ACT 20 / 22

This whole seem very complicated .I would be interested in some simple answers as well. Not for me for someone opening a business here

I didn't apply for Act 20, but I applied for and received the Act 22 grant.  I filed all the forms myself without an attorney.  I think I had to pay about $100 in fees.  I understand they have added a $5000 application fee that they didn't have when I filed.  You can get started by going directly to their website:

http://www.oeci.pr.gov/

good luck!
David

Wow. That's hefty $5000 . I wonder where that money is going.  Who pockets

I agree, Sandra, that is a huge application fee!

I guess they want to make sure you have the money to invest. A person with only a few thousands could not afford a 5,000 application fee. A person with 1/2 mill or more could afford it.

Yup once again helping the people who have money

New Act 20/22 Website http://www.prbusinesslink.com site has some resources to contact but the pickings are currently slim.
Article about it: http://cb.pr/act-2022-recipients-launch … providers/

For Act 22, it would be a waste of $1000 in attorney fees to have an attorney fill out for you what you can do yourself.  I filled it out myself.   A more honest attorney would tell you the same.

Agreed that filling out the form and sending it in one can do, however learning about the benefits and if it is worth it for a particular person given their situation is the big question. People need advice, I don't as I do not plan to file, but other may need help in determining how it will benefit them and if in their condition it is worth it.

That too can be found for free online and a lawyer would be a waste of money.  Furthermore, most would be willing to offer a free initial consultation.

If you have large unrealized capital gains or expect large capital gains in the future, it is worthwhile to pay the required $5000 for the Act 22 decree.  If you are living paycheck to paycheck, do not have substantial assets, it is not worthwhile to pay the required $5000 for the decree.   These programs are geared to the highly successful and are not meant for everyone.   

To be clear, the Puerto Rico government didn't create the program to primarily help people who have diligently worked AND saved for many years to build a high net worth.  Instead, Puerto Rico designed these programs primarily so that this small group of highly successful people can help Puerto Rico turn the economy around.  $5000 as an entry free x1000 people = $5,000,000 extra to the Puerto Rican government that they wouldn't otherwise have.  In addition, hundreds of millions more in taxes will be paid to the PR government instead of the Federal government.  Since most of the people receiving the Act 2022 decrees are successful, they are bringing companies, jobs, and intelligent ideas to Puerto Rico that otherwise would not have been here.  They are buying expensive homes, commercial properties, cars, furniture, and hiring thousands of Puerto Ricans.  It has been a huge boon to the real estate industry, car dealers, home furnishing stores, and those that have received good jobs.   One need only look at how Singapore was transformed from a 3rd world to 1st world country to see what can happen.  It doesn't happen overnight.  This process takes years.

For those who want to mistakenly demonize "the rich," they need to consider just who it is who are providing the jobs and supporting all those not working, on welfare as well.  In the USA, overall, 47% of the people are paying no taxes, instead receiving a free ride.  In PR, an ever higher percentage are receiving a free ride.

Hi PR government has approve Act 20 Qualify Promoter so you don't need to do all the worry.  I will be more than happy to connect you with the right people in your journey to PR Act 2o