Puerto Rico
IS NOT FOR SALE
New Report Just Dropped!
Act 22 beneficiaries are securing multiple tax breaks at the same time, effectively avoid most taxes on their personal income, business profits, property taxes, municipal taxes and more. Read our latest report to uncover the tax-evation scheme!
Es hora de abolir la Act 22
In the decade since the law was passed, some of its many challenges and unanticipated impacts have been highlighted. Some of these are:
Lack of Transparency
The Department of Economic Development (DDEC), the agency in charge of granting and supervising the decrees, has indicated that it does not have the necessary tools to supervise compliance with the decrees granted under Law 22.
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Tax Evasion
In 2021, the IRS announced an audit of taxpayers who have claimed benefits through Puerto Rico Act 22, without meeting the requirements of IRS Section 937, Residency Rules and Sources Involving Possessions.
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Economic Impact
Según el Departamento de Hacienda, el gobierno de Puerto Rico perderá alrededor de $18,400 millones de ingresos potenciales relacionados con la Ley 22 entre los años 2024 y 2030.
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Displacement
The purchase of properties and land by individual investors has disproportionately increased property values in the areas and towns where their investment has been concentrated. Most Puerto Ricans are unable to pay the inflated purchase prices and inflated rents of today's market.
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Environmental Impact
The property and land purchases by individual investors has had a direct impact on the environment, especially land near the coasts and those near natural landscapes, which are preferred by investors.
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