Overview
K. Eli Akhavan authored an article titled "The Puerto Rican Tax Parade" for Wealth Management. The article explains how due to the increase of expatriation from the US fueled by Foreign Account Tax Compliance Act reporting requirements, strict Report of Foreign Bank and Financial Accounts penalties, higher income tax rates, and capital gains tax rates, moving to Puerto Rico (an unincorporated US territory) to avoid or lessen these requirements and keep a US citizenship is a viable option. The benefits and caveats to moving to Puerto Rico in order to avoid or lessen the earlier mentioned requirements are further disclosed.