your apology forget and MoveOnYou have to remember That was the Puerto Ricans do not wanna lose with so many Americans there is their Ways and their heritage it scares themBecause the history of Puerto Rico is not what The schools TeachWe were not wiped out we survived Being an island and looking out they just see the white man going everywhere killing everyone and taking over many years ago that wasResentment that resentment no longer exist they have moved on and They feel like AmericanOur different when it comes to feelings I feel like Americans are very cold and not humble and spoiled and someways but when the Americans go to Puerto Rico and see how they live they wanna to move dow there too yes there was a time I believe it was in the 70 as a group call la flan I was against Americans I’m going to the island I started blowing up American stores and had protest against Americans and Puerto Ricans got rid of them that was not the Puerto Rican’s Realize we are American we go to war too We defend America cute I hope someday it will become a state and then The way things are going I hope somebody does not become a state
What a mistake I did not blow nothing that I meant play
I’m
They
I am planning on moving to Puerto Rico 🇵🇷. You can make anywhere your home with positive attitude and a helping hands to less fortunate. Puertoricans are some of the most loving and caring people. I am Jamaican and I can tell you. As a black lady I felt very welcome there. If you want to be with someone who don’t have paperwork to stay in that country and you have common sense is to married that person. Or maybe you don’t see yourself long term with that person. To each his own. I love Puerto Rico 🇵🇷 for what I am looking for.
Puerto Rico is great! Especially as a Jamaican person, so much access to the ingredients and food we like. Learn Spanish and you will realize just how similar it is to Jamaica.
Moved to Puerto Rico on June 15th and I love it down here. My neighbor is also here for act 60 (act 20/22), there's a lot of great people down here. I'd recommend moving at the start of next year, I basically arrived during the rainy season.
@@dominiquewright3035 Yes! I am an American Black lady and I am slowly learning Spanish. I do love Latin American food. I was in the Dominican Republic in June and liked it very much but I am checking out other countries to see where the best place will be for me.
I've been hiding here for 22 year's. I had no one on the ground to advise me. Top 5 spots Culebra, Rincon, Isabela, Dorado. Palmas del Mar Humacao.
I got married in Jamaica, had the honeymoon in PR, and now we're moving to San Juan! I will cherish the people and memories forever. My hubby and I speak Spanish (and are improving), so we can speak the language, and we're going to hire local talent for our small business. Excited for the adventure!
People, minute 3:25 is NOT Puerto Rico. It is Lisbon...
This is the second video he's done this 😅
I wish Puerto Rico had a beautiful bridge like that illustrated Lisbon one.
@@rebeccagutierrez1960 We actually have a very long bridge. Maybe not as big as Lisbon's, but big.
@@rebeccagutierrez1960 you move close to the bridge in Lisbon
Cost of living is good there, too
Define irony. Is irony when Andrew Henderson coincidentally does a UA-cam video about moving (not moving) to Puerto Rico while you and your wife are currently in Puerto Rico looking at homes to move down here? 🤷♂️ Andrew are you spying on us? 😂😂 Great content as always!!
I've been considering Puerto Rico. It's hard to leave the states but I could be forced to!
If we all liked the same thing; we would all have to stand in line much longer! Great perspective. Thanks for this content.
Crime and corruption are two main reasons I'd never move to PR. Cost of living has risen, including housing costs. And there are some aspects of their culture I don't personally care for.. some I do, but not most.
There is crime and corruption in every country. But I do understand what you mean. I must say, as a puertorican, If you don't mess with the grong people, you should be fine. Most crimes are related to drugs.
I am thankful PR is a 2A territory. Crime is lower when you can defend yourself.
True. The only thing i found missing in Andrews tagline is MAKING CONTRIBUTIONS,, GIVING BACK TO COMMUNITY! Maybe as simple as learning the language. Because no country will treat you the best as shitty Newcomers! That one way Paradigm is whats not so unappealing in his mantra
@@ssuwandi3240 assimilate to the culture, embrace it. That's what I try to do when I travel, and Spanish is by far my strongest second language. And you're right: if you hide out in some mansion you aren't going to be considered part of the community. The rich can give back by providing jobs for the local economy, but it can be far more than that..charity is a lot easier if I'm not being strangled by taxation.
Corruption, yes (although not really a factor if you don't have a huge footprint here, but a pain if you run local businesses.)
Crime, not really. I mean, I carry a P365 everyday and have a rifle by the bed/by my desk ready to rock, but unless you're involved in drugs, gangs, or get involved in a domestic violence situation, you're almost certainly not going to have a crime problem here. It's not Switzerland, but it's not San Francisco.
I think the daily video is paying off, Andrew. You are really getting good.
Costa Rica, California, and Taiwan does it for me. For an old fart like me, I move like a sloth and don't rush. My blood pressure is now super good without having to take pills. Thank you Andrew for your nice UA-cam channel. You are awesome!
Very interesting take. I'm a real estate broker in PR and have seen how many people move for tax reasons. As much as I love PR, it is not for everyone, and everyone should come with an open mind and realize PR has a lot to offer but adjustments need to be done.
would love to chat with you about purchasing a place in PR - what parts of PR do you specialize? thanks!
@@stellafox East coast and metro. Shoot me an email.
Hola Josh. How do I connect with you? Cuidate, Amy
@@DestinationRetirement Hola you can email me or DM on IG. Info on my page.
Josh Is On A Mission: FIRE & Debt, what kind of adjustments are you talking about?
Moved to Puerto Rico for act 60, they talking about changing the capital gains from 0% to 12%. I'll be heading back to Texas if it capital gains go up.
Same
Where is this change now as I heard it was in a Bill they are trying to pass? I was told once you are approved, you have a contract for 15 years on the agreed 0% gains.
Why back to Texas? Biden just increased capital gains tax!
USVI would reap the benefits if PR were yo raise it to 12%. PR knows this, but they dangle the Idea for political gain. ACT^) folks are not liked in PR.
@@Anson7777 not passed yet. If it does, 12% could be a deal. That is terrible!
This is helpful. Thank you. I was born in PR and have thought of moving back. You make many great points that have me thinking. Cheers.
So glad!
I've done a lot of videos about Puerto Rico. I did one video on what will happen if they end Act 60. I own property in Puerto Rico and talk a lot about that on my channel. Properties in Puerto Rico and still pretty cheap if you stay out of the neighborhoods where all of the Mainlanders are moving. I live in the Virgin Islands, its a good place to practice living outside of the mainland US also. You need more money to live in the USVI but it also has similar tax incentives.
What similar tax incentives as I’m considering PR quite seriously and would like to hear other options that make sense?
@@markmccrimmon They are just for business owners. They don't have the capital gains benefits that PR has.
agree with other commenters - would like further details about 'similar tax incentives' for USVI - thanks!
@@stellafox Virgin Islands are much more expensive!
no!!!! leave us alone!!! we are not a playground for the rich, and these tax policies hurt us.
PR, much to cozy with the US for me. Some people love it.
Stay out if u are only moving in to save on taxes
As a Boricua myself I respect your perspective about Puerto Rico, I moved from there for different reasons to be more appreciated, I did experienced social issues for the way I think. Now Im in Texas so I can start a business as a real estate agent and getting into investments to eventually achieve financial independence and be able to live outside US territories since is becoming so far left is scary to stay and have a family on the long term.
I understand your point of view!
Puerto Rico is getting crazy left? This is something I would take into account. How bad were your experiences?
@Larry M, Puerto Rico is a socialist colony, do your numbers and if it works for you go for it, just don't expect USA standards.
You don’t sound boricua
PR has always had this structure of government
You must be a foreigner that lived here for a while
Appreciate you not turning your comments off
I've been in Puerto Rico since 2018 originally the plan was to be there for 2 years but I love it here is like combination of Miami and Hawaii and most people in the Big cities are bilingual ,my condo in San juan (Bristol) is already double the value. It's just perfect!
I'm living the American dream in Costa Rica because I moved to where Im treated best. pura vida
There’s pros and cons anyway you live Puerto Rico the government and the state are trying to make it a rich playground for the rich that’s why my family and the people Puerto Rico are upset because they took all the good paying jobs away from the island to force them out of the island to make it a Taurus island my mom and dad moved to give me my brothers a better opportunity in the states now that I am financially free ready to move back home and help the island grow I say if you were planning to move to Puerto Rico respect the island and help each other grow
@neworthodox I respect your opinion but study history and you see why the island is crumbling right now before you come out and speak with your opinion this was all planned the United States it’s evil the power that be go around stealing peoples freedom and resources around the world Debt and taxes is modern day slavery I study history Im woke 👀
@neworthodox What a hater... how sad is to see someone posting so many negative comment. Get a life.
@neworthodox U live on the Island?... hahaha. that's why all you do is reply with negative slur? hahahah
@neworthodox Is an irony that you criticize socialism and then demand locals to pay taxes. Pay taxes for what? to give more money in corrupt government officials. The main problem with Puerto Rico is that they have a weak private sector, which is why now they are desperate to give incentives to entrepreneurs since our private sector is so weak. This is a good thing since it puts the business owner in a position of advantage compared with people in the Mainland USA and that advantage will grow even more once Biden starts taxing businesses more in the USA.
@neworthodox Puerto Rico is paying their debt
Government for the last four years has increased taxes
all public pensions have been reduced.
Don’t go talking about things you don’t know
Lived in PR for over a year. I developed environmental allergies after four months being there that left me feeling miserable all the time. There were monthly blackouts that ranged from 30 minutes to days at a time. I will never live there again.
Seven and eight figure entrepreneurs should be more than capable of being a generator and automatic transfer switch. Heck five and six figure entrepreneurs should be able to do it if they are willing to lose some functionality in their house while the grid is out.
Been here for 2 months and I've only experienced the power go out twice one time it lasted 10 minutes. The other time it lasted 1 day.
@@donkeysaurusrex7881 He can't afford some allergy pills so imagine.
good 🥰
I am from Puerto Rico and these blackouts used to not happen before Hurricane Maria, now that a private company from Canada named Luma brought our electric grid from the government things got worse.
Then again you have to be aware that the blackout could be a global thing due to the pandemic, I had a blackout other day and mentioned to 2 friends, one from Ukraine and another from Netherlands and they told me they also had a blackout the same day.
Puerto Rico is something I have looked into, but they are pushing for statehood. This would mean the US would most likely bail out their debts, offer a myriad of social services and begin taxation at US rates.
Costs Rica and Colombia are still on my radar
wont happen. why? because the IRS/ FED is registered out of PR which gives them a loophole of not being a bonafide US entity but also connected to the US, ...kinda like a gray area that allows them to be a private bank and reserve currency. sneaky bankers!
@@user-dy2qq5wh4b good information! Thank you
Not really, I don't think most Puerto Ricans want to be a US state
Come to colombia , youll love it.
@@robertmuir9581 I may be there later this year
I am a INDIAN, looking for 5 year plan to make a transition from full time Indian residence to nomad capitalist life style.
how do you think should I work towards it?
I have crossed the Canadian border maybe 50 times.....Andrew is correct, there's about 30% chance you will run onto someone nasty (coming back to US), with abrupt treatment and general scorn....Canada is more civil (they have cranky agents, even jealous)...they bark and don't bite....U.S can bite....this has been around my whole life..especially federal officials and employee's, there is a nasty spirit at work in our federal Gov.....I admire Andrew and he's right......but I am going down with the ship.....I love too many people in US, that will suffer beyond measure in months/years.....still, I totally respect Andrew!
wow, so true, in college I made a fast trip up to BC and the border people were awful coming home, they were so evil it almost ruined the trip.
Hey Andrew, I have been watching your videos for about a month now and I love the content and the clear presentation. I was wondering if you or anyone else knows how long I need to spend in Puerto Rico to get a Certificate of Puerto Rican citizenship? I know I stay a full year I will, but do I need to reside in Puerto Rico the entire time? Can I do something like a paper residency there? Thanks!
Puerto Rico is a USA territory. You don't need a visa or certificate of residency to visit or live in Puerto Rico. Puertoricans are USA citizens there's no puertorican passport or citizenship.
Do the U.S. Virgin Islands, Guam, Northern Marianas and American Samoa offer the same tax benefits as Puerto Rico?
I’ve lived all over the world , and been to PR once - it’s really just not a great place to live , over priced and a lot of infrastructure problems - for me 6 months of that just wasn’t worth it. Luckily in RE there’s enough financial judo that the tax man doesn’t come down on me too hard .
For most people PR could be a major sacrifice although some people seem to rave about the island. For high networth individuals it may be worth the sacrifice and they could buy what they need to be comfortable there.
From my understanding if you spend less than 90 days in the mainland you can use that to pass the physical presence test. So if you spend 90 days in PR, less than 90 days in the states (less time than in PR), and the other half of the year you can go to the rest of the world. Is this not true?
Great video. I follow you on Instagram and have lived a similar lifestyle as you. I am going to propose to my South American girlfriend soon who has a US Visa and I think this is going to be the lifestyle for us. Our US-based business is set up to do very well over the next few years so my business partner and I have been trying to find some ways to reduce substantial tax bills that are coming our way. This seems like a no-brainer for us!
What about moving to Vietnam or the Philippines ? what about those places i hear cost of living is very very affordable there what's your take on it
They both are very hard to get into right now. The Philippines keeps changing their visa requirements almost weekly. Check out "The Philippine -info" channel He keeps up with it.
I lived in the Philippines from 1995 to 2020. The Philippines has turned into a prison. Even the beaches are off limits. I have no interest in going back there until the situation radically changes.
@@thetimmns ok thanks brother
@@SMoore-vj7bt so what you saying then the Philippines is a bad idea then ?? what about Thailand or eastern Europe?
@@biggatap let’s see what happens with the Philippines in the 2022 elections. For now it’s a no go zone except for those married to a Filipino/Filipina and who are willing to be vaccinated. Personally I refuse to take the jab, so I doubt I will be able to board a commercial flight from 2022 onwards. So I am focused on locations I can reach by yacht or overland.
As for Thailand, you’ll probably need to be vaccinated. Requirements are changing. I have no experience with Vietnam.
I'm pretty sure the photo at 3:24 is actually Lisbon, Portugal
As you say...PR was just a MIDPOINT en route to Antigua. So...
I'm just going to move to Antigua!
what are residency/domicile requirements in PR for tax bennies? do u need to prove you lived there X months a year? what are requirements of your tax nexus being there?
The IRS has a detailed document on this. Google for it. It’s complex.
We moved to PR three months ago. So far, it's been great! Sure, there are some annoying aspects, but that's true almost everywhere, and most issues can be resolved with a little effort or patience. Best part is the large community of like-minded entrepreneurs, investors, Bitcoin folks, not to mention the super friendly locals. Worst part for us is Andrew's point number 3--it's a big ask to commit to being here at least 153 days/year when there is such a big world out there that we really want to explore more of.
You are not in prison you can travel
anywhere you want. You can bring family members
they can stay , no visa issues.
The Tax savings will be nullified if Puerto Rico becomes a state.
Afaik, Puerto Ricans don't want to become a state
we don't want to become a state
@@gabyz.2585 why?
PR will never become a state.
PR politics is very fractious. The governor only won with 33% of the vote in the 2020 elections. I doubt they can push it through and if so the U.S. Congress will probably not approve it.
I haven’t heard you talk about hungary or Cyprus much.
That’s because Hungary is in the EU. Cyprus has ended their CBI program. Though I think you can still get lifetime residency in Cyprus w a €200,000 real estate investment, but I’m not certain.
you don't have to live in PR 183 days a year. you just need to stay more days in PR than in States.
You need to reside in PR more days than you reside in any other country, to avoid other country claiming you as a tax resident. But you also had best only be in the USA not more than 90 days, else other requirements kick in for other tests of bona fide PR residency in terms of the IRS’ criteria. Also if less than ~5 months physical presence in PR, the IRS is going to be able to possibly make a case that you’re not a bona fide resident. I wouldn’t risk it. The minimum I would attempt would be ~4.6 months. Much better 5 months or even better the full 183 days.
Lookin fresh in that blue suit
Talk about portugal immigration
The image that you show @3:22 is Lisbon, Portugal, not Puerto Rico....🤦♂
You need to visit the Interior in the Mountains,
Having lived my life in high tax, 5 month/year winter (minus 40, two foot snowfalls), no winter, almost no tax PR looks like Paradise.
My biggest fear of giving up US citizenship is airline transfers that go through US airports. The US is unique that it demands a visa for transfers. How big of a deal is this? I am unlikely to be able to get a US visa if I give up citizenship.
U.S. Virgin Islands are just east of PR, and English is the local language, not Spanish as in PR.
i keep on thinking Puerto rico is the best place monetarily for me but the more i learn about puerto rico the more i hate the idea of it... just too much time there and it would make me feel like i'm a prisoner. but i don't think i want to be a constant world wanderer either. I just don't know if it is worth it for me to be that isolated that much of the year in a culture i'm not sure i'd like.
from nov to may the weather is awesome...leave from june to october. Try rincon west side if you like surfing or ocean park / rio grande if you like kitesurfing, and palmas del mar if you like sailing/ boating/ fishing.
@@user-dy2qq5wh4b you sound like you are going to be a prisoner here.
You can travel, you know!
Hás anyone who renounced their citizenship ever entered the US’ southern border illegally thus securing for themself the ability to live consequence free in the US after not showing up for their initial immigration hearing and playing the US government for fools? I don’t advocate anyone do anything illegal, but I am wondering if it has happened.
👌 This is the best idea. We should _ALL_ do this ... ✔
Biden will let you in no problem.
That probably would not work if you are white hahahaha
Romeo santos on repeat on the radio all the time. Best bachata singer ever reason enough to move there 🇵🇷
That singer is from NY. By the way, Bachata music is from the Dominican Republic not PR.
Everyone is entitled to their opinion, but " best ever"? Is he really better than Antony Santos, Yoskar Sarante, Joe Veras, Raulin Rodriguez, Luis Vargas, Frank Reyes, Hector Acosta, or just more popular?
@@ab9840 Romeo Santos is half dominican and half puertorrican
If PR was a good deal itd be way more popular, being part of the US.
~ PR is being punked by China. It's too late ...
Surprised you didn't mention PR's vulnerability to natural disasters (hurricanes)
Worst natural disasters in US
Does Nomad Capitalist have high net worth women nomads as clients? Single or married, as it appears, correct me if I'm wrong, that this advice is more helpful and/or catered to high net worth men....
U can add 5th reason 👉 they are adding a 12% tax rate now.
Still far lower than where I live now. They need to more than double that to reach my tax level.
Not likely. Read the other comments about this for details.
Very fluent and knowledgeable on the subject of nomadic capitalism. Going to where you are treated best is in the DNA of all living things, since their survival depends on it. All of us want to be free. But unless you have that magical seven, eight, or nine figure income, you may have to develop strategies in other ways to survive and hopefully prosper, as you will likely have less of the things that make you free. Yet, there may well be a glass ceiling built into a person's survivability since the overwhelming number of people in the world succumb to the survival of the fittest Darwinian creed of what it means to live life lower on the totem pole than the mighty one percent -- as proffered on this channel and which nevertheless gets you thinking a lot about what if scenarios, even for those of us happily committed to remain in our country of birth.
Mark Moss relocated to Puerto Rico.
Love the videos, but @3:25 is definitely Lisbon, not Puerto Rico.
???? I am single retired American with $1000 a month budget or less, where do you think is the best place for me to live in the world.
I would like to go somewhere where I can become a resident and citizen later on.
Thank you .🌎
@Buddy RojekThank you, but it is too cold for me .
I would like to live somewhere warm.
Colombia could be an option on your income
@@m.t4826 Consider these two South American countries: Uruguay and Paraguay. Peaceful countries with dirt cheap Cost of Living....but (and this is an important "but"), need to learn Spanish as almost nobody knows or understands English!!!
@@robertmuir9581 stay more then 6 months they have a world wide tax !!!
if your income is 1000 dollars you proably wouldnt pay any taxes or very little in colombia
Let me say something if you don't know it.... Puerto Rico is a us territory and they are us citizens, federal laws also aplay...( If you are not a us citizen you need a passport to go to Puerto Rico )... Puerto Rican and us citizens don't need a passport to go to the USA.... in Puerto Rico we have a local tax system..and we don't pay federal tax ( some federal tax rules my aplay to you in Puerto Rico as a us territory..but the local tax system is the one you have to use here )....if you come to the island for lower taxes.... remember there's some conditions you have to falow when investing your money here..( don't tray to bypass the tax local laws here and by the way the beaches are public No private beaches in Puerto Rico by law you have to garante public Access to them.50 meters from the high Tide ...is that clear for you... don't be a Beach Karen in Puerto Rico you will refer it
I live in Puerto Rico and don't want people coming, because they are going to ruin the island and also, doesn't matter if you have a mansion, there's going to he constant voltage problems and water problems and it's not ideal.
having a well to do population will trigger investment in infrastructure/utilities to upgrade quality of life
The population of PR is shrinking, especially among those under 50. For every Act 60 person who arrives, 6 PR residents have left, so I don’t think crowding is a threat.
Plus, the people who come are bringing off-island income, plus paying $15k/yr in fees and charitable donations (in addition to the taxes they aren’t exempt from).
So, what issue do you have with a handful of people moving to PR?
The population of PR is 3 million. The Act 60 decree holders are in the few thousands. They are required pay $10k per year to charity in PR. Your frustration should be directed instead towards corruption in your own government. You know the leftist ones that propose to raise taxes to improve your life while they deposit it in their back pockets. And perhaps to the original treatment of PR by the U.S.. Please don’t blame those willing to invest in your territory and hopefully be a driving force for positive change. Ricans have U.S. citizenship so they are free to go to the U.S. to see better economic opportunities. Reciprocally U.S. citizens have every right to move to PR.
Hello. I strongly believe the photo at time 3:26 is of Lisbon city (Lisboa) in Portugal, not of Puerto Rico.
what about coastal Chile? a more stable country, dry California coastal weather? im just starting to look at options and see what is out there. Colombia, Ukraine, who knows at this point. Thinking a condo on the beach and one on the ski slopes or nearby and bounce back and forth.
How does San Juan compare to Panama City?
I was in PR for 2 weeks and Did not like it very much, and have no desire to go back...just sayin
You would probably only in San Juan.
I hear you. I was very bullish on PR earlier this year but not as much anymore. Still I will drive around the island this fall and see whether the quality of life is decent enough.
Of course it’s not for someone who needs a lifestyle choice, unless for the few that just like that life. It is for those who want to save $millions on taxes and willing to endure the lifestyle.
I find it funny when people take advice from someone online and then do it wrong anyway, LOL. Do your own research as well...
Agreed! For example I’ve spend a lot of time in a few places Andrew talks about
Some points I agree with and others I don’t…. Reading a number of comments are extremely misleading….
You simply have to go there and understand yourself and be mindful of the people you take advice from..
For example: talking about the social interaction in PR , most comments I can’t relate to
Andrew talking about Bogotá; then speaking of the type of people he like to socialize with… 😆… I love Bogotá but you leave the northern side of town and it drops off quickly!!!! The weather / traffic can be annoying at times… you just have to do your own homework
I stated my ACT 60 application and it’s in process. I’m moving to PR in 6-8 months. No brainer.
@neworthodox 😂 I hired a PR agency to help. I’ll let you know when I move. I have high net worth and plenty of time.
@neworthodox Thanks for the information. If PR doesn't work out, I am all for moving to the U.S. Virgin Islands. They too offer economic incentives.
@neworthodox what agency are you using?
Category 5 hurricane
Hi Andrew, please could you do a video highlighting what people with pets, in our case cats can do about "going where you are treated best". Leaving them behind is not an option. We are close to being a client and would love some info on that please. Thank you in advance.
I moved my dog to Puerto Rico and it was very easy. Simple have all their vax up to date and buy them a ticket... You have to call the airline. Your biggest issue will be how the felines tolerate flying. My pup was easy
@@LovesAlchemist Not American but thanks.
I flew 2 cats to PR in cabin this June. I had to fly my sister with me for the move because it's 1 cat per person on the plane. In cooler months, you're allowed to fly pets as cargo on commercial airlines. There's a cargo only airline that flies pets year round but it only flies to PR out of Florida.
@@bearberenstein5202 what does American have to do with your query about traveling with pets? The rules will kind be the same. The pets need to be deemed safe ie vax up to date, the airline can accommodate the pets ie calling to ask about their pet travel policy! Maybe a white counterpart can tell you the same thing and you will have a easier time swallowing the response! Be well
@@LovesAlchemist What does race have to do with this?? triggered! reeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
Besides, I asked Andrew, not a stranger on youtube.
3:21 I don't know from where you got that pic from but that is not Puerto Rico.
Hahaha, I went there to live and got wiped out by a hurricane - sat in a dark airport holding a baby for two days.
Raw Olympia, Hurricane Maria in 2017?
@@JERios-wv8lx Hurricane Jean, 2004 - Maria probably wiped the airport out! Cannot imagine what it would have been like, Jean was humbling enough! Were you there?
@@RawOlympia I'm from Puerto Rico, and no, Hurricane Maria didn't wipe out the airport, but it was without electricity for a couple of days!!!!
@@JERios-wv8lx Wow! Glad you made it through that! One thing I have to say, everyone was so very sweet, and that sure helped! We were in Aguadilla/Rincon ~
@@JERios-wv8lx Glad to know your airport was intact ~ !
Hey Andrew. Great content as always. I’m 58 and moving to Mexico in a couple of days with $500k in my retirement portfolio. I’m retiring early because I think I can make it work. This needs to last me 12 years until I can withdraw $1850/mo in social security.
~ Mexico will be communist by then. So will most of Latin America . 👌
I’d love to head south too! I think the more developing countries will be safer, especially for PT’s. I think the USA will be full communist soon, we are almost there.
You will make it work !
There will be no social security.
@@SMoore-vj7bt /- With the Biden/Harris administration you could very well be correct !! 💰´´
Act 20 , 22 , 60
I read somewhere recently that you have to spend 10 years in Puerto Rico for Act60, or you will have to repay capital gains taxes. Any truth to that?
As of right now my understanding is that it is a 3 year commitment and if you leave before that you have to amend IRS returns.
You are good for the years you are a bona-fide PR resident for Jan 1 through Dec 31. Substantiated by your arrival with intent to move, and an IRS form declaring the change of jurisdiction each way.
If you arrive after 1/1 the taxation is pro-rated using formulas, and there is a requirement to stay another 3 years to hold onto PR taxation status for that partial tax year. Similarly, if you leave before 12/31 you have to have been there several years to claim PR taxation for the last year.
The 10 year only applies to gains for the value of your assets on the day you move. If you wait 10 years to sell then only 5% CGT on those instead of paying the IRS for that portion of your capital gains.
😂 being Puerto Rican is more than just hey I moved here and I love it. It’s about the struggles that your family went through. And we’re talking about recent struggles, not no 1800 type struggles. We still need recovery assistance from Maria and unlike Katrina where the Federal assistance was immediate instead we got Donald who’s priorities were a wall. Living here is a struggle and we know it yet we choose to stay, mainlanders leave the US because of taxes 😂 that’s a sad reality and says a whole lot about what they consider a struggle.
Andrew, you made it onto Zero Hedge.....30k wealthy people leaving US this year renouncing their citizenship!
I asked a friend that grew up there if she would go back. She said no way.
They call that being Americanize!!! I’m Puerto Rican I live in Oklahoma here I’m Puerto Rican in Puerto Rico I am the americana gringo
Did you ask her why???
Probably earns good money working in the US. But chances are she would go running back to PR. if things in the US got bad.
I have asked friends who grew up in NYC would they go back. They said hell no!🤷♂️
I’m Puertorican, nevertheless Puerto Rico is a Island on Welfare. Government corruption is overwhelming , human trafficking and drugs overpower its culture. Hopefully they vote to become a Independent Country.
You just described Southern Florida ☝🏽 Or Houston Texas even ☝🏽
Human trafficking ? De donde tú saca esa información jodió embustero
Corruption, drugs, human trafficking is everywhere you go
Citizens here don’t want independence.
You sound like a foreigner trying to discredit the island
Que mmb que eres 😂😂.
So where's this PERFECT place you live in? I want to check poverty, welfare, crime statistics.
Waaaaay to-close to, here; Alcatraz! In hurricane belt....
Bitch, I'm goin' way far off da rez, baby! Research shows ME PTY is gateways to everywhere else. I like the Contract and Special Provisions!
The crime is a deterrent for me.. A no go zone.
Puerto Rico vs Mexico pros and cons, please?
Both violent crime ridden latin countries. Pros? Leaving...
Hurricane + you still pay taxes on your investment portfolio realized within 10 years I remember
That’s only on the portion of the accrued gain before moving there.
Yes, if I was a United States citizen still living in the country, right now I would be moving to Puerto Rico. There has never been so much uncertainty in the US, and I would be wanting to preserve as many resources as possible while keeping options open.
If I could move to Puerto Rico and save significant taxes, I could then spend $150,000 of the saved money on the St. Kitts and Nevis CBI, effectively diverting money from a useless and vicious government to one which will actually give me a benefit in exchange. I would also get a residence permit in México, in the SKN passport.
If conditions in the US dramatically reversed and became pro-business again, I could either stay put and continue to save taxes, or even move back to the mainland, depending on what would best benefit my business. The SKN passport would still be useful for getting me into Russia and Türkiye, and it would provide insurance in case conditions reversed again.
If, on the other hand, the US goes completely to hell, I could use the SKN passport to travel through the Caribbean, renounce US citizenship at the Embassy in the Bahamas, claim tax residence in SKN or Antigua, and spend a few months a year in México without triggering a tax liability.
Too much red tape
FYI, Puerto Rico is part of the US.
It’s not a State though and this has some significant ramifications.
I plan on moving for 6 months to the west side . We have a house fully paid off an not near a lot of people. PR is poor economy sucks but I think I could do it for 6-8 months an try to force the language. As well as my crypto currency’s…it would help
Well.....no!!
This isn't quite right!!! Actually, Its very incorrect. You can be a resident in Puerto Rico....and spend, most. If not your whole year, or many years traveling the world!!
You don't have to be in Puerto Rico at all, and travel the world. And still be a US citizen. So then....for US taxes. The question is....so, where is your PRIMARY home, located in the US!! EVEN THOUGH....you've been living in other homes you own, around the world!!
PUERTO RICO!!!!
Ok....so you have Puerto Rico, drivers license...Bank account...registered to vote in Puerto Rico. Do you own a home here in Puerto Rico....YES!! You merely demonstrate all the things, to show your home, when you aren't traveling the world....is in PUERTO RICO!!
And when you are in the States....Puerto Rico, is your home....EVEN THOUGH!!! You haven't been in the US for the last couple years or so!! And then you take advantage of the tax programs, that Puerto Rico offers. So that....even though you are still a US Citizen. Your taxes are owed, and paid thru the Puerto Rico tax code....which are basically very little to nothing!!
Soooo....no!! You're severely mischaracterizing it!!
You can travel the whole world, all you want!!! There is no criteria that you have to hurry back home from the world. To check back in, to be in Puerto Rico, like you have a parol officer, you have to report too!!
You're really mistating it!!!!! Totally not informing the situation correctly!! For one reason....this is why many people are moving there. Because it's creating a completely legal tax haven!!!!!!!
Very poor discussion.....😱😱!!!
Then the question is
What if they actually make PR a state?
That’s not going to happen PR residents like it the way
it is
The US will never make PR. State..half of the population has asked for it before and nothing happened ...they will never be accepted because of the debt and in turn PR will never forgive the US for all these years of exploitation. It's a political zig zag every 4 years. You are better off in another country.
Reason #1 NOT to move to PR: Peter Schiff is there 🤣
I love Peter Schiff. He isn't a dumb person. He makes me want to move there.
YOU DID THE RIGHT THING PR SUCKS
Now PR seams to be the best option for Americans.
PR is a dump for rejects from south FL
@neworthodox where are you from?
It's too hot, the crime rate is high, and you might get wrecked by hurricanes. Of course the taxes are low, they have to be in order to attract anybody.
Puerto Rico is not as stable as most would hope it to be. They will increase capital gains as someone mentioned as high as 12%. There is not a huge savings v. USA as cost of living is not much different than say FL or SC. It is the "one foot in, one foot out" approach. All due respect to those who enjoy it in the meantime, however.
Agree that the situation is fluid, but it is unlikely for that 12% raise to be passed in 2021. And extant Act 60 will apparently be grandfathered.
What is all this talk about renouncing your American citizenship and Puertorican passport ?? LMAO Wow, you all need to study the history of PR before you decide to move . Just sayin' 😂😂😂 this comment section has made my day.
I tried P.R. and only lasted 5 months for me, awful time in the island. When again on vacation years after couldn't wait to get back to America. Is not for everyone.
Specific things that annoyed you? The mosquitos, noisy, brownouts, climate, the culture?
@@SMoore-vj7bt so if those are your requirements
you are to Americanized, don’t move anywhere.
@@anafranco5733 absolutely. If I move to Mexico or Peru it will only be if I can buy 10 hectares to keep the noise far away. And yes I like my silence so I can concentrate on my intellectual activities.
@@SMoore-vj7bt Mexico= cartels
Peru= Communism
Colombia= Communism
Chile =Socialism
Brazil=Socialism coming soon
Argentina = Socialism
S. Moore good luck with intellectual
activity.
@@anafranco5733 Estados Unidos = Fascism
This is just sad fr
I was never treated best in PR.
Its so strange that he doesn't want even to go back there.. I wish i was a us citizenship 😕