Develop more entrepreneurs through your Act 60 benefits
Friends of Puerto Rico is an approved non profit, tax-exempt charitable organization (tax identification number 10385-14176 ) under Section 501(c)(3) of the Internal Revenue Code. Donations are tax-deductible as allowed by law.
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By Alejandra Martinez, Communications Advisor
Puerto Rico is known for beautiful sunsets and beaches but what is not so well known is that it also has the highest percentage of youth living in poverty. Currently 56% of children live below the poverty line. As many new residents move to the island, we invite all of the entrepreneurs and investors taking advantage of Act 60 (formerly known as Act 20 and 22) to maximize the tax benefit and support the island's recovery by partnering with us to provide scholarships for youth and women for our entrepreneurship programs.
Act 60, formerly known as Act 22, was designed as an economic tool to promote development in Puerto Rico through private investment from outside sources.
"Act 22 for Individuals (Act 20 is for Businesses) (now merged into act 60) as it relates to individuals and investments to US residents who relocate to Puerto Rico and become a bona fide resident (citations refer directly to the act)."
Since 2019, Act 60 has offered the possibility to grow and support Puerto Rico by including measures to attract individual investors and providing them many incentives. Act 60 encourages individuals who have not been residents of Puerto Rico for the last fifteen years before the approval of the Incentives Act and who maintain investments in or outside the United States to establish residence on the Island. The Act exempts them from the payment of tax for passive income: interest, dividends, and capital gains on the sale of shares, cryptocurrencies, etc.
KINDNESS AND TAX BENEFITS
If you are a Puerto Rico Bona-Fide resident or are thinking of becoming one, you may consider making your charitable contribution to our entrepreneurship programs.
SEEDS is a STEM education program for children between 9 and 12 years old who are at risk of poverty. SEEDS allows students to tackle real-world business problems and engage in a mentorship program with leaders in business within Puerto Rico and outside of Puerto Rico. Each $1,000 provides a scholarship for our STEM based SEEDS Youth Entrepreneurship program.
THE AMIGAS SUCCESS ACCELERATOR. Our six-week business mastery program provides the ecosystem to develop your business or your business idea. Our AMIGAS Community inspires through collaboration and by creating connections needed to succeed in business.
Friends of Puerto Rico is a certified non-profit of choice for tax exemption. We invite you to be part of Puerto Rico’s tax-friendly strategy by donating to our entrepreneurship programs and covering your yearly non-profit charitable contribution requirement.
Link to Hacienda 1011.01 Verification Letter
Puerto Rico Corporation Filing Information
You must know: As an Act 60 investor, you must also submit your donation before December 31 and present proof in their annual report in May.
To learn more or make the mandatory donation into easy $500 monthly payment, contact us at hello@friendsofpuertorico.org or by calling our office: 202-899-7331
