[g.giancaspro_108]

I love visiting Puerto Rico.

What is your affiliation with this program, the accounting firm or the FB group?

[rlwisins_477]

No affiliation other than a client of BDO.  There are a lot of accountants who can do this on the island though.  The fb group is a friend’s of mine, but no affiliation otherwise.  There are several fb groups though (Mommy and Daddy’s, Act 20/22 Internet Marketing, etc.).  
 
I just wish I had known about the program when I started doing teleradiology a few years ago.  And there are around 1000 of us Act 20/22ers, and it’s better for everyone if there are more.  Anyone is welcome to PM me or fb message me if they’re interested in learning more.  I found out about the program on Jan 11 2017 and started operations 6 weeks later.  It’s great!

[rmettille]

Will the new administration reverse this like they are trying to reverse all of the prior administration policies? Not being political just would not want to go through these hoops to save on taxes only to have to pay it back with penalties later.
 
[link=http://www.latinorebels.com/2017/11/27/why-puerto-ricos-act-22-on-capital-gains-taxes-and-passive-income-is-probably-illegal/]http://www.latinorebels.c…e-is-probably-illegal/[/link]

[ruszja]

Quote from jerry garcia

Will the new administration reverse this like they are trying to reverse all of the prior administration policies? Not being political just would not want to go through these hoops to save on taxes only to have to pay it back with penalties later.

[link=http://www.latinorebels.com/2017/11/27/why-puerto-ricos-act-22-on-capital-gains-taxes-and-passive-income-is-probably-illegal/]http://www.latinorebels.c…e-is-probably-illegal/[/link]

One problem with the Puerto Rico and Virgin Islands incentives. The moment they are abolished the respective industries pack up and leave.

But that article is mostly wishful thinking. If different rates of taxation violated the Constitution I would be first in line in the litigation to force a flat tax.

[rlwisins_477]

Well on the one hand you’ve got that article with its specious arguments, and on the other hand you’ve got BDO a major accounting firm, David Nissman ([link=http://www.ilpplus.com/Page/dnissman)]http://www.ilpplus.com/Page/dnissman)[/link] , and countless lawyers saying it is 100% legal.  
 
Not sure a U.S. administration can reverse it – it’s a contract with the Puerto Rican government.  There are some risks of course (PR declaring independence and the US congress allowing it), I give it 1% odds, and PR courts declaring it illegal, etc. but those odds according to experts are very low.  There is a long history of these territories doing such programs going back decades. 
 
If they do change the acts as they have amended several times (sometimes making it better, sometimes slightly worse), it affects new decrees only.  For example they added a $5k mandatory charitable donation to a PR charity for Act 22 each year.
 
 
 

[g.giancaspro_108]

How does the US federal tax reciprocity affect this plan for a US citizen participating in the PR Act 20/22?

[rlwisins_477]

I don’t understand your question.

[ruszja]

Quote from Avery Knapp Jr.

Not sure a U.S. administration can reverse it – it’s a contract with the Puerto Rican government.  There are some risks of course (PR declaring independence and the US congress allowing it), I give it 1% odds, and PR courts declaring it illegal, etc. but those odds according to experts are very low.  There is a long history of these territories doing such programs going back decades. 

They also have the half built industrial parks to prove it. You are basically moving to a socialist developing country and you hope that they keep up their part of the deal. That requires a level of trust in the PR government I can’t muster. I used to live next to a gentleman from PR, occasionally he would invite me over for food and bible study with fellow PR professionals working in the local industry. PR is a place people with ambition have to get out of, I don’t see how a promise from the PR government would change that.

[rlwisins_477]

While it is a possibility, PR has had tax-incentive contracts with pharmaceutical companies and programs for other companies as well for decades, and have been upheld.  The same applies for the USVI.
 
It’s not for everyone – maybe there is a 1% chance per year PR (over 100 years) PR becomes a state or the PR courts overturn it, or much more likely, close it to new Act 20/22 decrees.  All the more reason to move now.
 
There is a lot of truth though it is a socialist developing territory and government is onerous.  50% of the population is on food stamps I’ve read.  But the tax savings are incredible especially coming from states with high or any income tax (CA and NY), and as an added benefit, you’re helping the PR people out by moving there.

[ruszja]

Quote from Avery Knapp Jr.

While it is a possibility, PR has had tax-incentive contracts with pharmaceutical companies and programs for other companies as well for decades, and have been upheld.  The same applies for the USVI.

It’s not for everyone – maybe there is a 1% chance per year PR (over 100 years) PR becomes a state or the PR courts overturn it, or much more likely, close it to new Act 20/22 decrees.  All the more reason to move now.

There is a lot of truth though it is a socialist developing territory and government is onerous.  50% of the population is on food stamps I’ve read.  But the tax savings are incredible especially coming from states with high or any income tax (CA and NY), and as an added benefit, you’re helping the PR people out by moving there.

You are still at risk of the IRS taxing you on all income that has a domestic US Nexus.

[rlwisins_477]

If the work is done from Puerto Rico (sourced in Puerto Rico), and the company is in Puerto Rico, then it does not have a U.S. Nexus.  

[Riquelme10]

Ill pass

[rlwisins_477]

Hard to believe there are only ~4 of us teleradiologists who are willing to move to Puerto Rico to get a 4% marginal income tax rate.  It’s splendid here (I know 3 of the other radiologists in PR doing it).  

[rlwisins_477]

Also they got rid of the employee requirement.  So 1 employee yourself works.  But I’d recommend getting an assistant as things are a bit less efficient here (banks, stores, government ect)

[rlwisins_477]

Also they got rid of the employee requirement.  So 1 employee yourself works.  But I’d recommend getting an assistant as things are a bit less efficient here (banks, stores, government ect)

[g.giancaspro_108]

How did you go about setting this up once you decided to do it?  Or did you move there first and then learn about it, so you were already a teleradiologist in PR?  Do you register or do something prior to starting or do you move there, read as a teleradiologist for a USA based company/hospital and then file your taxes under the 20/22 acts?  Was this onerous?  How many years have you done it and have you received any resistance from the PR or US government?  Just to clarify, your other assets (investments) are still taxed in the USA but the US government does not tax your teleradiologist income?

[heenadevk1119_462]

Do you work for a US telerad company, Avery?

[radiologistkahraman_799]

This is why there has been a massive influx of the BitCoin millionaires to move there per my understanding

[rlwisins_477]

I have my own companies, and am an independent contractor for a few teleradiology companies.

[rlwisins_477]

Heard about it while researching microcaptive insurance companies.
Found out about it, spoke to several tax lawyers, and set up my company and applied for my decree within 5 weeks, when I moved down.  
Yes register get LLC, apply for decree, and yes file taxes in PR.  I also have to file U.S. taxes as I have some income sourced there.  
The process was not onerous, but is changing Jan 1st. I’ve been here for 2.5 years.  
No resistance from governments.  There are some hurdles you have to cross (regulations, compliance) but you can outsource this to a local CPA firm.  
For Act 20 (export service), yes you are taxed at 4% marginal tax on your radiology income (paid as dividends).
For Act 22 (capital gains), you are taxed at 0% on your stocks, bonds ect.  
U.S. real estate is taxed where it exists, but you can manage your property from PR and take a reasonable and necessary management fee.  
Happy to answer more questions.

[robertson.jaime_244.jaime_244]

Quote from Avery Knapp Jr.

Also they got rid of the employee requirement.  So 1 employee yourself works.  But I’d recommend getting an assistant as things are a bit less efficient here (banks, stores, government ect)

How much less efficient? The press makes things look pretty grim in Peurto Rico, with spotty access to electricity and health care. Is it different in the big cities? And is this only to be considered for single people, or a favorable place to raise a family?

Have to say, paying less taxes is appealing given where federal money is going these days.

[jeevonbenning_648]

Seems easier to legally pay 0% on real estate rental income, and 0% on capital gains (1031 xchange) from the good ol’ U.S., without having to deal with major hurricanes and higher crime. Already doing.

[g.giancaspro_108]

Hes talking about radiology derived income, in his post on this radiology forum.

[jeevonbenning_648]

I’m aware. But since we are on the topic of zero/near zero tax treatment/savings on taxes, some more suggestions for that which may be more realistic for some.

[raghunadharelli_57]

For what it is worth: Completely legitimate option. Must meet the requirements of the law, including living in Puerto Rico (if you missed the news, a few infrastructure challenges there currently) the majority of the year. Consider the travel time/expense to return to the states and visit your children / grand children (they will get tired of visiting you).  

[heenadevk1119_462]

It’s legit. Negatives are overstated. But I’m wondering who or what most RADS work for. I know other businessmen down there that love this shindig.

[Unknown Member]

People have mentioned reliability of utilities here. As a teleradiologist, I would think that having extremely reliable and fast internet would be an absolute requirement. I had lived the the Caribbean previously and the utilities are very unreliable. If a hurricane is eminent, what do you do? Take a plane to miami to read your shift? I can image you might lose your telerad gig if the internet goes down.
 
Also, I can imagine if you are reading studies for mainland based hospitals, the IRS might take issue with the fact that your income is “earned” in Puerto Rica. There might be a precedent for this with reading studies in other states and paying state income tax only in the state of residence, but the IRS is much stronger and has many more resources than state tax boards.

[rlwisins_477]

1. Internet is VERY reliable and fast.  Much faster than the best residential I had in Miami Beach or Boca Raton or Delray beach.  I have dual gigabit services, one of which costs $150 a month and one of which costs $999 a month.  The $999 one is microwave (over the air) and I got it because the fiberoptic wasn’t available until after the hurricane in my neighborhood.  Considering getting a third gigabit fiberoptic for the family, but its really redundant and an extra $100 a month or whatever, so until I cancel the $999 one in 6 months or so going to hold off on that 3rd gigabit service.
2. Yes you need a generator or solar (I have solar and Tesla Powerwalls)
3. Read up on sourcing of income.  Your income is sourced where you do the work (provide the interpretations), regardless of where the x-ray was performed.  The IRS will NOT take issue with this, as they wrote the rules.  Ask any tax lawyer or read up on sourcing of income.
4. If a hurricane hits, you just leave before, and come back after.  Hurricanes are predictable a few days before hitting approximately.    We have family in Boca and L.A. and I have home offices set up there so we are covered no matter the calamity.

[rlwisins_477]

They’re changing the Act 20/22 programs starting Jan 1st.  Adding an employee requirement back (not sure how many), and increasing mandatory donation to $10k a year for Act 22 (0% capital gains).  Also adding a requirement to buy your house within 2 years I believe.
So get your decrees now (4% income tax).  There are about 7 telemedicine doctors I know of down here (out of the 3000 Act 20/22 decree holders).  

[Unknown Member]

I know someone who tried it. He had trouble with Spanish infrastructure. Didn’t work out. He left after a few months.
He also had trouble getting the medical license. It is in Spanish too.

[rlwisins_477]

Too bad.  Yeah you need a network or an assistant who speaks Spanish.  Yes if you are a radiologist getting paid >$100++ an hour and decide to get your medical license on your own in Spanish, maybe not a wise move.  Outsource getting your med license.  Mercedes a lawyer helped me get mine very fast much faster than the company I had used before for U.S. licenses.

[Unknown Member]

Quote from Avery Knapp Jr.

They’re changing the Act 20/22 programs starting Jan 1st.  Adding an employee requirement back (not sure how many), and increasing mandatory donation to $10k a year for Act 22 (0% capital gains).  Also adding a requirement to buy your house within 2 years I believe.
So get your decrees now (4% income tax).  There are about 7 telemedicine doctors I know of down here (out of the 3000 Act 20/22 decree holders).  

 
It seems these changes would drastically decrease the attractiveness of such a move — especially buying a house.

[rlwisins_477]

Yes which is why it’s good to apply now before 2020.  You can keep a shelf company for a few years.  I have one shelf company.
Agree it’d be better if they hadn’t made the changes.  But still better than paying 33-50% of your income to the U.S. government.

[rlwisins_477]

Not too much but yeah a little.  But the number of telemedicine doctors is growing, and the number of overall Act 20/22/60 decrees is increasing exponentially.  You can get a very nice home here for comparable to many places in the states.

[jtvanaus]

Has anyone from this forum succesfully made this move since the original post ~2 years ago?
 
Is it possible to do this as an EMPLOYEE or  CONTRACTOR working remotely?
 
The #1 impediment I can see is that employers (Radiology groups / teleradiology groups / whoever is doing your billing) are supposed to bill CMS from the physical location of the radiologist, MEANING they have to have authorization to do so in the state, or in this case, commonwealth that the physician is physically located in (Please correct me if I am wrong).  
 
Has anyone successfully lobbied their group to allow them to work from PR? Has their group successfully billed from a PR address? 
 
Thanks

[katiemckee84_223]

If the buying of a place is required now, that would hamper it big time. Renting would still make it a viable situation.

[rlwisins_477]

Not sure about this forum but there are about 6 of us on the island teleradiologists that I know. We all are IC’s for various companies. It’s a good question about Medicare but it hasn’t been an issue that I know of. You may have to convert to an IC instead of an employee relationship but I’m not a tax lawyer. I would ask. Again this is the last week to apply before it converts to Act 60,which is almost as good but does require buying your residence in PR.

[Unknown Member]

Sounds like a lot of trouble unless you’re dead set on settling your family in Puerto Rico. Like people who decide to retire in a far-flung place to save money, leaving their life long friends and support system behind. But if course YMMV.

[dzerangel_635]

I looked into this. The net tax actually ends up being around 15% because you have to pay yourself which gets taxed at the regular rate. You also have to make a $5k per year contribution to charity and I believe you still have to pay local city taxes and of course sales tax. 15% is still much better but than a lot of states but if you live in a state that already has low or no state tax its not a huge difference. Also to get everything set up with an accountant and moving to the island will cost another 20k at least.

[dzerangel_635]

Also, independent contractor jobs usually dont pay as well or provide good benefits and If you are already working an IC job you can already get significant tax benefits without having to move. With all those factors combined it makes the deal significantly less attractive. You may be able to save 5-10% but probably not worth it for most people unless you already have a desire to live in the area.

[Dr_Cocciolillo]

How do you come up with 15 percent if effective tax rate for many is 30 -35 percent?

[dzerangel_635]

Well if you work as an IC state side, taxes can be considerably less than 30-35%. 20-25% is achievable. So Im comparing that to PR.

[rlwisins_477]

For earned income, it depends how much you make and on your deductions ect.  It took us from an effective tax rate of ~33% down to sub 10%.  But I work a lot.  And the whole point is it turns your MARGINAL tax rate to ~4%.  Amazing.  
 
$12k to set up is more accurate to set up Act 20 (now Act 60).
 
Annual charitable contribution to have a 0% capital gains tax rate is now $10k, not $5k.  So you would have to evaluate  whether to get this separately.  Would generally make sense if you have capital gains over $70k or so. 
 
And yes I would generally suggest it for a hard working single person, or person with a family who is willing to move to PR.  I moved here to make a better life for my children, financially and otherwise.
 
 

[rlwisins_477]

There’s an interesting group of around 3,000 of us gringos with Act 20/22/60 decrees.  Really exceptional people and entrepreneurs ect.  Many are extraordinarily intelligent, even by radiologist standards.  But yes if you have ‘roots’ in one geographic location it would make it harder to leave.  

[katiemckee84_223]

Is the old portal shut down, Avery? You said starting this January, purchasing a home is required.

[rlwisins_477]

I think the old portal was shut down. Yes I think you have to buy a home within 2 years.
 
There’s a facebook group with a ton if information on it.  “Act 20/22/60 Puerto Rico tax incentive Forum”
 
 

[Unknown Member]

The other as yet unstated challenge here would seem to be finding a telerads gig that will pay you as an IC with decent compensation. I suppose some PPs might hire people as a telerad with IC pay? I would suspect that these practices Might be skeptical of having someone read who is so remote, and paid under what they may consider confusing legal circumstances.

[btomba_77]

Quote from VIRguy

The other as yet unstated challenge here would seem to be finding a telerads gig that will pay you as an IC with decent compensation. I suppose some PPs might hire people as a telerad with IC pay? I would suspect that these practices Might be skeptical of having someone read who is so remote, and paid under what they may consider confusing legal circumstances.

It’s a tight job market.  I know multiple groups, including ours, willing to pay decent rates for remote telerads, particularly those willing to work shifts that cover off-hours.
 
(This seems to be bringing interest from west coast rads who can log in for a 10-6p shift in Cali that covers until 9p in the midwest)
 
___
 
Obviously, PR doesn’t have that time zone advantage … but still, groups are short right now.

[Unknown Member]

Unless in Hawaii, and you really like it or going to Asia, late hours are awful for all tele given the US commonwealth requirements.

[g.giancaspro_108]

Dr. Knapp, any updates on this?
My understanding is they have tweaked it a little with Act 60, can you clarify?
 

[rlwisins_477]

Yeah some tweaks. Now it’s 2% income tax.

[toumeray]

Does the 2% apply to income you get from a US based company while you the radiologist are living in PR? Or if you live in the states and read teleradiology for a Puerto Rican radiology group? Or living in PR and working for a PR group?

[ruszja]

Quote from Alwaysbereading

Does the 2% apply to income you get from a US based company while you the radiologist are living in PR? Or if you live in the states and read teleradiology for a Puerto Rican radiology group? Or living in PR and working for a PR group?

You have to live and work in PR. You also need to purchase a primary residence.

As PR resident you are subject to PR taxes, so if they decided that 2% is the number that’s it.

[christopher.walker_148]

How long do you think Act 60 will be available for? It looks like you can register until 2035, do you forsee any changes prior to that?
 
Also – what incomes are you and fellow radiologists able to make on the island? For example, are incomes of 700k – 1M post tax possible fo 1099 jobs on the island – is it difficult to get the 1099 jobs? It seems like if you can crank some of the overnight tele 1099 jobs it doesn’t seem unrealistic to make 800k post tax and reach 5M FIRE within 6 years?
 
I have family (in laws) on the island and I am in training now so considering this as a viable option for a career

[buckeyeguy]

I think it would be a definite option if you had family there, yes, but otherwise you’re literally on an island … not all that great since you have to fly to get there and geopolitical issues are ramping up, etc

[annajatkiewicz]

I have a question, how can independent contractors in USA cut down taxes from 33% to 20%? I can’t think of anything besides opening a solo401k and deferring some taxes, anything else I’d pay at the highest bracket considering I already have a w2 job. Writing off “office” is negligible. Obviously I cannot write off vacation trips or a car if I work from home.

[annajatkiewicz]

Can you move to Puerto Rico for 1 year and do a tax free roth conversion?

[IDWick]

1099 can open up both a solo 401k AND cash balance plan. That allows you to get an additional ~150k into retirement accounts at age 50 for example.

Then if you are in an income tax state, such as CA, you can deduct your state taxes beyond the 10k SALT cap that the TCJA of 2017 put in place. In CA its called the pass through entity tax.

Then if you get your taxable income below ~182k single or 364k married then you get the QBI deduction of 20%.

[romacs8ae]

[u]Requirements[/u]
Individual Investors must meet the following requirements:
[ul][*]Make an annual donation of a minimum of $10,000 to local nonprofit entities that    are not controlled by the Individual Investor and are certified under the P.R.    Internal Revenue Code. Half of the donation must be to certain organizations that work to eradicate child poverty;[*]Within two years of receipt of the grant, the Individual Investor must purchase real property in Puerto Rico for use as his/her principal residence. The property must be owned by the Individual Investor as sole owner or together with the spouse; and[*]File an Annual Report with the Government of Puerto Rico with a filing fee of $5,000. [/ul] To obtain the benefits for Individual Investors, the individual must request and obtain a grant of tax exemption.  Act 60 provides that the grant will be considered a contract between the individual and the Government of Puerto Rico, so that it cannot be modified unilaterally and should not be impacted by amendments to Act 60 enacted after the grant is issued.
 

[buckeyeguy]

Quote from Apple1919

I have a question, how can independent contractors in USA cut down taxes from 33% to 20%? I can’t think of anything besides opening a solo401k and deferring some taxes, anything else I’d pay at the highest bracket considering I already have a w2 job. Writing off “office” is negligible. Obviously I cannot write off vacation trips or a car if I work from home.

 
You’re correct, and since you’re W2 as well, you’re even more up sht creek, but at least they withhold and you likely do well monetarily, big picture. The problem with deferring into retirement devices is that it’s a gov’t scam for a future that is in more doubt than ever right now. Better to have your money available right now, not tied up in devices that can be confiscated, bailed in, and are untouchable for 20 years or so … while the ponzi scam known as the world fiat and USD degrades your purchasing power. Shhh, they don’t want you to know that’s the biggest tax of all.

[christopher.walker_148]

How much would it be theoretically possible to make via 1099 teleradiology nights? 800k/year seems reasonable for 2 weeks on 1 week off?

[jeevonbenning_648]

I have real world numbers on this.

If you read teleradiology top quartile (in speed) that’s $900K/yr working full time (122 hours per month) or 14 8.5 hr shifts per month equivalent.

My game plan is half time and reading in 50-75%ile and making 350K. Glad to do that. Just 60 hrs per month.

[christopher.walker_148]

Where do you get this 900k/year figure from? Could you provide a link to the top quartile in speed number as well.
 
14 shifts/month seems extremely reasonable? Why do we not see more people working this way, and moving to Puerto Rico – seems like a great way to build up a nest egg as a new graduate, or retire early.
 
I agree with you – working a few shifts a month up to 60 hours in order to maintain skills would be my goal, this sounds like a great life, just need to hit my financial numbers first. 
 

[jeevonbenning_648]

It's not a link.

It's a pdf file of real data from a teleradiology company 20+ years doing this with average to above average compensation per study.

I just checked, the monthly average for full time is ~135 hrs, sorry I misquoted earlier. I am looking to pick up 60 hrs per month so that's roughly half time.

Keep in mind the top 3 readers make > $1.3MM and bottom quartile is around $315k for full time. This is a blend of prelim and final reads btw.

I just early retired, FI/RE due to passive income from real estate private placements covering 5X+ of my monthly expenses I would have anywhere in the world I choose to live.

But the numbers are too good to pass up and I'm too young right now, plus the geographic flexibility.

[jeevonbenning_648]

135 hrs comes out to average full time which is 7 on 7 off. I assumed 14 shifts per month but if you think about it, 7 on 7 off comes out to roughly 15 8.5 hr shifts per month.

I don’t need the money from rads and I never will, but I figger I can do 60 hours per month in my sleep and live a kick ass balanced life the rest at of the time.

[annajatkiewicz]

So ira/401k is not covered under this program(just pay whatever your tax bracket when you retire at 60). This program really applies to your 1099 income (medical work sourced from your pr home offiice, must open llc) and seems if you buy a house in pr, go full time 1099, you save about 30%(?) In taxes (compared to tax free state like FL or tx). But my current job for example is w2 and would not allow 1099. Most companies that do allow 1099 are corps or small groups that are willing to haggle and pay decently right now. But when I applied for jobs out of fellowship 2 years ago(slightly worse job market) most of those jobs paid 20% less than now just because they could. So you buy real estate in Puerto rico(if you’re going to live in it with family that’s a luxury condo or a housr) which isn’t cheap and isn’t such a good investment. If the program ends you sell the house at a loss. And you commit to working for corporate groups or other groups that don’t mind this contractual relationship. I think this is a great deal if you supplement your income with stock trading or another form of business…

[jeevonbenning_648]

The worst part of the Puerto Rico deal in my opinion is the fact that if you’re a 1099 employee you’re probably going to be working teleradiology. 99% of teleradiology gigs are going to want you to work some kind of evenings and nights USA time. Therefore in Puerto Rico you’re going to be working into the early morning or waking up at 3:00 a.m. – a non-starter for me.

For me I would be willing to work nights at double the numbers I quoted earlier. And even then if someone offered me that I wouldn’t because it’s not like I need the money.

From my 20s to my 30s I gradually lowered my cost of living (not consciously or deliberately) and it resulted in a better quality of life.

An old buddy of mine actually settled in Puerto Rico to take advantage of the tax incentives and does this very thing I describe. I believe he wakes up at 4:00 a.m. to work.

[buckeyeguy]

Yes, one makes plenty as a doctor in any case, figure something out and understand that time >>> money. Adding 3 am wake up calls, oh man, that sounds awful for an extra sum of money that you likely will never spend at the end of your life … let alone the health costs during the best part, 40-60.

[rlwisins_477]

Eh figure your time waiting in line for things doubles.  So if you like going to Costco figure 2x the line. Parking spots are smaller.  Everything in San Juan is close together – 30 minute drive max for most places. Airport takes me 16 minutes.
Department of Motor Vehicles will take all day.  Government less efficient.  But if you’re a productive teleradiologist you should probably consider a good assistant anyway to maximize productivity (or have a willing partner to help you out with meals and paperwork and med licenses and emails and phone calls ect)
Press gets paid to exaggerate.  Yes electricity maybe goes down 1% of the time so you need a generator or solar/battery.
Health care is good here excellent doctors (Ivy league) in mostly mediocre facilities.  We’re having our 3rd kid here.
We’re raising our (young) family here in Puerto Rico.  Many families move to Dorado (Ritz) or Palmas Del Mar.  Excellent schools, possibly with advantages to kids coming from Puerto Rico.  
Many single Act 20/22ers down here live in Condado.  They travel a lot.  
Come visit look me up on fb or something.

[Unknown Member]

Lots of Puerto Rican docs in Florida and Texas. Most Puerto Rican native docs seem to want to leave. 

[rlwisins_477]

Actually NOT true.  Most Puerto Rican docs would prefer living here but the local reimbursement is bad, so job opportunities for them are limited.  They do have Act 14, which is 0% income tax on Doctors income for doctors who work in PR (and work on patients located here).
Act 20 is for Export services, so telemedicine/teleradiology.
Act 22 is 0% capital gains tax on all your stocks, ect.

[Unknown Member]

I have been to Puerto Rico. Nice place to visit. 
 
Why would an Ivy league doctor want to work in Puerto Rico?

[rlwisins_477]

Lots of Puerto Rican doctors want to come back to the island because it’s their home, their friends, their family are here ect.

[btomba_77]

Thought about this for a while. Get a nice catamaran and home base out of Fajardo.
 
Will wait and see how things go a few more years.  Could be a retirementgig
 

[Unknown Member]

Thank you for the information, Dr. Knapp.

[rlwisins_477]

Yeah I know a guy who does 1 week on, 2 weeks off for his group in Georgia or some place in the Southeast.   He lives near Bajia I think.  He and his wife are into boating, so they go boating every 2 weeks around PR or to Caribbean islands.  Pretty nice lifestyle.

[Unknown Member]

Dr. Knapp deserves a lot of credit having brought this up on the forum before, but I chuckled when I realized things are changing in 6 weeks and he’s like “act fast”

[Unknown Member]

I have one shelf company.
Agree it’d be better if they hadn’t made the changes. But still better than paying 33-50% of your income to the U.S. government.

Okay Jeff Bezos.

I dont like paying high taxes, but I do because I am a proud American citizen. Thats part of the deal.

[Unknown Member]

If that were true, income tax wouldn’t have been an Amendment to the Constitution.
 
Good boomer, thanks for towing the line. Good boy. Now run along.

[Unknown Member]

If that were true, income tax wouldn’t have been an Amendment to the Constitution.
 
Say what? Like the amendments dont count? Dont even know what to say to that. What do you think about the 13th and 16th?  

[Unknown Member]

If that were true, income tax wouldn’t have been an Amendment to the Constitution.
 
Say what? Like the amendments dont count? Dont even know what to say to that. What do you think about the 13th and 19th

[katiemckee84_223]

duh