|By Marketwired .||
|July 3, 2014 07:00 AM EDT||
DALLAS, TX -- (Marketwired) -- 07/03/14 -- Puerto Rico has attracted several wealthy investors as legislation passed in 2012 finally gains traction. 2012 was the year the Puerto Rican government enacted acts 20 and 22, which offer huge tax benefits to new businesses and residents on the island. The Puerto Rican government estimates that at least 250 individuals will apply for the programs during the current year, but experts warn that moving one's life and business to the U.S. commonwealth is a risky choice.
"If you move to Puerto Rico, you may retain more wealth, but you'll sacrifice safety and quality of life," says Joe B. Garza, a prominent tax attorney based in Dallas who serves clients worldwide. Puerto Rico's current murder rate is more than six and a half times higher than the overall rate in the U.S., according to Fortune Magazine. The New York Times reported a total of 983 homicides in 2010. That is largely to do with the island's dismal poverty rate and the fact that Puerto Rico is a major hub for drug trafficking.
With Acts 20 and 22, Puerto Rico's government hopes to change all of that. "We're catching up to Ireland and Singapore -- you can shelter income legally, and legally in a good way," Alberto Bacó Bagué, Puerto Rico's secretary of economic development and commerce, told the New York Times. The island has already attracted several small to mid-sized financial firms owned by millionaire executives from the mainland.
But even if the tax incentives gain the kind of traction that the Puerto Rican government hopes for, relocating could lead to a significant amount of uncertainty. "There's no guarantee that Acts 20 and 22 will remain untouched," warns Garza. Just a few years ago, the federal government did away with Puerto Rico's tax incentives that exempted U.S. manufacturing companies from paying taxes on profits made on the island. Garza explains, "Puerto Rico is going through a time of instability. To make matters worse, Congress has already set a precedent for quashing the island's ambitious tax policies back in 2006."
Acts 20 and 22 are definitely ambitious. Act 20 -- The Export Services Act -- lowers the earnings tax on transplanted businesses to a flat 4% and guarantees a total exemption from tax on dividends and profit distributions. Act 22 -- known as the Individual Investors Act -- exempts new residents from paying Puerto Rico income tax on all dividends, interests, and capital gains accrued after the individual has become a resident of the island. On top of all this new legislation, Puerto Rican residents (with the exception of federal employees) are already exempt from paying federal income tax.
"Hopefully Puerto Rico's economy will begin to pick up because of this new legislation," says Joe Garza. "But for now, the island has a long way to go, especially in reducing its crime rate. If investors are preparing to live in Puerto Rico for at least 183 days of the year, they should understand that the island may not protect their safety as well as it does their assets."
Attorney Joe Garza is the senior partner at Garza & Harris, a firm specializing in tax and estate planning in Dallas, Texas. Garza & Harris provides clients in over 27 countries with expertise in asset protection and business planning. Garza brings over 30 years of legal experience to his firm. Learn more about Garza & Harris at garzaharris.com
Garza & Harris
2300 Three Gallery Tower 13155 Noel Rd.
Dallas, TX 75240
Tel: (214) 373-3300
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Feb. 26, 2017 01:00 PM EST Reads: 2,984
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Feb. 26, 2017 01:00 PM EST Reads: 1,773
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Feb. 26, 2017 12:45 PM EST Reads: 514
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
Feb. 26, 2017 12:45 PM EST Reads: 6,367
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Feb. 26, 2017 12:30 PM EST Reads: 1,993
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Feb. 26, 2017 11:30 AM EST Reads: 6,665
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
Feb. 26, 2017 11:00 AM EST Reads: 4,082
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
Feb. 26, 2017 11:00 AM EST Reads: 2,754
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of patie...
Feb. 26, 2017 11:00 AM EST Reads: 1,307
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facing...
Feb. 26, 2017 10:45 AM EST Reads: 8,106
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
Feb. 26, 2017 10:30 AM EST Reads: 2,395
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 26, 2017 10:15 AM EST Reads: 2,417
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
Feb. 26, 2017 10:15 AM EST Reads: 833
Stratoscale, the software company developing the next generation data center operating system, exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016.Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere, IT is empowered to take control of their data ce...
Feb. 26, 2017 10:15 AM EST Reads: 1,462
Tricky charts and visually deceptive graphs often make a case for the impact IT performance has on business. The debate isn't around the obvious; of course, IT performance metrics like website load time influence business metrics such as conversions and revenue. Rather, this presentation will explore various data analysis concepts to understand how, and how not to, assert such correlations. In his session at 20th Cloud Expo, Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Sys...
Feb. 26, 2017 09:45 AM EST Reads: 2,035