Some families have lived on the same plot of land for generations… what’s more Americana than passing down the family farm to the next generation?! But the US also has a history of moving towards opportunity – the settling of the west and the gold rush in California, returning veterans moved at higher rates in the aftermath of WW2, and then more recently the pandemic led to an uptick in people reconsidering their living situation. BUT, what if the next great place to move to is an island in the Caribbean Sea? Not just because it’s beautiful, but because it offers certain tax perks that are unavailable anywhere else. Rachel Farris, CPA and tax strategist, joins the show to share the unique tax benefits of moving to Puerto Rico, particularly under Act 60, which offers significant savings for individuals and businesses. We discuss the implications of relocating including cultural adjustments of expat life, cost of living, the eligibility requirements for tax benefits, the appeal for W2 workers and entrepreneurs alike, the community of expats on the island, and much more!

 

Want more How To Money in your life? Here are some additional ways to get ahead with your personal finances:
To learn more about the Act 60 Tax Strategy, head to MaximizeWealth.com and to reach out to Rachel directly, head to RachelFarrisCPA.com
Knowing your ‘money gear’ is a crucial part of your personal finance journey. Start here. 
Sign up for the weekly HTM newsletter. It’s fun, free, & practical.
Find a thriving community of fellow money nerds by joining the HTM Facebook group!
Massively reduce your cell phone bill each month by switching to a discount provider like Mint Mobile.

 

And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!

 

Best friends out!

Some families have lived on the same plot of land for generations&hellip; what&rsquo;s more Americana than passing down the family farm to the next generation?! But the US also has a history of moving towards opportunity &ndash; the settling of the west and the gold rush in California, returning veterans moved at higher rates in the aftermath of WW2, and then more recently the pandemic led to an uptick in people reconsidering their living situation. BUT, what if the next great place to move to is an island in the Caribbean Sea? Not just because it&rsquo;s beautiful, but because it offers certain tax perks that are unavailable anywhere else. Rachel Farris, CPA and tax strategist, joins the show to share the unique tax benefits of moving to Puerto Rico, particularly under Act 60, which offers significant savings for individuals and businesses. We discuss the implications of relocating including cultural adjustments of expat life, cost of living, the eligibility requirements for tax benefits, the appeal for W2 workers and entrepreneurs alike, the community of expats on the island, and much more!
&nbsp;
Want more How To Money in your life? Here are some additional ways to get ahead with your personal finances:
<ul>
<li aria-level="1">To learn more about the Act 60 Tax Strategy, head to <a href="https://www.maximizewealth.com/">MaximizeWealth.com</a> and to reach out to Rachel directly, head to <a href="https://rachelfarriscpa.com/">RachelFarrisCPA.com</a></li>
<li aria-level="1">Knowing your &lsquo;money gear&rsquo; is a crucial part of your personal finance journey.&nbsp;<a href="https://www.howtomoney.com/start-here/">Start here.</a>&nbsp;</li>
<li aria-level="1">Sign up for the weekly <a href="https://www.howtomoney.com/newsletter/">HTM newsletter</a>. It&rsquo;s fun, free, &amp; practical.</li>
<li aria-level="1">Find a thriving community of fellow money nerds by joining the <a href="https://www.facebook.com/groups/1623670287732189">HTM Facebook group!</a></li>
<li aria-level="1">Massively reduce your <a href="https://www.howtomoney.com/choosing-the-best-cheap-cell-phone-plan/">cell phone bill</a> each month by switching to a discount provider like Mint Mobile.</li>
</ul>
&nbsp;
And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you&rsquo;re not already a regular listener, and <a href="https://podcasts.apple.com/us/podcast/how-to-money/id1337718773?mt=2">give us a quick review in Apple Podcasts</a> or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
&nbsp;
Best friends out!

Best friends Joel and Matt are the co-hosts of How to Money which is all about providing the knowledge & tools that normal folks need to thrive in areas like debt payoff, DIY investing, and crucial money tricks that will provide continuous help along your journey. We believe that access to unbiased and jargon-free personal finance guidance is more necessary than ever before. When you handle your money in a purposeful, thoughtful way that works for your lifestyle, you can really start living a rich life.

How to Money

Move to Puerto Rico to Axe Taxes w/ Rachel Farris #1028

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/31c7d16b-a765-4cb9-a03a-b33f0111fdbf/transcript

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