Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Closing Report: Gold and Silver Gain About 1%
By: Chris Mullen, Gold Seeker Report

Northern Vertex Files Preliminary Economic Assessment Report for the Moss Gold Mine in NW Arizona
By: Northern Vertex Mining Corp.

Does The CoT Structure Prohibit A Rally?
By: Craig Hemke

Harry Dent’s Gold Prediction Invalidated
By: Przemyslaw Radomski, CFA

SELLING OUT OF PRECIOUS METALS AND BUYING BITCOIN…. Very Bad Idea
By: Steve St. Angelo

The Bitcoin Bubble Explained in 4 Charts
By: Jake Weber

VXX Sends an Awesome Message from Another Galaxy
By: Rick Ackerman

Geopolitical Risk Highest “In Four Decades” – Gold Demand in Germany and Globally to Remain Robust
By: GoldCore

Asian Metals Market Update: November-22-2017
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver Gain With Stocks
By: Chris Mullen, Gold Seeker Report

 
Search

GoldSeek Web

 
Puerto Rico Is the Only Way to Escape US Taxes


 -- Published: Tuesday, 22 April 2014 | Print  | Disqus 

By Nick Giambruno, Senior Editor, International Man

When I hear about strategies that purport to legally allow US citizens to avoid having to pay income taxes, the first thing that usually comes to mind is that it is some sort of cockamamie scheme.

This is because the US government is no slouch when it comes to shaking down its citizens for every penny. The mind-boggling spending on welfare and warfare policies necessitates this. It would be dangerously foolish in the extreme to think you could slip one past them.

There really was no sure way to legally escape the suffocating grip of US taxes besides death and renouncing your US citizenship… until recently.

This is because the US is effectively the only country in the world that taxes its nonresident citizens no matter they live and no matter where they earn their money. Even leaving the US permanently does not absolve you from paying US taxes.

Take, for example, an American and a Canadian who both live and earn income in Singapore. The Canadian would only be responsible for paying the much lower Singapore income taxes, while the American would be responsible for paying Singapore income taxes AND American income taxes (though the IRS does allow for around $100k of foreign earned income to be excluded from income taxes, but only if certain conditions are met).

American are in the uniquely unfavorable position of having arguably the worst tax policies and a government that relentlessly enforces them everywhere in the world.

For many, it is a tight and suffocating tax leash. It is no wonder, then, that a record number of Americans are giving up their citizenship to escape these onerous requirements.

There is, however, another way besides death and renunciation to legally escape US taxes, thanks to stunning new incentives in the Caribbean island of Puerto Rico.

Puerto Rico has long promoted itself as a tax-friendly jurisdiction open to Americans, in order to compete with its better-known Caribbean neighbors, like the Cayman Islands.

Puerto Rico is a commonwealth of the US. It’s not quite a state, and it’s not quite a foreign country. This allows it to have a special tax arrangement. Namely, residents of Puerto Rico who earn their income in Puerto Rico do not pay US federal taxes—they pay Puerto Rican taxes.

Previously this mattered little, since Puerto Rican tax rates were comparable to US federal tax rates. However with the new tax incentives, the situation has changed immensely.

Puerto Rico recently slashed its taxes on dividends, interest, and capital gains to ZERO for new residents.

Additionally, there are enormous benefits for service-related businesses—like consultants, accountants, software developers, research and development, etc.—in the form of a top 4% corporate tax rate. This amounts to a pittance in comparison to combined US federal, state, and sometimes city income taxes.

All things considered, becoming a resident in Puerto Rico, with its beautiful white sand beaches, tropical climate, and close proximity to the US mainland is not a bad proposition. Americans are free to stay and work on the island without restriction. They do not even need a passport to travel there.

These benefits are why scores of mainland Americans have already made the move—including two members of Casey Research. Many more have seriously considered it.

In short, thanks to Puerto Rico’s unique legal status, becoming a resident of island is the only way for Americans to escape most of the burdens of US taxation. It’s like obtaining the tax benefits of renouncing your US citizenship without actually having to do so.

For Americans, it’s something no other jurisdiction can offer; and it merits serious consideration.

Puerto Rico may be the best diversification option for Americans at present—if you can structure your affairs to become a resident of the island.

Casey Research has done a thorough boots-on-the-ground investigation and found that the tax advantages are real and that for many Americans, including individuals operating on a modest scale, they are a huge opportunity that could truly be life-changing. The findings were recently published in a comprehensive A-Z guide on the Puerto Rico option. Click here to learn more.

The article Puerto Rico Is the Only Way to Escape US Taxes was originally published at caseyresearch.com.

| Digg This Article
 -- Published: Tuesday, 22 April 2014 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.