Managers of Puerto Rico hedge funds can benefit from changes in tax laws that were recently put into effect on this Caribbean island. Puerto Rico is a territory of the United States of America. Residents do not have to pay federal income taxes unless the income comes from sources outside of the territory. A person has to live at least 183 days on the island to be legally considered a resident.
The territory administers a tax system of its own that is separate from the United States federal tax laws. They had, until recently, a tax on dividends and interest of 33 per cent. They also had a tax on capital gains. These taxes have been eliminated. The purpose of these tax breaks is to attract businesses, entrepreneurs and capital to the island.
With some tax havens located in other countries Americans will lose their citizenship if they move there. This is not the case if an American moves to this territory. In addition, the island is only a four hour plane trip from the mainland. Business enjoys the benefits of operating under the American rule of law and the United States Constitution.
The island has a good telecommunications infrastructure and a financial sector already in place to support the new businesses that will move there. There is a well educated population that forms a good pool of employees. Since it is a part of the United States, there is a stable government and the rule of law defended by the U. S. Constitution. There is an inherent stability with this territory that some third world nations lack.
Making a move like this is a huge step. You will need to consult with your attorneys, accountants and other business advisers. It is a move that requires deep consideration and planning. For the serious entrepreneur, the benefits of a tax system that encourages investment and growth are very appealing. You can grow your business without over burdensome taxation. You can avoid the over regulation that stifles business. Instead, you can operate in an environment that encourages free enterprise.
The U. S. Virgin Island has favorable tax laws too. There are other nations located in the Caribbean and Latin America that are considered tax havens. However, it is easy to understand the advantages of doing business in a place that is part of the United States. There is a great amount of security and confidence that being a part of America engenders.
A lot of helpful information is available on the world wide web. You can a good introduction about how relocating to a tax haven can help you financially. It will help you make these complex decisions. You can contact agencies of the local government for more information.
Puerto Rico hedge funds and other financial services companies may want to take a serious look at moving their business operations to this United States territory. The new tax laws provide some fantastic incentives to move there. Consult with financial advisers to see if this a plan that is feasible for you or your business.
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