As I mentioned yesterday, I’m in Puerto Rico. I’m here to see if it makes sense for Palm Beach Research Group readers to come and live here. Why? It’s a beautiful Caribbean island. And it’s the only place in the world that allows Americans to avoid almost all taxes.
Yesterday I met with a group of businessmen. They love it here. Today I met with the head of the 20/22 Act Society (20 and 22 are the numbers of the tax acts). He set up the society to give the movement some visibility and transparency. Also, he hoped to meet new people. He loves living in Puerto Rico, but he cautioned me…
"This is not for everyone," he said.
In short, there are costs to moving here. It’s expensive, for one. And there are fees to pay and documents to file. And it’s a long way from your friends and family.
He doesn’t think it makes sense for someone to move here for tax reasons… unless they’re making at least $2 million per year in income or profit from a business or make at least $200,000 per year in investment interest, dividends, and capital gains.
There may be exceptions to his “rule.” If you’re interested in learning more about living in Puerto Rico for tax purposes, this is a good article on the subject by my friend, Alex Daley…