So I continue to give you data that you can use in your life. Here is some data about residency in Puerto Rico that you can take into account.
I hope you are having a great week! Continue to do so!
Establishing Residence in Puerto Rico – Problems and Solutions – Transcript
Hello my name is Santiago Lampón. I am a lawyer and notary in Puerto Rico and welcome to this episode of Puerto Rico Legal Video Blog. Residents, not residents, of Puerto Rico? First of all the mere fact that you purchase a real estate property in Puerto Rico does not make you a resident of Puerto Rico.
Second, the fact that you spent long vacations in Puerto Rico, whatever you want to call long, a month, couple of months, a month and a half does not make you a necessarily a resident in Puerto Rico. Maybe you open a bank account, because you want to have accessibilities to some funds. That doesn’t make you, necessarily, a resident of Puerto Rico. Once you are talking about putting money here in a bank account in Puerto Rico here we go.
Residence means many things, but the important thing is what does it mean to you. Really? No. What does it mean to the government of Puerto Rico. Give you an example. You own a property in Puerto Rico. You rent for vacation purposes that property in Puerto Rico. You open a bank account in a local bank and you deposit those funds there. Are you a resident in Puerto Rico? No, but you are conducting business in Puerto Rico. So you must rightly have a tax issue. Tax liability has nothing to do with being a resident or not.
Lets reverse the subject here. Let’s say you want to become a resident in Puerto Rico. Why? There are some benefits for some people who are not residents of Puerto Rico at any given time and who decide to become residents of Puerto Rico. You know what? Then you have to find out which are the benefits and which are the specifics requirements for those benefits, because some laws that are going to give you tax benefits like the famous act 20 and act 22, carry with it a list of requirements, you have to this, you have to this. And then you qualify for the benefits of the law. One of them is become a resident and the law says which are the specific requirements for you to become a resident. It all depends on which is your purpose. Why do you want to spend time in Puerto Rico, besides running away from the cold weather.
Again my name is Santiago Lampón. I am a lawyer and notary in Puerto Rico. Thanks for watching this episode. If you have any questions you can send me an email, the address will appear open the screen or you can give me a phone call or just post the question on this page. Again I thank you for watching. I hope you enjoy it and I hope you have a great day.