A Nest for All Seasons A Nest for All Seasons: Why Puerto Rico? What is Act 20-22?

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16 July 2015

Why Puerto Rico? What is Act 20-22?

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For those of you that are curious, you might have wondered WHY Puerto Rico??  
Moving to Puerto RIco for Act 20 Act 22 Expats

Why are we here?  What are we doing?  How long will we stay?  Didn't we just move house in PA?

Moving to Puerto RIco for Act 20 Act 22 Expats
 
Yes, we did just move houses in Pennsylvania, and yes, it was sad to say goodbye temporarily to that home.  
However, the benefits of Act 20/22 made it imperative for us to do this partial move as soon as possible.
 
Moving to Puerto RIco for Act 20 Act 22 Expats

What is Act20/22?

Much has been written about Act 20/22, so I am going to link to the sites that explain the tax benefits of Act 20/22 better than I can.  In a nutshell, mainland residents can move to Puerto Rico and maintain their US citizenship and are taxed at a lower rate on capitol gains and dividends.  There are a lot of hoops to jump through to become an official "Act 20er", including a trip to the DMV for Puerto Rican licenses.  Puerto Rico is in dire straights financially (see news articles HERE and HERE) and Act 20/22 is just one of many steps they have been taking to remedy the situation and bring money to the Island.
 
Moving to Puerto RIco for Act 20 Act 22 Expats

Here is more detailed information if you are curious about making the leap yourself:

Sotheby's ArticleForbes ArticleMore From Sotheby'sApplication for Act 20Act 20-22 Society

Where are you living?  How long will you stay?

We are currently living in a lovely community called Palmas del Mar in a rental house.  (HERE is the post I wrote about our little sub-division; Peninsula de San Juan)   Palmas is located in Humacao, a small town on the southeast coast of Puerto Rico, around 45 minutes from the city of San Juan and the airport.  We highly recommend Palmas for those moving for Act 20.  It is lovely, peaceful and quiet. We are looking for a house to buy here, but will not buy unless we find a good deal.  It is fun house hunting internationally :)  In a twist of irony, I DID talk to a House Hunters International producer and they would like us to call them once we have purchased a home so we can "reenact" the "hunt".  So yes, if you have ever wondered, HHI is COMPLETELY and utterly fake.  Boo :(

Moving to Puerto RIco for Act 20 Act 22 Expats

We will stay this year until Thanksgiving, and we have not made official plans beyond that.  Our status as Act 20/22 participants means we need to live in Puerto Rico 181 days out of each calendar year that we want the benefits.  Basically though, we are still up in the air.  We are technically Puerto Ricans now, but are not selling our Pennsylvania home. Beyond that, your guess is as good as mine :)

Moving to Puerto RIco for Act 20 Act 22 Expats

If you are interested in learning more and making the leap, please read and contact REX:Relocation Experts.


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