Act 20 Process - Anybody currently in the Process

I'm in the process and moving there first week of Nov. Yourself?

I will be visiting Nov. 9 - 21 2015 to determine if and where we would like to try and live.  If I personally message my contact info would you be available to discuss the process and your thoughts and experiences?

Sure thing, got your PM.

I may be interested in the business oppertunities -  our new place is zoned commercial.   It would be sutable for a business, retail or other.


Sitka
JP

We're moving in December and plan on taking advantage of 20 and 22 if possible, but we're not dealing with it until we get there (Too much to deal with right now as it is)

If anyone has any tips regarding the process, I, too, would be interested in hearing from you.

SpecialKev - Any relevant information I gather I will gladly post to this thread.  Also, here in Houston I work with several mid to large size CPA firms, and I have reached out to them through my friends and business associates that I know for more info.  As soon as I have more I will post it here.

Much appreciated. In my case, Act 22 is going to be much more beneficial than Act 20, and from what I can tell, the process is relatively straight forward.

One piece of advice that I received from someone else (And I cannot verify its accuracy) is that if the IRS doesn't receive its piece of the pie, they will come looking for it. Apparently neither Act 20 nor 22 has had to hold up in court yet, but the time is coming, and when it does, you should make sure that your books are clean and in order.

Yup, my sources tell me an audit is basically guaranteed and you can expect to spend 5 figures on a CPA defending one if you're squeaky clean.

Also @ DJ from your other thread, you're mistaken about the 5k cost per person on Act 20. That's act 22. Act 20 will run you 750 app + 250 incorporation + 5-10k in CPA/legal fees which I think should include filing taxes end-of-year in both the US and PR (for the first year).

Some info here too, don't know if you have seen!
- the2022actsociety.org

Question  -   do these laws apply to a firm that is performing a service based in PR but delivered in the mainland?

i.e. --  an IT business that sells services and consulting to businesses off the island?

Yes that's precisely what they apply to.

Not sure how the following is going to effect Puerto Rico businesses .http://m.cb.pr/mobile_news/gop-senators-present-puerto-rico-bill-with-$3b-in-funds-federal-oversight-chapter-9-not-included-125842.html