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Best Strategy moving money from Puerto Rico To U.S.
Ok, so definitely not looking for legal advice here....But...
I know someone who has sold a business in Puerto Rico (7-figure sale) and is looking to move that money to the United States permanently. What would be the best strategy to do so avoiding unnecessary taxation.
Thanks!
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Quote from @Joseph Loprete:
Quote from @Aaron T.:
you looking for a vehicle to reinvest it or just wire from bank to bank?
Aaron -
Looking for the best strategy to move the money from PR to U.S. whether that be a trust/RE/ or any other creative way to avoid a huge tax hit.
We wire money on occasion from the US to PR and vice verse. no tax implications for moving money. or we also use US banks for PR income. It really all transparent to the banks. In PR when I take out large amounts they ask me what its for, I usually tell them to **** off its none of their business. my wife is more diplomatic. she tells them for "just in case for hurricanes".