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How to Save on Taxes in Puerto Rico

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How to Save on Taxes in Puerto Rico

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  1. How to Save on Taxes in Puerto Rico If you are a US citizen or resident but find it more beneficial to live in Puerto Rico, you can take steps to save on taxes. One of the best benefits is being able to deduct 100% of your Social Security and retirement from your taxable income. In addition, if you have financial investments outside of the United States, these too will not be taxed by Puerto Rico. This post will discuss how to qualify for tax exemptions in Puerto Rico and what investment opportunities exist for those who want a second home near the beach! The great benefit of living in Puerto Rico is that there are no estate or inheritance taxes. So, if you want to pass down your assets to your loved ones after you die, there will be no additional taxes owed. Plus, since Puerto Rico is a US territory, US citizens still maintain all their constitutional rights while living here, including voting in presidential elections. If you are interested in taking advantage of tax Puerto Rico, there are a few things that you need to do. First, you will need to establish residency in Puerto Rico. This can be done by spending at least 183 days per year in the country or by establishing a permanent home here. Once you have met the residency requirement, you will need to file income taxes in Puerto Rico using form 600-PR.

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