In this video I talk with International Tax Professional Peter Palsen about the effectiveness of the Puerto Rican tax incentives.
NOTE: This is not tax or legal advice, consult your owner advisors
We talk about act 60, act 20 and act 22 and how these provisions interact with the IRS code and can offer bona fide residents of Puerto Rico significant tax advantages.
Peter shares with us how these provisions interact with the US tax law and points out some areas of concern, some sticking points to consider before you move to Puerto Rico.
Peter Palsen joined Frost Law as the International Tax Professional in 2020. Peter delivers world-class experience in designing, implementing, and reporting complex tax structures for conducting cross-border business activity. After retiring from a Big 4 firm as a 15-year international tax partner in New York City, Peter served as both head of international tax and head of overall tax at two major U.S. multinational companies.
For over thirty years, Peter has followed international tax developments around the world – specializing in key markets like China, India, Mexico and Brazil. He consults on all aspects of the 2017 Tax Reform Act – including the substantial business and individual tax incentives as well as required anti-deferral inclusions, foreign tax credit offset rules, and transfer pricing arrangements.
Peter has personally negotiated tens of millions of dollars of settlements of transfer pricing and other tax controversies across the globe and has participated in dozens of mergers, acquisitions, dispositions, and joint venture transactions.
For more about Peter check out
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IRS Publication 570
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Peter's video about Puerto Rican Tax incentives
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Join the Puerto Rico Life Facebook group
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If you are considering a move to Puerto Rico I'd love to hear more about you plans. If you live in San Juan or elsewhere on the Island I'd love to hear about your experience. I really want to do this and I plan to move sometime in the next year.
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