Puerto Rico Act 60: Tax Benefits, Residency Rules, and Expat Realities
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In this riveting episode, Jerry Norton bids farewell to Puerto Rico after a thrilling 4-year residency, delving into the complexities of Act 60 tax incentives and the island's unique challenges. With a whopping 10 kids in tow, Jerry and his family ventured to Puerto Rico enticed by the promise of a mere 4% income tax and zero capital gains tax. However, navigating Act 60's stringent rules, such as the 183-day residency requirement and the need to sever ties with the mainland, proved to be a Herculean task. Jerry sheds light on the intricacies of maintaining a primary residence and the repercussions of violating the "closer connection" rule, emphasizing the need for a substantial tax saving to offset the exorbitant living costs in exclusive expat communities like Dorado and Palmus Delmare.
Amidst the tax-saving frenzy, Jerry candidly discusses the cultural nuances and challenges faced by expats, from the homeschooling trend among Act 60 beneficiaries to the resistance encountered from the "go home gringo" movement. Fluent in Spanish, Jerry navigates the island's language barriers with ease, yet acknowledges the inconveniences of shopping and the early nightfall as dusk descends upon Puerto Rico. Unveiling his newfound hobbies of sea glass collection and iguana hunting, Jerry paints a vivid picture of island life, punctuated by the relentless battle against sargassum seaweed and the treacherous potholes that plague Puerto Rico's roads.
As Jerry bids adieu to the tropical paradise, he leaves behind a legacy of resilience in the face of labor shortages and driving challenges unique to the island. With a mix of nostalgia and relief, Jerry's Puerto Rican saga comes to a close, offering a glimpse into the highs and lows of pursuing the Act 60 dream in a land where tax breaks come at a price.
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Image copyright Youtube
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