Puerto Rico

As many of you Jow Forumsraelis already know, Puerto Rico is a US territory who’s citizens are exempt from paying capital gains tax.
My question is, how do I take advantage of this? Do I need to live there for a certain period of time? Do I simply need to have a bank account there? Do I just need to file my taxes there? Also, can I get fucked by the IRS by doing this? Its a US territory and US law says its exempt from certain taxes, so it seems pretty legit. If I make $10 million I would rather not fork over $3 million of it to pay for nigger babies eating watermelon and drinking Kool-aid.
>Also ChainLink thread.

Attached: 990306F1-3CA7-414A-B5AF-FE423971CECB.png (550x280, 66K)

you have to physically live there and prove that you spend at least 180 days out of the year in puerto rico theres more too it but that was one of the main qualifiers

Just 180 days for the year you file taxes? Or 180 a year for the rest of your life? I would legit live there for a year if it saved me millions.

definitley just for the year you file taxes i assume , but i'll see you there!

im too much of a brainlet op

You have to have been doing it for long enough to establish residency for tax purposes. I am not sure how long that is but you have to start well before the year you want to file. On the bright side, I’ve been to PR and it’s alright. Oh, also you won’t get to vote in US elections.

The exemption only applies for investments you made after becoming a resident of PR. You can't just waltz in, sell for 0% capital gains and waltz right out again. The IRS jews thought of that one before anyone here.

Also the tax exemption only applies to income sourced in Puerto Rico. So presumably you have to use a PR crypto exchange for cashing out. Good luck with that.

I have actually been to Puerto Rico many times myself, never spent more than a day there though, seems alright. I used to live in St. Croix. I dont give a fuck about voting. Any idea how long you have to do it to establish residency? Sorry for all the questions, but you are helping me a great deal. If this works out for me I will legit send you some LINK for your efforts after I make it.

Well no shit. I want to do it legally and I am willing to live there for a while if thats what it takes. I am just curious as to what is required to make it happen.

What about a Coinbase deposit to a bank based in PR? Fuck I will build my own god damned exchange if i have to.

So you have not unrealized gains that you want to tax shelter?
Doubt you have anything substantial enough to warrant a serious tax avoidance strategy otherwise you would be talking with a high-powered tax lawyer instead of asking for free legal advice here like a poorfag.

I dont have it yet, but LINK really doesnt have to go very far to make me a millionaire. I am just trying to get my ducks in a row before then. This is my first forray in the subject of tax avoidance and I just thought I would feel out other anons in case there was someone more familiar with it. Obviously I will be consulting with a lawyer when the time comes.

ok so you need 180 in country for the year PRIOR when you want to take advantage. So for 2020, you need to move there by July. Get packing.

Then, you only get the benefits from when your tax incentives kick in. So say you bought a shitcoin for $.20 in 2018 and by late 2019 it was $1000. Since you move in July 2019 and sold at $1100 in 2020, you would owe taxes on the gains made before 2020 so $.20->$1000. You wouldn't owe taxes on the gains made while you were a fully tax exempt resident IE $1000->$1100.

PR is too late to be a LINK solution unless you moved there last year.

cayymans are better
you can live off deposit rates if large

So what if I move there, sell my stack, and then buy back in? I pay taxes on my recent gains, but the long term generational wealth is mostly untouched?

It's full of ghetto mutt spic low IQ trash and has shit gun and self defense laws. Sounds like a disaster waiting to happen

ONLY capital gains made AFTER you become a bona fide resident are exempt from taxes

You have to fill out a form and pay $5000 a year

You have to live in PR 183 days out of the year
Or 90 days out of the year but then you cant spend more than 90 days on mainland USA, you have to travel internationally

So if you bought crypto before moving to PR then you still have a lot of taxes to pay. Only the gains made after becoming a bona fide resident are exempt.

>>Also ChainLink thread.
baste

Yeah you made that up. I live there and did the program called Tax Act 22. It’s complicated but everything you said is wrong. The deadline for 2019 is June 30th you can qualify for 2020 by establishing residency before June 30 2020. Unrealized gains accrued after residency qualify for the grant

This is me and why I’m reading this thread, bump.

made up you just have to have residency there while trading. Consider how dumb you sound.
>you can’t use TDAmeritrade for Tax Act 22 because it is based in the USA

>If I make $10 million
Why don't you figure that fantasy out first.

>if I make 10 million
>ChainLink
>working out some elaborate tax evasion scheme on an anime website for your imaginary millions

Turbo cringe. Neck yourself because you're too dumb to ever make it anyway.

I think I can make this happen. If LINK hits $10 in the next month or two I am unironically moving. Some taxes will be paid but better than the millions more that would be paid if I didnt do it. I am going to call my accountant and a lawyer to get more info. Looks like i am taking a long vacation frens. I will be sure to write.

>Unrealized
Is it unrealized if I havent cashed out yet? Thanks for the info by the way.