Is this true?

P

Publicus

Registered Users (C)
I was told this by somebody after I told them I was naturalized:

"Had you contrived to be naturalized in Puerto Rico instead of anywhere
else, your estate would be exempt from Federal estate tax on its PR
assets . . . too late now to leave a fortune tax-free to your heirs."
 
JoeF said:
Not quite...
I remember reading something about that, and IIRC, only income earned in Puerto Rico is exempt from federal tax. Your assets somewhere else are not. And naturalization there doesn't change that, even if it was in PR.
I don't have a source handy, though.
Click to expand...

i just searched it in google. seems like PR has 400k deductable on the taxable estate tax.
 
JoeF said:
Yeah, but states in the mainland have similar or even better rules. Nevada, for example, doesn't have any estate tax except to absorb a death credit from Feds:
http://www.finance.cch.com/pops/c50s15d170_NV.asp
And of course, it has nothing to do with naturalization, it has to do with where you live.
Click to expand...

i thought so too.

i do not know the US history enough. i thought PR is not one of the states (aka not part of United States) but with very close relationship with US. Why would people be naturalized in PR?
 
ocworker said:
i thought so too.

i do not know the US history enough. i thought PR is not one of the states (aka not part of United States) but with very close relationship with US. Why would people be naturalized in PR?
Click to expand...

Puerto Rico is a U.S. Territory, and the currency used is US$. My family and I lived there some years ago. (Best years of our lives!) :)
 
homeschoolmum said:
Puerto Rico is a U.S. Territory, and the currency used is US$. My family and I lived there some years ago. (Best years of our lives!) :)
Click to expand...

i heard it is a nice vaction place.
 
It a great place to party. I had some friends in the Army from Puerto Rico and they were all fun. Let's not forget that Ricky Martin is from there. :D

ocworker, maybe we should go there instead of Vegas. :D
 
JoeF said:
Not being a state doesn't preclude naturalization. Washington, DC is not a state, either.
Nor is Guam, or the US Virgin Islands.
For PR, Congress enacted a law in 1917 or so saying that all people living there are US citizens.
In 1940, there was another act of Congress to extend the jus soli of the 14th Amendment to PR.
http://welcome.topuertorico.org/history5.shtml
Click to expand...

i need to go back to study some of the US history or read more :)
thanks for the info.
 
You must log in or register to reply here.
Top