Our Company
Who we are
Welcome to Laws Puerto Rico, your destination for comprehensive legal consulting services tailored to meet the unique needs of individuals and businesses navigating the complexities of Puerto Rico's legal landscape. As dedicated legal consultants, we pride ourselves on offering a wide array of services designed to empower our clients with the knowledge, strategies, and tools necessary for success.
We specialize in a variety of critical legal areas, including but not limited to, general legal consulting, navigating and applying for incentives under Puerto Rico's Law 60 of 2019, drafting and reviewing contracts, preparing affidavits and deeds, and providing expert advice on local labor laws. We are committed to delivering personalized solutions that align with your specific objectives, whether you're a new entrepreneur, an established business, or an individual seeking legal guidance.
Lcdo. Jose F. Matos Esq.
Our Core Services
- General Legal Consulting: Offering strategic advice across a broad spectrum of legal matters to help you make informed decisions.
- Incentives Under Law 60 of 2019: Guiding clients through the application process for Puerto Rico's attractive tax incentives, designed to promote economic growth and investment.
- Contracts: Drafting, reviewing, and negotiating contracts to safeguard your interests and ensure clear, enforceable agreements.
- Affidavits and Deeds: Preparing accurate and legally binding affidavits and deeds to facilitate smooth transactions and legal processes.
- Local Labor Laws: Providing expert counsel on Puerto Rico's labor laws to help businesses comply with regulations and foster a fair, productive workplace.
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Puerto Ricos's Act 60 2019
Welcome to Puerto Rico's Act 60: Your Gateway to Unprecedented Tax Incentives
Puerto Rico offers unique tax incentives under Act 60, making it an attractive destination for U.S. citizens to invest, live, and work. Discover how you can benefit from these incentives, whether you're an individual investor or a business owner.
The Essence of Act 60
Enacted on July 1, 2019, Act 60 provides significant tax benefits to promote economic growth by attracting new residents and businesses. With exemptions from most federal income taxes for eligible new residents and minimal to zero taxes on certain incomes, Puerto Rico positions itself as a tax haven, but with a controlled and strict legal framework not offer by other jurisdictions.
How to Benefit from Act 60
Applying for Act 60's tax exemption decrees is streamlined through the Single Business Portal. These decrees, serving as contracts with the government, lock in your benefits against future tax law changes, with terms up to December 31, 2035.
Boost Your Business with Act 60
Chapter 3 of Act 60 aims to transform Puerto Rico into a global hub for service exportation and commerce. Eligible businesses enjoy incentives like a fixed 4% income tax rate, 100% income tax exemption on distributions, and substantial property tax exemptions, among others.
Individual Investors: Reap the Benefits
For bona fide residents, Chapter 2 offers total exemption from local income taxes on dividends, interest, and certain capital gains, enhancing Puerto Rico's appeal as an investment paradise.
Empowering the Manufacturing Sector
Act 60 also caters to the manufacturing industry, offering tax exemptions, credits, and special rates to spur innovation, investment, and development within the sector.
Ready to Explore More?
For Businesses
Act 60 provides a comprehensive suite of tax incentives for businesses focusing on exporting services outside of Puerto Rico. Qualifying businesses, including consulting firms, marketing agencies, and more, can enjoy benefits such as a 4% corporate tax rate, 100% tax exemption on distributions from earnings and profits, 50% exemption on municipal taxes, and up to 75% exemption on property taxes. To qualify, businesses must primarily serve clients outside of Puerto Rico, and owners must draw a reasonable salary that is subject to local income taxes.
The application process involves submitting an initial application with a fee of $750. Successful applicants are required to file an annual report each year, accompanied by a $300 fee. The application should be directed towards the Office of Industrial Tax Exemption. Upon approval, a one-time acceptance fee of $5,000 is required.
For Individual Investors
Individuals can benefit from 100% tax exemptions on dividends, interest, and capital gains, including cryptocurrencies. To qualify, one must become a bona fide resident of Puerto Rico, which involves spending at least 183 days in Puerto Rico each year, establishing it as your primary place of work and demonstrating your commitment to living on the island through actions like purchasing property and obtaining a Puerto Rican driver's license.
Applying as an individual investor involves a $750 application fee, submitted to the Office of Industrial Tax Exemption. Upon approval, there's a one-time acceptance fee of $5,000, and each year, a $10,000 charitable donation is required, along with submitting an annual report and a $300 fee.
Pricing for Services
For better assistance with the application process for Puerto Rico's Act 60 tax incentives, including detailed cost breakdowns and strategic planning to maximize your benefits, please don't hesitate to contact us. Our team is ready to provide you with the guidance and support you need to navigate this valuable opportunity efficiently.