MARK KOHLERMain Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, LLC · Owner at Main Street Professionals, LLC

Tax incentives like Puerto Rico? | Gone in 60 Seconds | Mark J Kohler

17 Feb 2021 · 1 min

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1:24

In this brief monologue, Mark J. Kohler explains that Puerto Rico offers very low personal and corporate tax rates—sometimes as low as 3‑4%—through its Act 20 and Act 22 tax incentive programs. He outlines the key benefits, including exemptions from property and sales taxes, and notes that several firms specialize in guiding individuals through the qualification process. Kohler clarifies that his own office does not provide Puerto Rico tax planning services, though he affirms the programs are legitimate. He emphasizes the crucial requirement that one must physically relocate to Puerto Rico to qualify for these tax advantages, and shares a personal anecdote about enjoying the island’s climate and culture.

Chapters

Bonano Bonano Bonanno. And maybe this is appropriate because we're talking about Puerto Rico. He says, or she says. Thoughts on the tax incentives like the ones Puerto Rico has? Well, people start. If you didn't know Puerto Rico has some amazing tax incentives. You could pay your tax rates on everything you earn as low as 3 or 4%. Exemptions for property tax, sales tax, all sorts of goodies. These are called Proposition or Article 20 and 21. Sorry, it's Act 20 and 22. Act 20 and 22. Just Google Puerto Rico tax strategies. There are several companies that provide hand holding and walk you through the rules and get you qualified. At our office, we do not do that. We have not got a Puerto Rico strategy that we're implementing for clients, but it's legit. It works. Ready everybody for the bad news. If you call it bad news, you got to move to Puerto Rico. You are not getting Puerto Rico tax benefits without moving your butt to Puerto Rico. Now I was just there for Christmas. I loved it. Puerto Rico food people that the climate is wonderful, but plan on moving to Puerto Rico if you want to save taxes in Puerto Rico.