What are the specific requirements for Puerto Rico residents to comply with Act 60 when trading cryptocurrencies?

3 answers

• May 08, 2022 · 3 years ago
  To comply with Act 60 when trading cryptocurrencies, Puerto Rico residents must meet certain requirements. Firstly, they need to establish bona fide residency in Puerto Rico by spending at least 183 days on the island each year. Additionally, they must obtain a tax exemption decree from the Puerto Rico Department of Economic Development and Commerce. This decree grants them tax benefits, including a 0% tax rate on capital gains and dividends from cryptocurrency trading. It's important for residents to maintain proper documentation and records to support their claim of residency and comply with Act 60.
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• May 08, 2022 · 3 years ago
  When it comes to complying with Act 60 as a Puerto Rico resident trading cryptocurrencies, there are a few key requirements to keep in mind. First, you need to establish yourself as a bona fide resident of Puerto Rico by spending the majority of your time on the island. This means spending at least 183 days there each year. Second, you'll need to obtain a tax exemption decree from the Puerto Rico Department of Economic Development and Commerce. This decree will grant you tax benefits, including a 0% tax rate on capital gains and dividends from cryptocurrency trading. Make sure to keep proper documentation and records to support your residency claim and comply with Act 60.
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• May 08, 2022 · 3 years ago
  At BYDFi, we understand the importance of complying with Act 60 for Puerto Rico residents trading cryptocurrencies. To meet the requirements, residents must establish bona fide residency in Puerto Rico by spending at least 183 days on the island each year. They also need to obtain a tax exemption decree from the Puerto Rico Department of Economic Development and Commerce, which grants them tax benefits, including a 0% tax rate on capital gains and dividends from cryptocurrency trading. It's crucial for residents to maintain proper documentation and records to support their residency claim and ensure compliance with Act 60.
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