Are there any specific regulations for cryptocurrency transactions under Puerto Rico's tax haven rules?

1 answers

• lisaOct 05, 2024 · 9 months ago
  Yes, there are specific regulations for cryptocurrency transactions under Puerto Rico's tax haven rules. The Puerto Rico Treasury Department has classified cryptocurrencies as property for tax purposes. This means that individuals and businesses involved in cryptocurrency transactions are subject to capital gains tax on any profits made. However, Puerto Rico offers tax incentives for individuals and businesses engaged in certain activities, including cryptocurrency trading. Under Act 60, qualified individuals and businesses can benefit from a 4% tax rate on their net income derived from eligible services, which may include cryptocurrency trading. It's important to consult with a tax professional to ensure compliance with the regulations and take advantage of the tax benefits available in Puerto Rico.
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