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How to Start a Cannabis Businesses: Island of Opportunities in Puerto Rico

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First published at 13:55 UTC on May 16th, 2022.

#cannabis
#legislation
#puertorico

TalkingHedge

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Puerto Rico is a U.S. territory and Puerto Ricans are American citizens but don’t have congressional representation and do not vote in federal elections. And since there can be no taxation without representation, Puerto Rico does not pay U.S. Federa…

This strategy isn’t new: Boeing’s HQ was lured from WA to IL with the promise of zero state taxes (which is probably partly why Illinois had legalized cannabis), Google’s European headquarters is in Ireland. The “double Irish with a Dutch sandwich”- a tax avoidance technique employed by certain large corporations.

Puerto Rico previously offered incentives to the pharmaceutical, biotech and medical device industry, which has left a number of #GMP (Good Manufacturing Process) facilities available on the island.

#PuertoRico tax benefits for #crypto should be on your radar as well as #Act60 “The Individual Investors Act.” The gains in both your stock & crypto portfolios are considered Puerto Rican sourced income and taxed at a 0% capital gains rate.

Act 60 states that individuals and businesses will pay zero capital gains taxes on assets acquired AFTER moving to Puerto Rico.

This makes Puerto Rico the only place in the world where US citizens can avoid paying overburdening U.S. federal income taxes.

The #TalkingHedge...
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