There is more than year-round beach weather that draws Americans to Puerto Rico. The tax incentives under Act 60 are very attractive to move for. But moving from the US to Puerto Rico is not as simple as 123. It is a complicated process that you should be prepared for.
Criminal Background Check
Before you move and utilize the tax benefits of Act 60, you need to provide proof that you are not a criminal. While every state is different, it is imperative that you meet the requirements including fingerprinting should it be required, to move to Puerto Rico.
Your Driving Record
You may have to pay a fee but obtaining your official driving record is very important to receive a Puerto Rican driver’s license. This can simply be done by going to your local DMV branch.
Apply for the Act 60 Benefits
The most important step for Act 60 benefits is applying for them. Fill out your paperwork or have us help and submit the application to the Puerto Rican government. Good news is that you may qualify for both Act 60 Export Services and Act 60 Individual Resident Investor tax incentives. You don’t have to pick one or the other right out of the gate—you are allowed to apply for both!
Deregister as a US Voter
Not a step many think of, but it is important to establish residency. Puerto Rican residents do not vote in US elections and do operate within their own political system and parties. Simply fill out the Cancellation Notice or call the Election Directory for Cancellation Notices and mail the voter registration cancellation to the proper address.
Get a Puerto Rican Driver’s License
Another important step, but not a required one: get yourself a Puerto Rican driver’s license. This will help with establishing a local community, help in passing your closer connections test. During this process, you will have to surrender your US license.
File a Non-Domicile Declaration
Once you have established an address in PR, you will need to file a declaration of non-domicile with your previous state. These are typically required to nullify your tax status and is a significant move in your best interest. After you file the non-domicile with your previous domicile, declare your domicile in Puerto Rico, only helping you to establish another condition for the closer connections test.
Relocating to Puerto Rico can be difficult in its own complexities but having the benefits of Act 60 is a great opportunity for you and your business!