In the news lately the Governor of Puerto Rico has been touting off about how he is sending out the Stimulus Rebate to everyone shortly and early. It’s a little bizarre that he is so proud of the fact that he is sending out the payments early because Bush had already announced that he would be sending out the checks…  anyway on with… Continue reading

Well if all of the for sale signs wasn’t enough evidence for you, it looks like the whole credit mess is hitting Puerto Rico as well.  Banco Popular’s first quarter profit dropped 13 percent.  This made the stock go down to  $11.15.  The article goes on to say that the stock is a good value as Puerto Rico’s economy is expected to… Continue reading

The US Treasury approved the stimulus plan for Puerto Rico yesterday.  It won’t be called stimulus payments; they are going to call the payments “Recovery Rebates”.

I didn’t really pay that much federal tax this year anyway as most Puerto Ricans don’t pay the IRS.  So when they say free money, they mean it!  I would be interested to hear from people… Continue reading

Here is a quick and dirty explanation on what taxes Puerto Rico residents have to pay.

Since Puerto Rico is a Commonwealth of the United States, tax laws are different. Residents of Puerto Rico don’t pay federal income taxes on Puerto Rican source income. Any income from US sources, including stocks, those who work for the Federal Government… Continue reading

Unfortunately when importing a car to Puerto Rico it can be pretty expensive. Import taxes vary on the car. I am not sure the percentage that is used, and it is my understanding that there is a minimum of $750. I did find a great page from the Departamento de Haceienda (which is the Puerto… Continue reading

Those of you that are Federal Employees working in Puerto Rico might be happy to know that COLA (Cost of Living Allowance) should be going up very soon! On January 3rd 2008, OPM (Office of Personnel Management) proposed that the COLA be raised from 10.5% to 13%. So the ball is currently in motion.