Tag: act 22

Puerto Rico’s Act 22: A Tax Oasis with Mixed Blessings

boricua01
tax incentives

Puerto Rico’s Act 22, also known as the Individual Investors Act, has become a hot-button topic. Enacted in 2012, the Act aims to stimulate the island’s economy by attracting high-net-worth individuals with significant tax breaks. But has it been a boon or a bane for Puerto Rico? Let’s dive into the Act’s impact and how Puerto Ricans themselves view it. The Allure of Act 22: Tax Breaks Galore Act 22 offers substantial tax incentives to individuals who establish bona fide residency in Puerto Rico. These incentives include a 100% exemption…

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Paradise Lost? Act 22, Airbnbs, and the Struggle for Affordable Housing in Puerto Rico

boricua01
affordable housing

Puerto Rico, a vibrant island territory of the United States, faces a complex challenge: a shortage of affordable housing. This issue has intensified in recent years, fueled by two factors: Act 22 and the rise of Airbnb rentals. Let’s delve into how these seemingly disparate forces are contributing to the housing crisis in Puerto Rico. Act 22: A Double-Edged Sword Act 22, also known as Act 60, is an economic development program designed to attract investors and entrepreneurs to Puerto Rico. The program offers significant tax breaks to individuals who…

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