Originally Posted by
Gunfighter
I've looked briefly at Puerto Rico and spoke with a couple who are in the process of moving to Portugal. Get an understanding of your expatriation tax liability before making any big moves. Puerto Rico has some great tax benefits and let's you keep a US passport. Way too much for a post.
Try a chat GPT prompt similar to "From the viewpoint of a CPA tell me about the tax benefits of moving to Puerto Rico. Include income tax and capital gains tax on US sources. Also discuss expatriation tax."
Under DOT rules, you may pay PR income tax vs US income tax. I am not a professional, so GTS (google that stuff)
You will pay federal and PR taxes in. That loophole for pilots was closed.
the “tax benefits” it’s more for like crypto rich people.
Also, you don’t want to live there. Unless you have solar power, you don’t mind potholes and a government that sucks the lives out of the people that lives there.
Also, you will be in a US territory, it’s not really an “expat”.
Also, unless you get an electric car, the import taxes in cars are stupid. Your Miata will be priced over 55k…thats 20k over the price in the mainline.
A Mustang GT will be close to 70k. A corvette C8…stingray….above 100k