Puerto Rico

I have been pretty enamored with the impressive tax legislation that the PR passed in 2012. Pretty stunning and something for our Congress to emulate to get the economy in motion. I have written a few things on JD Supra and have two article coming out very soon in the Journal of Taxation of Investments and Tax Mgt Estates Gifts and Trusts Journal. In case you have forgotten, I grew up in the Panama Canal Zone and went on to become a Spanish and Portuguese major at West Point. I was a Brazilian music fan from about the age of 10 (Sergio Mendes) and a huge Latin music fan as a teenager when I discovered The Fania All Stars. All these years later, I have never lost the love of all things Latin. Ended up living in Miami for ten years. So I have to be a Boricua by default with no Canal Zone anymore. A great highlight of my life was meeting Celia Cruz and seeing her perform twice  in Miami and El Bronx. It does not get better than that. 

A few big points on this. First, anyone Gringo thinking of expatriating because he believes America is headed for disaster ought to move to the PR instead. The tax breaks are great. It is sunny and has nice beaches and the people and the music are the best. If we are all on our way out, you might as go with gusto. Also, you need to be able to look at yourself in the mirror. Grandpa would be rolling in his grave if he knew you were giving up your citizenship. The PR could become the new FL. The problem is that the PR government can’t promote it to hard (para no ofender al Gobierno Federal) so that Uncle Sam doesn’t get too upset. If you move, Rosa del Monte can be your moving company!If you have a service business, it can become a huge windfall to set up a PR company. However, the PR government has added some new requirements that require a few local hires. 

The billionnaire hedge fund manager was going to move there but could meet a few of the requirements – (1) Could not identify the music of El Gran Combo or La Sonora Pocena (2) Spoke Spanish with too heavy of an accent (3) Was lacking the necessary basic requirements to become a good Salsa dancer. 

I am still trying to become a high tech guy. It just occurred to me that I need to check my comments. My apologies to everyone. I promise to send each of you a good response quickly. 




About gerrynowotny

I am a tax and estate planning attorney with a JD and LL.M in estate planning from the Univesity of Miami School of Law. I have worked in the life insurance industry for twenty three years and the last eleven in private placement life insurance.
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