A Miami investor faces three years in prison and a $15.3 million fine after pleading guilty to evading capital gains taxes by fraudulently claiming he was a tax-exempt resident of Puerto Rico, the US Attorney for the Southern District of Florida said.
The announcement Monday by US Attorney Hayden P. O’Byrne marks the first federal criminal plea in a case targeting an American taxpayer abusing Act 22 and Act 60, Puerto Rican economic incentive statutes that lure wealthy investors to the island with promises of tax exemptions on their income, dividends, interest, and capital gains. Americans seeking tax relief, ...
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