Why I’m Moving to Puerto Rico

So I’m moving to Puerto Rico, I haven’t officially mentioned it on this channel, but yes there is a 90% chance we’re moving to Puerto Rico. I’ll be going in April to visit and see what’s up and then decide, and then hopefully move in June.

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1. Taxes: federal taxes and state taxes
– Now obviously this is a big part of it
– So let’s break the ice and talk about taxes first
– And if we do move the business it will fall under the Export services under act 60

Here is the basic idea:
– In New York is subject to three taxes
– Federal taxes from the government of course around 35%
– State income taxes for new York 6.85%
– Local taxes for being in the City 4%

So basically:
– Overall I’m paying around 85k per year in taxes ( 20-30k for new York and 60k just for federal taxes )
– That’s the literally amount of money that I would earn has accountant
– Btw don’t get me wrong I like paying taxes, it’s my duty, however, Its not my duty to stay in New York or not to try to save money

Here the details on Act 60
– On the money, I pay myself as an employee of my business I will pay normal taxes on, somewhere around 30-40% of my income
– But the money that’s leftover in the business is only going to be taxed at 4%
– So me and my accountant did some match and our bill goes from 85k to maybe 20k or lower ( so it’s a big difference )

Tip: obviously taxes are going to be a part of it.

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2. Independence: having to move around a lot as a kid
– To me, independence has been about financial freedom and taking it to step by step
– So this Is obviously massive move money for me
– But it’ll be closer to my goal of financial freedom

The story you guys don’t know:
– I come from a third world country and the only reason I’m here talking to you guys is because my mom was brave enough to leave our country
– I’ve lived in Tortola, Puerto Rico, the Dominican Republic and New York ( but I’ve move even more form neighborhood to neighborhood )
– So stability is also extremely important to me, doing that makes you adapt very quickly but it also makes it harder to open up sometimes

Tip: it’ll be on my terms.

3. Closer to home
– I think home is where your family and friends are
– But your not always able to be there
– But at least from Puerto Rico I can visit my grandma more often and its only 30m flight to the Dominican Republic and it means a lot to me

So to be able to both: is going to be awesome

4. Where? Isla Verde or Carolina where I use to live
– I gotta say thank to Samantha a local over there for helping me out with this
– But I what I care about the most is convenience and saving money and good internet
– And from there, everything is 10-15m away driving which is prefer

5. Cost of Living
– Shelter: 1000-$1500 or less for a 3 bed 1 or 2 bath apartment or maybe a 2bed 1 bath ( I want to have room for a space just for the studio)
– Utilities= Light, water, gas, internet ( $200)
– Groceries = $300 per month no more
– Transporatation = $150-200$

Bare bones market: $2,200 but on the low end $1,650

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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