Posted on 08/04/2022 8:21:36 AM PDT by DIRTYSECRET
Want to pay no federal income tax? Move to Puerto Rico. Really. If you move to the island, you can legally pay none. There's also no capital gains tax.
You just have to give 4% of your income to Puerto Rico.
(Excerpt) Read more at townhall.com ...
This John Stossel article suggests people are moving there like lemmings. Moving to Florida would save me $5k/yr but this could double that if true.
If the trend and rich-people’s flight to Puerto Rico becomes big enough, which it probably will, can Fed.gov simply say:
“sorry, we don’t accept this for any American citizens - pay us full Fed.gov income tax.”
Puerto Rico is corrupt. Look up their electrical grid problems.
One related article suggested rich folks land in their lear jet, pick up a receipt for their Starbucks coffee at the airport and then fly on.
If you’re wealthy and can have an “enclave” it’s probably OK. But the “real” PR is pretty dirtbag, at least in my experience.
I’m checking this out. I would rather Chile but they went communist. But the weather is amazing (San Diego with Mexico prices)
I think it's mostly because of the decreased cost of living and not because they hate America.
Lots more people than you would think are now living in Mexico. I think because it is convenient if you still want to visit with friends and family in the states.
However, as the US sinks in reputation, these ex-pats' security in backwater countries might not be as secure. If the US tanks, then much of the world's economy will tank along with it.
There have already been uprisings in places like Ecuador, Chile, etc. that were highly recommended as places to migrate to.
Even when the US was strong a US citizen couldn't expect much help from a US embassy, but in the future it will be a case of "fuhget about it".
I can’t really imagine leaving the US and living in another country.
* I would rather Chile but they went communist.*
Which part? The country is longitudinally spread out weather-wise.
*US citizens are moving all over*
In Puerto Rico you still have your medicare. VA cemetery too.
I would consider living there, but I would not buy property. If too many rich people move there, then the Brandon administration will change the rules. How many is too many is impossible to say.
If I recall, Puerto Ricans are American citizens and vote in our presidential elections. (my Dtr-in-Law is Puerto Rico).
This is an interesting idea.
I used to love watching House Hunters International.
The first thing I would look for was BARS on the windows. In Puerto Rico there are bars on the windows. Same is most places in Mexico. Although I did not see this in Cabo when I was there in April.
Why would you want to move to the Newark, NJ of Latin America or the Caribbean?
Puerto Rico is a cesspool. The reason for the burglar bars on even the poorest of houses is that stealing is a central part of the culture as is corruption of every kind. If you want to experience Puerto Rico spend a weekend in the south Bronx. The entire island is on welfare and should be given its independence, saving the U.S. taxpayers billions every year.
I’d consider it if PR wasn’t a typical hispanic craphole.
Whereas we’re as pure as white wind driven snow and never have brown outs or blackouts.
I believe they have to come to mainland USA in order to vote in our presidential elections. Many travel to FL and vote, then go back to PR.
There are gated communities and beautiful beaches. Popular areas should be safe-at least in the daytime.
This would save me about $20k a year in taxes.
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