What are the tax benefits for individuals who move to Puerto Rico for cryptocurrency purposes?

1 answers

• Joshua JohnsonFeb 18, 2024 · 2 years ago
  Moving to Puerto Rico for cryptocurrency purposes can be a smart tax move. Under the Act 60 tax incentive, individuals who become residents of Puerto Rico can enjoy a 0% tax rate on their capital gains and dividends. This means that if you make profits from your cryptocurrency investments or trading activities, you won't have to pay any taxes on those gains. Additionally, Puerto Rico offers a favorable tax rate of 4% on business income derived from the island. This can be particularly beneficial for individuals who are running cryptocurrency-related businesses. However, it's important to note that moving to Puerto Rico solely for tax purposes may not be suitable for everyone. It's crucial to consider other factors such as lifestyle, cost of living, and personal preferences before making a decision.
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