ACT 60 at GARCIA-SOSA LLC

Application & Compliance Services

The Act 60, also known as the Puerto Rico Incentives Act, is a groundbreaking piece of legislation designed to attract individuals and businesses to Puerto Rico by offering a wide range of tax incentives and benefits. Enacted in early 2020, Act 60 replaces and expands upon the earlier Acts 20 and 22, which were aimed primarily at encouraging investment and residency on the island. Under Act 60, eligible individuals and entities can benefit from reduced tax rates on capital gains, interest, dividends, and other income streams, making it an attractive destination for individuals and businesses seeking tax advantages. Additionally, Act 60 promotes job creation and economic development by offering incentives for investment in key industry sectors. This comprehensive law has significantly bolstered Puerto Rico's position as a preferred destination for those seeking tax advantages and economic opportunities within the United States.

Tax benefits

Act 60, also known as the Puerto Rico Incentives Act, offers a variety of tax benefits to individuals and businesses relocating to Puerto Rico.

Eligible businesses can enjoy a fixed income tax rate of 4% for qualified income*

Dividends may be exempt*

*This can result in substantial tax savings for corporations and individuals.

Requirements to apply to the Act 60 incentive

It's important to note that each application for the tax benefits decree under Act 60 is subject to meeting specific eligibility criteria and requirements, which vary based on the respective industries of businesses.

The Puerto Rico Department of Economic Development and Commerce oversees the application process and grants and approves the decree according to the requirements.

"GARCIA-SOSA LLC is proud to offer comprehensive support for compliance and filing under Act 60, ensuring that businesses and individuals can take advantage of the exceptional tax benefits provided by this decree

We encourage interested parties to reach out to us for a consultation to explore how they can meet these requirements and maximize their benefits under Act 60.

Contact us at:

act60@garciasosallc.com to learn more about eligibility, requirements and how we can assist you in this process.