(800) 755-5770 info@PRAdvantage.com

Transfer Pricing Webinar

— Updated sessions list below! —

PR Advantage is pleased to offer a free webinar series on this important topic!

Some clients who relocate to Puerto Rico to form new businesses here have existing businesses that continue in parallel. The new PR company becomes a service provider to the pre-existing business.

If this describes your strategy, you may need to consider transfer pricing. It doesn’t affect everyone who moves to Puerto Rico, but for some, it can be an important consideration. This page provides a bit more detail.

PR Advantage has partnered with an experienced firm to offer a free, educational webinar series about transfer pricing. Come and get your questions answered by an expert who has helped many other Act 60 applicants. We are offering the following timeslots:

Session dateRegistration link
Tuesday, May 3rd, 202211am-11:30am EST
Wednesday, May 4th, 20222:30pm-3pm EST

Here are some common questions about this issue, as a preview for what we will discuss on the webinar. We encourage you to send additional questions in advance of the session, to ensure the best chance that we can accommodate them.

Q: What is transfer pricing?A: Fees paid by a company you own or control to another company you own or control.
Q: Why does it matter?A: This type of vendor relationship is not “arm’s length”, because you control both sides of the transaction.
Q: When would this affect you?A: In an audit, transactions that are not “arm’s length” could result in fees, penalties, and back taxes owed.
Q: What can you do about this?A: Obtain a Transfer Pricing Study from a qualified 3rd party vendor to set the prices one of your companies charges the other company.

We look forward seeing you on the webinar! Don’t forget to send us your questions in advance.

Shipping in Puerto Rico

Shipping in Puerto Rico

Shipping – The Differences and Similarities of Mail and Express Shipping Services in Puerto Rico vs. the U.S.

Shipping to Puerto Rico has its challenges. You can expect some delays, and there are some online stores that don’t ship to PR – it’s always good to check this up front on a new online shopping site.

The USPS mail service is used in Puerto Rico and standard mail rates apply in Puerto Rico as they would in the US.  USPS is often the fastest and least expensive option! It’s very reasonably priced compared to FedEx, UPS, and any other Express mail services.  Packages sent via USPS generally arrive very quickly, sometime faster than interstate mail. 

There are post offices all over the island and like their U.S. counterparts, they also complete U.S. Passport services.  For Expedited and/or special passport services you should locate the nearest Federal office in Puerto Rico.  https://travel.state.gov/content/travel/en/passports.html 

For those shopping on Amazon, Prime shipping does apply in Puerto Rico although standard Prime items tend to take an average of 5+ days to arrive.  However, some sub-vendors under Amazon don’t ship to Puerto Rico, so be sure to go all the way through to the shipping section at checkout, to check on whether your selected items can reach you in Puerto Rico.  In some cases it is not until check-out that you may find an item cannot be shipped to Puerto Rico.

The FedEx/UPS and other express mail services in Puerto Rico treat Puerto Rico as an “international” location and all shipping rates are international rates.  As a result, shipping things via these express services from Puerto Rico tend to be considerably more expensive than these same mail services on the mainland U.S.

Two good local shipping locations to visit for services are:

We Can Help

Our company helps people like you take advantage of Puerto Rico’s excellent tax incentives!  We can help you determine which tax incentives are right for you, help you plan your residency and relocation strategy, and simplify the entire process for you.

Contact us for a free initial consultation.

Bringing Your Pet to Puerto Rico

In general it is totally fine to bring your pet with you to Puerto Rico, either on vacation or when moving here permanently. There is no quarantine period required when bringing a pet to Puerto Rico.

There are lots of grooming, veterinary, and other services for pets. You’ll want to check with the place you will be staying to ensure they allow the type of pet you’d like to bring; is in the mainland, there may be an extra deposit required by some landlords.

Check this link for additional details on local government regulations around pets. It’s important to note that currently, you can’t bring any of the following dog breeds to Puerto Rico:
* All types of Staffordshire bull terrier, including American
* American Pit Bull terrier
* Hybrids produced by crossbreeding with the above breeds with others.

When traveling to Puerto Rico with your pet, if you have a small enough animal that you can bring it onboard a plane with you, the process is much simpler, apart from the required documents and carrying specifications.  However, if you have a larger animal that must ride in cargo, check individual airline regulations about this. Some airlines do not permit the transport of animals in cargo during certain months of the year, like the summer months, because of the exposure to extreme heat during such months.  If you do transport a larger animal in cargo you will need to go, with your own transportation, to a different location, upon arrival to pick up your animal.

We Can Help

Our company helps people like you take advantage of Puerto Rico’s excellent tax incentives!  We can help you determine which tax incentives are right for you, help you plan your residency and relocation strategy, and simplify the entire process for you.

Contact us for a free initial consultation.

Moving to Puerto Rico: What to Bring and How to Bring It

Moving to Puerto Rico can be a big endeavor, as it is for all intents and purposes a transatlantic move.  If you have furniture, art, and a lot of other belongings you prefer to bring with you, this post will assist you in deciding what to bring, and how to get it here.

How to Ship Your Belongings

If you are bringing more than can be carried with you on a flight, you’ll need to ship it. Smaller items can be shipped in USPS boxes at reasonable rates.

If you are considering bringing a lot more, you’ll need to work with a service, and this will typically be by ship.  There are a few mainland companies that help manage this process for you end-to-end, including assistance with packing, transportation to the port (everything ships out of Florida), loading and unloading the ship, managing government import taxes and release forms, and delivering to your new Puerto Rico home.  It is a big job and the process takes approximately four-six weeks. 

Ideally you want to avoid shipping your items during the peak of winter when the seas are highest and roughest.  You also want to be mindful of hurricane season, June-November.  Generally, spring and summer are the safest times to avoid unwanted delays or other risks. 

Here are two companies that can help with shipping belongings and vehicles: Rosa del Monte and Crowley. 

What Belongings To Bring

Of course, you will want to pack all of your shorts and bathing suits! But it is important to consider that some other items do not fare well with a lot of exposure to tropical salty air.  Your residential circumstance may impact what you choose to bring with you. If you plan to leave your windows open a lot to enjoy Puerto Rico’s ocean breeze, over time your belongings will pay a price.  However, if you minimize the ocean air exposure, most likely you can maintain your belongings in fairly good condition. 

Below are some examples of what happens to the various materials that do not fare well with a lot of exposure to the tropical air: 

  • Fabrics: The bright Puerto Rico sun and salty air can result in faster fading of colors than you may be used to. This includes “outdoor” fabrics.
  • Wool:  Wool in the tropics almost immediately absorbs the humidity and begins to smell of mold, even with air conditioning.  In general, Puerto Rico isn’t really the place for wool!
  • Shoes: Soles of shoes can disintegrate over time. If you have shoes you don’t wear frequently, you will want to store these carefully to avoid exposure that could damage them.
  • Paintings and prints: If displayed or stored in an area lacking a consistent temperature and low humidity, mold can form over time on the matting and eventually damage the art. 
  • Wood: This is one material that fares well in the Puerto Rico climate, provided you keep it dry and avoid exposure to termites.  
  • Metals:  All metals, including stainless steel, will become damaged with sea air exposure.  If you live with that beautiful sea breeze blowing through your home, you can expect that light fixtures, appliances, door hinges, and any metal part of your furniture will show corrosion fairly quickly.  There are some good polishes that you can apply and if you are able to put in the time and elbow grease, you can stay ahead of the salt air.  Products such as WD40 and Corosion X can be applied to door hinges and window frames to keep them in order.. 

It is also important to get anti-rust treatments for your car every few years if you are parking it very close to the beach.

We Can Help

Our company helps people like you take advantage of Puerto Rico’s excellent tax incentives!  We can help you determine which tax incentives are right for you, help you plan your residency and relocation strategy, and simplify the entire process for you.

Contact us for a free initial consultation.

Blockchain Unbound 2018 Interview with Damaris Rivera

Blockchain Unbound 2018 Interview with Damaris Rivera

Damaris Rivera from Puerto Rico Advantage interviewed with theCUBE at the Blockchain Unbound 2018 event.

We Can Help

Our company helps people like you take advantage of Puerto Rico’s excellent tax incentives!  We can help you determine which tax incentives are right for you, help you plan your residency and relocation strategy, and simplify the entire process for you.

Contact us for a free initial consultation.

Free Report:Top 10 Things We Learned Relocating Our Business

Free Report:
Top 10 Things We Learned Relocating Our Business

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