 Welcome to your last set news to get top stories in crypto and break them down into bite-sized pieces today I want to do a follow-up to one of the more popular videos that we have done and it all talked about moving to Puerto Rico and What I've learned so I'm gonna tell you about some things that I personally screwed up on things that I would do Completely different and the things that I would keep the same. So to do that. Let's just jump into The piece I think is most important So this is the old video that we did I will link that in the description. You can check it out This is just me moving down here the first the one below where it says pay no taxes That's was me getting ready then Puerto Rico part one. This is me when I was here for a little bit of time and to see just how things were going and now I want to move into a little bit more and So what I found out so first of all, let's just do a quick review There is a lot of confusion about act 20 and 21 and act 60 act 2021 was the very first part and that it was written in 2012 and there was two parts of that the export services tax incentive, which is if you're a corporation you could Move over here only pay 4% But you'd have to export those services of whatever your corporation did like you couldn't move here and import Some basket weaving franchise and just only sell baskets to Puerto Ricans You'd have to export that to wherever other countries that you couldn't the next part was the investor resident Individual tax incentives and what those are what that was for was for people who are like Cryptocurrency investors or Wall Street guys and gals who wanted to not pay capital gains tax So those act 2021 was actually rolled into act 60 in 2019 just like I talked about here was the incentives first of all no capital gains dividends or royalties There was no property tax exemption This is for the corporation part greater than 3 million you have to pay 75 percent of property taxes But if you're less than 3 million you were a hundred percent taxed exempt And also you were at 2 to 4 percent depending on some criteria for your corporate tax First the United States, which is 21 to 30 percent corporate tax right now. So that's pretty good So what's the criteria? What would you have to do to hit that? Well, it came down to a couple different things First of all, you couldn't be a Puerto Rico resident from 2005 on so if you lived in Puerto Rico from then 2005 670 21 you were not eligible for act 60 or 2021 just how it goes then there was three tests you had to prove the presence closer connection and home Presence means if you want to get this act 60 you have to be here 183 days hard stop. There is no nothing around that next part was closer connections That means that you if you lived here and like your family lives someplace else another country that didn't fly if it Family if any of the other kids they all must live with you In this area in Puerto Rico or else you wouldn't hit the criteria and lastly it says home And what this means is you have to purchase some type of property within two years of moving to Puerto Rico Like you can't just Airbnb forever you got to buy something here And that's one of those things that helps to assure that you are a real resident. Also There was an annual donation and every year if you want to keep hitting that act 60 for no capital gains or or no Interest for your corporations you have to put in $10,000 annual donation to two nonprofits of your choice so the 10 so the $10,000 must be to two nonprofits Which would equal up and we're gonna get to the details of that a little bit also. There's a $5,000 one-time reporting fee And for corporations you have to incorporate in Puerto Rico felt the paperwork pay some some Dollars for that and then also if you made more than three million revenue You got to get an employee if you have less than three million don't worry You don't have to pay for any employees, but it's good to bring jobs here I'm gonna tell you just how important that actually is so this was for me when I got into this I was like this is Why I thought it was a pretty good idea To move to Puerto Rico and it made sense at the time and it really did first of all tax savings now I thought and the Individual that I talked to who will remain nameless That legal individual told me and they wrote an opinion that hey Everything that you bring over Will be taxed exempt. I don't care when you bought it our right you an opinion and that was it well I've talked to many a CPA and they're like that's not gonna fly you can try you can try it But in all honesty The IRS is gonna really crack down on this So it's up to you if you want to give it a go and I was like no I've right tussled the IRS and if it's gonna be that flimsy I don't want to deal with it So when I moved here in April that means everything from April 2021 Before I owe capital gains tax on and everything after April 2021. I don't own capital gains So it all depends on when you move here. That's when your capital gains But you cannot get around it by moving here and going and only thing doesn't work with that Second thing was the weather. That was gonna be pretty great and in truth. It is it really is I thought there'd be new challenges and also connections in community because there is a heavy presence of crypto OGs or people who have been around for quite some time here in Puerto Rico So this is why I thought Puerto Rico was a pretty good idea. However Here's why it was actually a bad idea and it comes down to this So the first thing like I said tax savings I Didn't save too much on tax Because the majority of what I bought where most my gains were was from dollar-cost averaging Which I think you know if you follow me on the channel. I've dollar-cost average since 2017 I was buying Bitcoin when it was five six seven thousand Cardano when it was seven eight cents Ethereum when it was two three hundred four hundred dollars But I will own capital gains. So it's not gonna make sense not now Also, it's expensive to live in Puerto Rico. I don't know how people here do it if you live here and work here I don't have a really fantastic job. It's super expensive. I'll give you some examples in a bit as far as connections I can on the same thing at home. I'll be honest with you I have made so many more connections just through Twitter and my YouTube channel and different channels that's it's It's actually astounding. You don't have to really physically be anywhere to make connections It helps but you don't have to then also, there's this thing called Yankee go home Hashtag abolish x60 and this is important for a number of reasons about Where I have seen Puerto Rico is and where it is potentially going and let's just back up Before we go any farther because I need to Bring some information to light which I think will make a lot of sense Moving forward. So first of all Where the heck is Puerto Rico? And if you don't know tears, Puerto Rico, there's a nice big big red Piece here. This is Puerto Rico down here. So here's Florida Miami. Here's the Bahamas. Here's Turks in Caco Islands Very nice place. Here's Cuba. Here's Haiti Dominican Republic. This is Puerto Rico right by the British Virgin Islands, San Lucia Barbados blah blah blah, right? Here's Jamaica and over here. Here's Honduras and Guatemala Belize So this is Puerto Rico not as close to the mainland US as you one might think but that is exactly where it is And as far as x60 you can I'm gonna link this in the description. You can read the entire law It's in Spanish. So, you know, I found with that if you don't speak Spanish read little difficult I think and then here's the actual law x60 signing effect 2019 You can also read this. I'll link in the description Now as far as corporate taxes and America, I don't know where you're at But for the US the US imposed the tax on the profits of US resident corporations at a rate of 21 percent now Just to be crystal clear corporations don't pay 21 percent. There's this thing called deductions So they don't pay as much. That's for sure but it was reduced from 35 percent in 2017 and we get a bunch of taxes about 230 billion in America, which is 7% roughly of the total federal revenue down from 9 percent in 2017 So you can see why it's a little attractive to go from 21 percent Maybe down to 4 percent, but it's not only just on the federal taxes for corporations. I'll also remember that and You also have state corporate taxes. Look at Iowa 12 percent Illinois 9.5 percent Alaska 9.4, California almost 9 percent. So you take that That's a federal tax tack on the state tax and you got around 30 35 percent. Who knows it's it's super high Minimizing deductions. So that's why that part is so appealing to some people. Also, what I talked about as far as being expensive Here's an example This is just Walmart Walmart website. And if you're in El Paso, Texas, here are the prices today You're welcome Gallant of milk is around three bucks. Just so you know, all right Also, if you take a look at what we have for this place called super max and if you're in Puerto Rico, you know What super max is it's it's a grocery store. It's a chain and it's an every block It seems like there's all over the place. So a gallon of milk is around six seven bucks All right, here's some other stuff. There's some lunchables and some almond milk three bucks Okay, and also if you took a look at that and compare it to over here a little bit of a price increase Now if you take a look at Walmart here in Puerto Rico, it's still five bucks for a gallon of milk So just so you know, it's probably the cheapest to shop at Walmart, but that's just for These items. Okay, if you take a look at like I mean gases is higher Clothes are higher Vehicles also have an import tax. Everything has a damn import tax So just know you're gonna pay a lot of money for everything and then go into restaurants Super pricey. So that's just so you know One of the things that's I I was now made fully aware of it's expensive to live here also The abolish X 60 part this is gonna follow you if you're from America, this is gonna follow you wherever you're at okay, and it's not as Just depends but the reason I'm bringing this up is Because it's important that you understand why I'm gonna recommend certain Charities as opposed to other charities here and where I think that There is a lot of good to be done In Puerto Rico, so I'm gonna go over this as quickly as I possibly can so this is an Article written about a year ago influencers developers cryptocurrency tycoons how Puerto Ricans are fighting back Against the outsiders using the island as a tax haven first of all you will see this beautiful house behind me, right? beautiful this Was not sold to me by a German This was sold to me by a Puerto Rican and the Puerto Rican lives here in Puerto Rico So when houses are sold and people are using that money, I don't know what they do with it Okay, I'm just here for my part. You have a price I pay that price and that's pretty much it. We'll talk about gentrification and does it happen. Yes, it does Does it push people out? Yes, it does However, is that the primary reason for everything? I don't think it is and I'm gonna talk to you about that right now So let me scroll down here. There's just two parts abolish x60 This article states the government says Puerto Rico needs the money. I cannot deny that whoever set up x60 not a good Not really that great I would have been okay with paying a little bit of taxes on Capital gains that's just me Talk but talk me into in the comments But it states here the island currently has an unemployment rate of 9% and has been in a recession since The tax incentives began. So I'm gonna tell you that's not true This x60 this is not when the problems began. It happened a long time ago Here's an article from 2015 tax policy helped create Puerto Rico's fiscal crisis There was a program called section 936 Puerto Rico when essential drivers of its economic growth has been the US tax code true for over 80 years The federal government granted various tax incentives to US corporations operating Puerto Rico in order to spur The industrialization of the island. I don't think that's the best thing to do I think they could have done it with a little bit more taxes, but whatever. I'm not here to debate that so in 1976 section 936 the tax code granted US corporations a tax exemption from income originating from US territory exemption I Can see a reduction but an exemption it seems kind of crazy, but I'm not an economist Because these generous tax incentives for businesses Puerto Rico grew rapidly. That's good throughout the 20th century and developed a substantial Manufacturing sector though it remained relatively poor compared to the US However because sanctioned 936 made a foreign investment in Puerto Rico Artificially, that's a keyword attractive creating an effect in economic bubble It left the island vulnerable to a crash if the tax provisions were ever to be repealed and guess what happened in 96 president Clinton signed legislation that phased out section 936 Over a 10-year period leaving it to be fully repealed at the beginning of 2006 So when we talk about act 60 as the beginning of the end It's not how it was it happened a lot longer and this and 936 happened in the 70s and before that was something else So to me, this is how I see the GDP growth from 2000 on you can see it was stopped in 96 It had a little bit of a spike But as far as when it was totally phased out in 2006 you can see the GDP dropped off the face of the planet 2006 also marked the beginning of a deep recession for Puerto Rico, which has lasted until today and just so you know As far as the pharmaceuticals companies, they're the ones that took advantage of it and there's nothing wrong with that That's what they're those are the laws that they had so here Just so you know pharmaceutical companies generated more than 18,000 jobs in Puerto Rico It pays more than three billion in taxes and generated more than a quarter 25% of the island's GDP for the past four decades So you can see why that was actually important for them to come here But no no tax kind of crazy, but again non-economist pharmaceutical companies came in in 1960s and 70s And then as of 2014 Puerto Rico produces 16 of the top 20 selling drugs in the mainland US and just so you know The pharmaceutical companies are still here, but they're also being phased out So like we can find tax advantages someplace else and that's where they're going So then to finish this up, this is why it's so important. We understand this part Here's the poverty rate in Puerto Rico. I can only go back to 2005 Actually, I looked before that there was some data was around 40% Poverty rate in 2005 was still 45% and you see in 2006 when everything stops It was it went up then it went down and then of course in 2012 when you had acts 21 22 Actually wasn't too bad 44, but it's still the same as in 2005 It dropped off until the 14 and 15 out of 43 and now we're actually at a lower point than what we were before So not too bad so far. However If you look at poverty line at 44% and that's awesome that sucks Here the 10 states with the highest poverty rates in the US Mississippi leads the pack at 20% Puerto Rico is double that but I think there's a potential reason for that And I will say this You can only learn things from being here And I've got friends who are in construction that have lived in Puerto Rico almost their entire lives pretty much their entire lives They tell me this they go Rob the poverty rates are a little bit different because here's the thing for construction wise People do not want to get paid on the payroll. Why not? Well, it's because they can gain a ton of money Through government programs, but they have to stay unemployed. So we pay people in cash. Does it happen everywhere? No, does it happen somewhere? Sure. Are those numbers as far as poverty correct? I don't think so, but is there a poverty problem absolutely So there is a gray economy and again, you can only know that unless you're actually been here and talk to some people And that's what I have known. I will say this though This leads me to my last point The household income in Puerto Rico is 20,000 bucks $20,000 Is that because of poor education? No, bachelor's degrees 27 about about a quarter of people Employment rate 38.7, but I want you to hone in on this number right here the total Employer Establishments 44,748 let's compare this to the great state of where I'm from Texas Household income is 64,000 are they smarter debatable I'm from Texas. I'm not that smart Bachelor's Degree 30% it's pretty much in line with what we had over here at 27% Employment rate 61% Employment rate 38% and this number again, this is in Puerto Rico total employer establishments 44,000 how many you have in Texas? 609,476 So we take a look at what's going on. There's no jobs or there's no jobs that pay pretty well or enough To get things going and this was a study in 2017. Why the poor Puerto Ricans move to the mainland its job related It's the jobs. That's really what it comes down to so I Know there's a long explanation But it's gonna kind of shape the things we're gonna talk about in a little bit as to where things are going and where I see Or where I'm gonna be putting my efforts and money into as far as nonprofits So let's stop that one and let's jump back real quick to what we were just talking about as far as Why it was a bad idea. So we've got this up Now we know of why let's talk about the house there are positives of the move that I can tell you right now and One of those of course is if you want to move here in Puerto Rico Look, I don't know where things are going as far as the crypto market It is March 7th 2022 Ukraine has been invaded by Russia. The world was on fire The market cap has gone. I mean from 3.1 trillion all the way down to 1.8 trillion and not too much time So I can't tell you what's gonna happen, but I can't tell you that in the future This is the time to plan and this will be the time to take a look at options I'm not telling what to do not investment advice just investment opinion So one thing that is I would say is in the future. It's gonna work out pretty well The positives of for us is the rentals or the property that we did buy we learned a lot from being here We learned what the people are gonna need we learned that there are management companies people who live in Puerto Rico Who we hire to manage our properties because I think that's the best idea for us And it actually helps of the economy. Also, there's connections that have made I've made some met some pretty great people and you can only do that when you get to the actual island itself Also, you get out of your comfort zone. I've never done a meet-up now I do one every two weeks and I I love them. They're great It's where they get some of the best insight into what's going on with just people itself and then two things before we well one thing I guess before we get into the the donations As you know when I moved here Okay now with our dogs one of our dogs got lymphoma and if I had to deal if if Chewie had to go through The chemo part for the vet in Texas. It would have been a real hassle, but there is a great vet It's over at condado and this is just a selfish one is It's his name is Gabriel. I want to give him a shout out because they are fantastic and taking care of those things so That is that part if it wasn't for that I wouldn't have met those great people over there at the condado veterinary clinic But here's what I want to talk about as far as as I call it ff verse f financial freedom verse fulfillment And the $10,000 donation. So when I talk about these things, I don't take it lightly I think it's important that you understand where You know where to put your money In general so real quick about about that great vet vet hospital. This is their website and the reason I do is because Gabriel he's He owns the the vet clinic and he's looking for another vet to to to come in with them You don't you don't have to know Spanish. It's in like the most Touristy place by condado and they are fantastic. So if you're gonna move here and you're a veterinarian Just so you know that place is is one of the tops as far as it's a accreditation It's got 12 to 15 percent AHA Standard which means it's like one of the top 12 to 15 percent of all the vet practices in the US and Canada So you're good in a great place. It's awesome. I can connect you again Gabriel's email The vet will be in the description so you can talk to them again. Don't even know Spanish not a big deal This leads me to my next point as far as Donations $10,000. What are you gonna do? We're gonna put it? well, I Think there's some places that need a little more help than others. That's all I'll say just so you know the first $5,000 must go Your $10,000 to a nonprofit organization listed by Commission, Especial Conjunta de Fondos Les Lativos para impacto Communitario nailed it which publishes an annual list with approved organizations CEC FL. Jeez. That's a second back Army with that mnemonic and then next the next $5,000 can go to any Puerto Rican 501 C3 or here. They call it one one zero one point zero one non-profit of your choice But one point to bear in mind is that the organization the second one Cannot be on the CE CFL's list. So you got to put five thousand into one on the list and five thousand. That's not a list That's just one one zero one What the heck is CEC FL? Well, I'm gonna link that in the description so you can find it yourself and This is essentially Exactly what it is when you click on the list itself It's first of all, it's super small which kind of sucks But if you zoom in it's in Spanish, but you can figure it out But what's great about this is like you can go to you can contact the people most everybody here speaks English, honestly But or you can just go to their website. So see how it says like Katiana at Alianza PR's in drogo's calm just go to that website or adopt and oh and PR org and you can see what exactly it is and you can make your just make your Donation there as you see fit, but there's one thing like there was one that was called boxing bullies and I clicked on that I was like this looks good and This is the Jake Paul one. Look at that Jake Paul has moved here and he's got his own Non-profit, but just so you know Which is great. I can't take anything away from that's pretty great. I mean bowling is an awful awful Epidemic these days with kids which is awful, but just so you know they've raised 416 thousand $270 four and sixteen thousand $270 that's a good amount of money, right? That's great good for them I think and you can go into that, but like we just talked about I think there's some issues that we need to address which is People need jobs and that's what it comes down to so I'm going to give to two organizations And one of those is pro tet shows so pro tet shows this place it actually I'll let me show you here This is a place that trains people how to be roofers how to install roofs And and they do it for free in the community So they work closely with the community They network the local community leaders and religious institutions to locate the most urgent cases like elderly people who don't have a roof and They train these individuals these people who want to learn they pay them To actually install the roofs and then they can go work in any construction site They want to they prioritize homes with children elderly or sick Occupants and how it works is I thought it was pretty cool And I actually met this is Emily I met her at one of the meet-ups matter of fact And she said that she had a non problem great And this is how they do it if you're a trainee you get 725 an hour Just to train and they teach you how to be a roofer which I think is pretty great And if you want to stick on you know, they can even want to be a trainer 12 to 14 bucks But trust me if you're in construction, you're making great money, especially here in Puerto Rico. It is Pricy to get good people. So I think this could be one of those great ones The program draws some residents who are willing able to work Providing with carpentry training through hands-on education Pay them and wage everything else and what's great about this when you donate you can use PayPal at the Ache Which is here the local app or you can use cryptocurrency And also if you click on about us and click on contact if you don't want to like I don't know how that's gonna work because I have to show that I actually paid the $5,000 You they actually take checks which is crazy to me But they do take checks and you can prove it and all those things It's kind of hard to to donate with blockchain and then prove on the blockchain and so on so forth But Emily she sends letters out to everybody if you have any questions This protet shows will be a link in the description. I think it's a pretty a pretty great thing And then also when we take a look at like jobs themselves. I think that we can all agree that Developers are in high demand. So this was another gentleman I met at one of the meet-ups his name is Adam and this is a franchise called whole Burton school And what they do is they train people to become full-stack developers and they do that in 10 months And it's a pretty intensive Format, but here's how it works So when you go through this process and I'm gonna link this here They're specific to San Juan, Puerto Rico when you go through the process of learning how to Learn how to be a full-stack developer You don't pay a dime intuition. They actually put that off until afterwards. So once you're done With the training then you pay back Only if you get a job and become a developer I personally don't see how you wouldn't get a job as a developer that seems to be a pretty big thing and they teach all types of things as far as like computer learning blockchain all this great stuff there's a link and You can sign up and see how it goes. There's some things to note here about the school first of all It's $50,000 that you're gonna pay back. However, full-stack developers makes it pretty good money I'll just start with that second of all. It's very intensive. So when you go through this The nonprofit part is as such When you go through it and you're like, hey, I got kids to feed I got a family to take care of and you can't make it the nonprofit part It pays you between $500 a thousand dollars just to be a student there and that comes from us that comes from the people that donate there So you can go to school tuition free payback later. So it's not tuition free, I suppose But you also get paid $500 or $1,000 whatever you need a parent For your types of expenses to take care of your family and hopefully after 10 months You can make it and go through there and then you don't have to pay that part back So that is the nonprofit aspect of becoming a developer and there's one more caveat and that is that For this process when you sign up here You're gonna take a test and that test is pretty hard and from what Adam tells me usually One out of ten people can get to the test So if you think that if you're watching this in your Puerto Rico, you're like, hey I like to be a developer go through this see how it works and Hopefully you can get through the application process and become a full-stack developer and that is where I think Things could potentially go I'll be adding more things on there as far as like for jobs But in my personal opinion, I think Puerto Rico is a great place I just don't think it has a lot of good jobs a lot of great jobs a lot of enough enough jobs For what the people actually need here. I could be wrong, but that's how I see things All right, so that takes care of that little piece. Let's finish this up with talking about the last sections as far as like Living so So for right here Would I do it again? That's the real question. I do it again. Yeah, I would do it again And uh, I'll just change a couple of things first of all Who I signed up with I can't recommend that group again And I'm going to tell you who I would have you sign up with as far as if you want a more hands-on or a hands-off approach Second of all I would set up a cpa from the very start because you want to know exactly what you're getting into And you want to get all your bookkeeping in in order, especially if you're a corporation And then also I would have uh, well crypto trader dot tax what I use for my taxes I would still use that because I could just put that in and get my cpa, but I'd find a cpa first also I would be studying Spanish rapidly because if you want to fit in Everybody a lot of people speak English. That's true but if you really want to fit in into a into Puerto Rico and culture you want to speak the language of the island It's just I can't explain it, but if you really want to Be a part of the things that's the culture. So Spanish and I'll tell you how I'm doing it I would have waited until there was a down market for the housing because it's awfully expensive here And then also I would do it again because there are talks that x60 might be going away But it's been talking about that for a while, but you never know because There is some unrest in the legislature also, uh As far as like property challenges as far as buying stuff Appliance is something of that I'm gonna show you where I would buy things once you get your house and then also to meet people There's a secret list I have for you and I'm gonna tell you how to get it in all those things So real quick let me go over this in a nutshell They think this is also As important as I can make it. So if we take a look at First of all, who I recommend it depends. Do you want to have a hands-on or a hands-off approach? if you want to have like more of a hands hands-off approach There's this website called pr relocate or relocate Puerto Rico Dot com and it talks about this is x60 and the two we talked about export services investor resident Here's how much it costs. Uh, first of all, if you're a corporation, it's free They do it for free And I say we're a qualified promoter with the Puerto Rico Department of Commerce We are compensated by the government not you you will still need to pay these standard applications Which isn't much like 700 bucks They give you a business plan a business structure lc creation application and first of all, I have no affiliate with these people I have no affiliation. They're not paying me a damn dime I just found them. I one of the phone with them is talking like do you guys still do this and like, yeah, of course I do Have you ever heard of us and uh, no I have Because I use somebody else So and then also if you're an investor resident The application is too grand. I'm just going to tell you that I paid a high five figures yeah from mine and That's all I will say about that but I would not do that again So again, they give you an introduction call case evaluation Applications submission tracking compliance support Relocation compliance initial setup of water electric internet and cable utilities Which you're going to need to get a bank account here and we'll talk about in a second and then also if you're You don't have a place right now. They'll set you up with a virtual mailbox, which would meet that criteria right of Presence or home so they can set you up with a virtual mailbox 49 bucks per month now Yeah, some within two years. You're still going to buy property. Don't get me don't get it twisted But that's a pretty good thing and also There was some pieces here. I want to bring bring to your attention service we got When can I apply for the export services tax incentive? You can apply for the export services act anytime What is the process? And this is where it gets this is why I say if you want to hands on or hands off You can the individual needs to submit an application to the office of industrial tax exemption Which is division the department of economic development and commerce of port Rico Have fun going down there and filling out that paperwork and finding the place and getting it right and everything else You can do it But again, why don't just go to some place like you know this Or the the lawyer who I'm going to recommend pretty soon for a hands-off approach How much is the cost 750 application fee? So that's pretty good What's the start date for my services decree the export services decree is retroactive to the date of filing So you don't get approved Uh for six day months. It'll go retroactive to the date of filing Uh, do I need to move to port Rico for the export services again? This is for the corporation 4% tax no The export services tax incentive is based on the business and not the individual However The tax cuts and jobs acts of 2017 Regarding retained earnings and controlled foreign corporations may disincentivize shareholders from living in the u.s due to the mandatory Repetition of retained earnings or a global and tangible low income. We recommend that any export service business Relocate to port Rico. I do it myself make sense Do I need to set up a bank account in the port Rico for the export services? No, but it's recommended I'm going to tell you right now just do it and we're going to talk about those in a second Now for the investor resident Act, which is you know, if you have cryptocurrency capital gains or a wall street person. This is the other one Uh, and of course in access to you can whichever ones you want to do they're all they're both in there So when can I apply you can apply for the investor resident individual tax at any time? Before after you move to port Rico However, you must be a resident port Rico for your investor resident individual degree to be affected remember 183 days How much does it cost same thing? We talked about 750 application fee $100 acceptance stamps 5,000 one time acceptance fee that's just one time But $10,000 annual donation to nonprofits like we talked about What's the process the individual needs to submit an application blah blah blah blah again I would recommend you go through a program How long does it take for an investor? Individual application to be approved takes about 60 days now this one takes 60 days But the other one the one we just talked about the export services act I don't know if I highlighted it, but it takes six to eight months. It's in the FAQ I will link this in the description so you can read all these FAQs if you want to and then this one was interesting these last two How do I split a capital gain between appreciation before moving to port Rico and after moving? This is was my issue There are two types of investments marketable investments as a public market price Note the investment price on the day you move to port Rico. This is the date that bifurcates your gain So for me april Non-marketable investments using the days of ownership method You would allocate your gains by dividing how many days and each jurisdiction you own the asset If you want to do that go right ahead talk to the cpa And then lastly like I said, this was interesting. Does my spouse also need an investor resident individual decree? Yes Why factors like community property and life events like divorce or death may complicate your scenario, especially here If one hasn't one doesn't so if you're like, well, I don't know about that So maybe just throw on the husband or wife or significant other just to be sure and then also So just so you know, this isn't some flabby night place as I see it like they've been quite a bit Even like up to a month ago. Google client reviews looks to be pretty good And uh, here's the people michael founded eb fab one of the leading investment visa companies Sam here managing partner at affiliate network travis General manager at uber and now he's on this one pila revera. She was a or is a licensed new york attorney She's the one that's actually on the calls Volunteer with safe passage or interlation that links unaccompanied miners to pro bono legal representation. It's pretty good And then chris here also an attorney and you got brokers and everything else. So pretty good Company, and then lastly, I thought this was the coolest thing I will also link this once you if you want to schedule a free call They got all this stuff you can do They got this thing called resources and I wish I had this I didn't So you got tax incentives all the things you need Here's the schools if you're moving down here with the kids you can take a look at all the schools The real estate will get into this air air b&b works zillow. No Puerto Rico MLS. No, this one called classification is the one I want to look at Banks there's really three banks scotia bank. I've only seen like I don't think I've ever seen one But it's also it's all bank of popular first bank in oriental and these are the things you're going to need to set up with This is why you're going to need The utility bills which they can set you up with And everything you're going to need to actually get everything moving. Here's your utilities Here's the gyms, and here's something that's pretty cool learning spanish Uh, that's pretty important. So those are the two things like that's like a hands-on You got to do a little bit of thing. Here's a hands-off approach This is what I would have done if I would have met Jaime back in the day This is Jaime Eponte parcy and he is The lawyer that we use for our property deals great guy. He's been here for decades I mean, he's lived his whole life, but he's been pricing for decades In his firm established trains over six decades of a combined experience Tax exemption estate settlements condo sales dispute resolutions Real estate and real quick. Just so you know if you call him on the link in the description Here's uh, Jaime and what you can expect All right, everybody. So as promised what I got is uh, Jaime Eponte parcy here. He's been a lawyer here for Puerto Rico for 30 plus years and uh, he's got the inside track on ax 60 So Jaime I got four questions for you. First of all, can you help people out with the ax 60? Yes or no? Yes, absolutely Fantastic and then also can Puerto Ricans apply for ax 60? Not Unless they haven't been brought in here for the last 10 years or so Great and we'll get into that now. Also. Is there rumblings going on in the legislature about revoking the ax 60? They're not revoking ax 60 But they're going to tinker with it because the governor has appointed a commission to look at tax reform in a very broad sense Great. So that makes sense We should if you're going to get an ax 60 do it sooner or later because you can get grandfathered in makes sense The last question is Jaime. Do you have any cpas that can help us out with the tax stuff? Yes, we're working with two accounting firms right now They are getting into the very busy part of the year. So we're trying to recommend clients now before You know, we're already through But yes, the answer is yes, there are people who can help you and should help you with compliance Great. So everybody that's watching this right now We did a deeper dive into this which i'm going to put onto the website and also on youtube You can check that out later. Jaime. Thanks for coming in and we appreciate it Okay, so that's Jaime in a nutshell and then also that one part about learning spanish You can use dueling and all those things but look I've done that I go off and on I just got to tell you You're going to need something that really puts you in there and it's all about immersion So I've had friends who have gone through the language program in the u.s. Army also had friends go through it for to be The people that go through the different countries for the church of latter-day saints and and talk different people in korea and Africa and all that and what they always tell me is the same thing Missionaries that's what they are Well, they always tell me the same thing you have to go through an immersion process to pick it up the fastest way It's my friend brian. He learned farce in three months And the way they do it is because they sit you down And they only speak farce to you for three months straight You probably don't have the time for that. However, uh, what would be great instead of having a whole classroom is just have Spanish lessons and uh, this is prepley And I have a refer a friend link and I'm only giving this to you because I use them personally I've done this now for five hours or so And all I do is speak Spanish to you and they speak and they teach you the things to say and how bad you are Actually, so you don't have to use my refer a friend thing. I just get more hours to be added in Uh, so I can take more more lessons. You can go writes at prepley P-r-e-p-l-y.com or you can lose use the link in the description But this is what I use you set it all up and they've got and it's like 15 bucks an hour for a private tutor and it's kind of like it's it's it's a zoom Interaction and it's right there like I think this is probably one of the better ways to do things and and just to get your own private Tutor 12 bucks an hour 18 bucks not bad 14 and there's like thousands of them I mean 4 000 Spanish teachers available. So I think it's a good way to actually, you know job creation and things like that also On top of that I recommend my man biggie crypto because it's good to do the lessons But they're not going to have you for eight hours a day. It's going to be like one lesson Maybe every couple of days in between the time you're going to want to do more Spanish stuff So why don't you if you're in crypto? That's why my man biggie is into crypto He just started and he's got a great channel and it's all in Spanish So why don't you try to do that and pick up some Spanish? And listen to crypto on the same time. So there's that and then Also, as far as like I talked about as far as like moving down here for and getting your property Import taxes are are big. Also, you're going to have to wait a lot for your Um appliances. There's a place called in huevos con damage And I will link in the description the phone number in the address They have like thousand dollar multi thousand dollar refrigerators and stoves and stuff like that microwaves They're like they're like major like 50 off because they got a ding here and there so Go to those guys because they have a ton of stuff in stock as opposed to go into places like Home Depot and Lowe's you're not going to find stuff there. Maybe Sears, but that's about it and then also if you're going to try to actually Furnish your new house or a new condo that you're going to buy You're going to want to go to Ikea There's a bunch of them like three or four here and the only one that actually has The stuff that you can buy and pick up instead having shipped here in over two or three months It's called Ikea main Puerto Rico on the Santa Rosa Mall I will link that in the description as well so you can find all the stuff you want to Furnish your place with and then also here is lastly That secret group I was telling you about like It's cool When you you know, you have all these things going through and you're trying to find like, you know friends and stuff like that Like I'll see you in meetups But wouldn't it be awesome if you could have A whatsapp group for all the different interests that you're into right so like this one's got if you're singles sure you've got Acro yoga which is like balanced yoga for partners or some of that basketball fire spinners beach tennis beer pong I like that biohacking. I want to get in that one And then some other stuff here, which I need to now black out because I don't want you to see their numbers But here's the thing about this This document was given to me by somebody but The thing is that I can't give it to you This work has become a victim of a success groups listed have bumped up against whatsapp 256 member group size limit. Please don't contribute further to the problem by sharing it publicly It's obviously not meant to be a secret But individual sharing one-on-one is the way that its creator hopes it to be used Please don't post this file or a link to it in any group Instead, please ask folks to reach out to you to get the link. So here's the thing I can't give it to you but If you move here And you come to one of my meetups I'll give it to you no problem or if you move here and you can't make a meetup I'm not here. I will give it to you, but you have to reach out to me individually to ask for it I can't just give it to you because that would go against the groups Wishes so there is a great way to do things and that's one of them and then lastly I will just say this Is that when you're looking for houses? Zillow and all that other stuff don't work here Most of what you're going to do is find on Classificado's online And you can search by city and things like that is a big difference between Like a house that maybe you're like, I want a $10 million house or maybe you want to condo for $150,000 Sure, you so this is where you're going to want to look at but I will just recommend my personal I have two real estate agents Brenda and Victor and Brenda is great for she works at iconic realty links in the description and she can find you some pretty good places that Will look pretty good for you Depending on if you're looking that like if you're like just a single person want a little condo or like you're Bringing the whole family over she's got something for you and then also victor is one of those guys who's pretty good at like finding like Investment real estate so they're both good. I'll link them in the description and you can figure it out for yourself And that's what we have for that little piece And then lastly and we'll wrap this up because this was like probably my longest video I have ever done but there's so much to cover unfortunately I will just say this If you're gonna buy property It's super overpriced. Just so you know someone just bought a broken down shack For $1.6 million depending on the area. It's like california prices It all depends on where take a look at those class of acados I talked about different real estate agents and just so you know amazon does work here They do deliver but it takes a little bit of time and that's what we have so lastly just so you know You can live in tourist area if that's what you're thinking but that was a minus why i'm in guainabo language is important I still say that most people speak english But you really want to fit in you got to speak spanish no way around it It's always around 80 degrees no exceptions It's like the coldest it'll get is 72 unless you go in the mountains and fire other but fire though But it's not that bad also traffic lights. Just so you know It's just a suggestion here in the different areas like they usually just either either they Sometimes they work But sometimes they're just blinking and people just blow right through them But it's crazy very few accidents But traffic lights here are kind of like a suggestion not like some they actually fall all the time Electricity there is rolling blackouts depending on where you're at I get one probably once or twice a month and it lasts for like 30 minutes. No big deal Safety every city sucks and has their own safety issues But there's a difference between the area that you're in and the weather Hurricane weather that's between like June and november somewhere around there So just be aware That's when the big Time is and then again, it's expensive to live here and lastly I will just say this financial freedom Verse Fulfillment it's all about what do you think is important to you? and what you want to do so like You can live here and uh pay not too much or you can really be a part of the community and try to help build it up That's it So I know that was long But that was as much as I can put into it in as fast amount of time as I can So if you like today's video give it a thumbs up Also consider subscribing a lot of things we talk about on this channel are mostly cryptocurrency news not Puerto Rico stuff So just so you know this is like a one-off type of thing and that's it So thanks so much for watching. I appreciate it and I'll see you on the next one