Definitions of Common Terms

  • Bona-fide residency (BFR)
  • year of the move exception
  • Bifurcation
  • US/PR/internationally-sourced assets
  • Act 20
    • The original export services incentive for businesses in PR
  • Act 22
    • The original individual investor incentive for 0% capital gains tax for residents of PR
  • Act 60
    • The 2019 legislation that renewed both of the above incentives and added new requirements, like:
      • a $5000 annual report filing fee
      • a residential real estate purchase requirement
      • a mandatory $10,000 annual charitable donation to qualified nonprofits