Tax guide for an expatriate: 4 tax rules we can’t forget
June 18 2019
How to coexist with the tax rules and tax collection
Many experts, investors, and members of the government have one thing clear: the attraction that Puerto Rico has for international investments. However, in the economic gear there is an indispensable factor for the machine to work. That is the expatriates; workers sent by the employer from their country of origin to work abroad.
In this context of mobility and globalization in all sectors, workers have the possibility to travel and work abroad. In order to attract these highly qualified workers, it is necessary to understand the regulations of different States.
These are 4 tax rules that an expatriate should live by.
Legal advice: It is likely that expatriates find it tedious to understand how taxes work in Puerto Rico. So, it becomes essential for them to have an expert who can help, advice and guide their income statements and the payment of taxes in Puerto Rico. This way, they can avoid unnecessary problems and legal confusion related to taxation.
Pay taxes: Something an expatriate should never forget is their obligation to contribute and be up to date with the payment of taxes in the country where he resides.
Declare assets abroad: The assets and rights that an expatriate has abroad must be declared. The person in charge must know how these reports are presented because each country has different requirements. In addition, you must be sure to present them within a reasonable time, after arriving in the country where you will reside.
Social Security: The expatriate must know the details of the social security he will have, this implies the legislation of the country where he will reside, as well as the procedure to join, the benefits and responsibilities.