Explicitly written into the statute are several areas considered off-limits to those carrying under LEOSA, such as restrictions imposed by private persons or entities on their property and those imposed on state or local government property, installations, buildings and parks. Centro Europa Suite 600 San Juan, 00910-3855 Puerto Rico Unclaimed Property website: http://www.ocif.pr.gov/Consumidores/Pages/Cantidades-no-Reclamadas.aspx Reporting website: Puerto Rico. Now months after the hurricane many insurance companies are beginning to respond to the claims. You already receive all suggested Justia Opinion Summary Newsletters. Read on to learn more! 3 0 obj A house appraised in $250K can pay around $1,300 a year. Also, develop orientation programs and seminars on various legal aspects and promote professional excellence through continuing legal and technological education. For other people, waiting out the bad economy or the tough real estate market is not an option. Even though advocates have attempted to address the problem by designing a sworn statement in collaboration with FEMA to help homeowners get the required documentation, more action is needed from FEMAs side. 865 if he or she has a tax home in a foreign country. The biggest difference between Puerto Rican inheritance law and the inheritance laws of the United States is that the inheritance laws in Puerto Rico benefit the family before they benefit the spouse. 865 sourcing rule (Sec. Puerto Rico laws are often interpreted by the Supreme Court of Puerto Rico and the Court of Appeals of Puerto Rico. This is done by working with the Registry of Property on the Island. Because of their lack of resources, many Puerto Ricans in the past have taken to building homes on vacant landwhether they own it or not. There are some that are giving full value under the policies but many are denying the claims outright or awarding much less than what is needed to replace or rebuild damaged homes. You may also want to consult a Puerto Rico Real Estate Attorney or Notary Public if your real estate needs involve Renting Contracts; Purchase and Sale Deeds; Mortgages; Cancelation of Mortgages; notes; Probate; Wills or Trusts in Puerto Rico. The Site uses cookies to distinguish you from other users of the Site. For example, if a testator has three offspring and a surviving spouse, each will inherit 25% of the estate. Five years ago, I made the best decision of my life I married my . Instead, the basic legal arrangement between the tenant and the landlord is called a contract, and is regulated by the Puerto Rico Civil Code. You can explore additional available newsletters here. Final 1/3 goes to whomever you willed (non-blood heirs), i.e. Read more . Unfortunately, this leaves them vulnerable to inclement weatherespecially during hurricane season. Real Estate Lawyers in San Juan, Puerto Rico +1 787-756-9000 Since its founding in 1994 the San Juan law firm of Adsuar Muiz Goyco Seda & Perez-Ochoa, P.S.C. Because of this, manybut most notably the DRHC of the NLIHChave called into question the utility of FEMAs restrictive policies that prevent hundreds of thousands from getting the aid that they need. Thats right NOT the laws of your home state in the USA. Because the sworn declaration is not a FEMA document, FEMA issued a press release, but it did not take additional measures to raise awareness of the document among those who have been denied assistance. Habitability It is based to a large extent on Spanish law. You are probablyreading this because you heard of all the economic problems the island has been struggling through of late, and you may be thinking that this is a good time to invest in property. Americans who move existing or create qualifying businesses or investments to Puerto Rico can lower their federal income tax rate from up to 37% in the states to zero on income earned in Puerto Rico. businesses to be properly protected against any non-compliance risk associated to Puerto Rico Law. The local government is starting to work on tighter regulation. has provided comprehensive business-related legal services to companies throughout Puerto Rico, and to business. AirDNA does not track owner information, but Mrquez notices a split between Puerto Ricans and outside investors, including those in her own customer base. This land often turns out to be public land own by the state. The following relatives have first (and automatic) right to the property in this order: Note: Foreigners cannot avoid the rules of forced heirship for real property located in Puerto Rico! 1644). In light of this, why is it that FEMA rejected hundreds of thousands of assistance applications? Call today if you need help with inherited property or the transfer of other assets. Puerto Rico laws include the Puerto Rico Constitution, laws passed by the Puerto Rico Legislative Assembly and periodically codified in the Laws of Puerto Rico, and decisions by courts that interpret Puerto Rico laws. As such, the most common security is a . Mrquez, who was born and raised in Puerto Rico, is the founder of The Reserve LLC, a hospitality management company that among other things, manages vacation rental properties on the island. Copyright 2023, Abroad Dreams. Puerto Rico does not have quit claim deeds, title agencies and title insurance are seldomly used and the dont work the same way as in the states. If the person dies outside of Puerto Rico, a probate order or probate decree needs to be properly registered in Puerto Rico, via an "Exequatur" action in a Puerto Rico court having jurisdiction over the matter. (Art. Our Puerto Rico Foreclosure attorneys can help you throughout this process and help you protect your future. You have to go through a bank procedure to get their approval. And, the laws aremuch different than in other US states. In those circumstances our Puerto Rico lawyers can and will file lawsuits to protect our clients from unscrupulous tactics practiced by some of insurance companies. Do you research, hire the right attorney, and your family wont regret your decision when its all said and done. I highly recommended Law office of Zorrilla and Silvestrini, they are always there for you. Although you may receive a regular account statement and a Form 1099 annual tax statement . A Puerto Rico Real Estate Attorney can assist in all of this process. The US Foreign Investment Law states that the applicable law for real property falls under the law jurisdiction of where the owner resides. Excellent service and very professional team. Wanda Vzquez Garced. Forced heirship means that children, grandchildren or direct descendants are guaranteed some part of the inheritance. Do your research now and dont let it take you by surprise. Puerto Rico Mortgage Foreclosure For other people, waiting out the bad economy or the tough real estate market is not an option. By the way, this is also true in reverse. Keep that in mind when writing a will or attempting to claim your inheritance. The content of this McV Alert has been prepared for information purposes only. Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. When a Puerto Rican dies, the estate is left into the hands of the relatives and not the spouse. Puerto Rican inheritance law can be confusing to those who arent familiar with it. Similarly, many heirs have not gone through the process of declaring inheritance. This Alert specifically addresses the most relevant changes between the Previous Code and the New Code regarding Real Property Rights, which are codified in the Third Book of the New Code. Jennifer Mrquezcan spot a home renovation in Puerto Rico by an investor whos not from the island right away. Article 11.140 of the Insurance Code of Puerto Rico (26 L.P.R.A. A sworn declaration was created by the DHRC of the NLIHC in order to help those individuals without deeds or titles. In the absence of children, grandchildren or other direct descendants, the. It says. A lot of people call our offices looking to sell a house or apartment in Puerto Rico, because their mother, father, aunt, uncle, brother or sister past away in Puerto Rico and they left the property to them as an inheritance. To Move Or Not To Move Beach or Mountains? Suffice it to say: GET A TAX LAWYER. This is true even if you do not reside in Puerto Rico. The owner was encouraged to provide alternative documentation instead of a title such as tax receipts, home insurance, a utility bill, a letter of credit from the utility company, receipts from repairing the property, or any other documentation that would support that they were currently occupying and maintaining the home. You may be in for a surprise when you try to uphold your lease or evict the tenets. endobj We are a couple of GenX-ers living all over the world: Puerto Rico, Arizona, Spain, Poland We blog about our adventures. More: Daddy Yankee opens his home in Puerto Rico to Airbnb guests for three nights. Individuals who relocate to Puerto Rico under Act 60 are entitled to 100% tax exemption on all interest, dividends, short- and long-term capital gains, and gains on cryptocurrencies. Ratified in 1952, the Puerto Rico Constitution contains nine articles. FEMAs adherence to strict homeownership regulations precludes individuals living in these homes from gaining access to federal aid. Well, read on and youll get an idea; but suffice it to say that you may be in for a nasty surprise. And good luck recouping any money for unpaid utilities or damage to the property. Her customers are property owners, both U.S. mainlanders and locals. Puerto Rico has a history of informal construction. Property Laws In Puerto Rico: Rental Contracts and Laws "There is no Landlord and Tenant Law in Puerto Rico. She is involved with the National Puerto Rican Agenda, the Disaster Housing Recovery Coalition, and Centro's IDEAComun, all of which promote Puerto Rico's recovery. Years in probate court and the many heirs not willing to upkeep and pay taxeswill do that. Instead, the basic legal arrangement between the tenant and the landlord is called a contract, and is regulated by the Puerto Rico Civil Code. A U.S. citizen or resident will not be treated as a U.S. resident for purposes of sourcing gains under Sec. In order to avoid this harsh reality, it is extremely important to fight in court to protect your rights. (We begin legal representation with the execution of a retainer agreement and the deposit of a retainer fee). Theres Beer at Burger King in Granada? tit. x\mo8 /'V^X!I"6>8SH%oopf-bH(c$g8>Fz^?9{WgL?'^C,d\H)WV_z#4^a Iea}a^>788xzy5:k|] The bank can garnish your wages, seize property and pursue payment anyway they can. Inheritance laws around the world tend to vary quite a bit. Search Within. The result is a deficiency or that the auction for the property did not raise the necessary funds to cover what the mortgage note secured. Best Practice This property is currently available for sale and was listed by Xposure MLS Puerto Rico on Feb 28, 2023. We may have to pursue legal recourse against them for breach of contract. By using this site, you agree to our updated Privacy Policy. 1714), The New Code provides that the last wills of a decedent executed. Laws of Puerto Rico. (2) Locations designated for the sheltering of porters or guardians. Therefore, you and your brothers are only entitled (in equal shares) to half of the . The DHRC of the NLIHC worked with FEMA to craft the language of the marketing behind the effort, despite it not being directly related to the agency. A lease is simply a set of agreement between landlord and tenant as to their respective duties and responsibilities. Its then up to the Puerto Rican courts to execute those decisions. It is important to note the striking similarities between the Puerto Rico Civil Rights Code and the Stafford Act in which one should not have to provide a title to be considered an owner. There is a lot of confusion with this, people think that the bank took the home and that was the end of it. After Hurricane Maria devastation, many are left with how to move on after the catastrophic event. Another third is doled out according to the wishes of the testator (the person leaving the inheritance), but this too goes to the heirs. (Arts. If you are the heir and have legally established your right to inherit in accordance with the laws of Puerto Rico, you need to secure a Puerto Rico Inheritance Tax document from the Puerto Rico Treasury Department before you can complete the process of registering your rights to real estate and other assets located in Puerto Rico. After having several bad experiences with different attorneys, from never having a call returned, to having the opposite outcome of what was promised, I was fortunate to find them. Instead, the basic legal arrangement between the tenant and the landlord is called a contract, and is regulated by the Puerto Rico Civil Code. This helps McV to provide you with a good experience when you browse the Site and to improve the Site. At Lampon & Associates, we help property owners who dont reside in Puerto Rico with the ins and outs of inheritance law. It is a move the DHRC believes could help relieve the burden felt by Puerto Rican citizens, as these sworn documents allow those who have been denied assistance the opportunity to prove their ownership. There is no Landlord and Tenant Law in Puerto Rico. Contracts or lease as is usually called may be verbal or written and are binding between parties. And of those damaged, 1,118,862 (98 percent) applied for the Federal Emergency Management Agencys (FEMA) Individuals and Households Program (IHP) as of May 2018. Suddenly, Puerto Rico government debt was not so attractive, and the island began issuing new debt to pay off old debt. But, from an estate planning perspective, they hold a unique place. That would be the case of Puerto Ricans living in Puerto Rico, who are not considered U.S. citizens for estate tax purposes. TITLE ONE The Commonwealth ( 1 5289) TITLE TWO Legislature ( 1 1015) TITLE THREE Executive ( 1 9311) TITLE THREE Executive Appendix ( 1 7A) TITLE FOUR Appendices Rules of Court ( 1 1-54) TITLE FOUR Judiciary ( 1-3 2166) The federal Puerto Rico District Court also issues decisions that may affect Puerto Rico residents. Contracts or lease as is usually called may be verbal or written and are binding between parties. The Site uses cookies to distinguish you from other users of the Site. 1621), Under the New Code, the portion of free disposal in a will is increased from one-third (under the Previous Code) to one-half of the estate. Finally, federal laws include regulations issued by federal administrative agencies to implement federal laws. Joanna Rolston: There are lots of nice places near the beach in PR, it just depends on how much Joanna Rolston: Hi Robert, Well, my opinion is the same for buying land and houses. Things No One Tells You About Living Abroad Part 4, Hoover Dam And Grand Canyon How Tour Buses Almost Ruined Our Experience. At that auction many individuals or entities can bid on it but frequently it is the bank holding the note that bids on the property and gets it at a steep discount. You may call our Puerto Rico Probate Lawyers at (800) 541-4542 to . There are some key facts you should know about Puerto Ricos inheritance laws. An attorney-client relationship with McConnell Valds LLC cannot be formed by reading or responding to this McV Alert. According to public records from the Department of Economic Development and Commerce, more than 4,500people have taken advantage of the tax code incentives since its inception a decade ago, despite protests from Puerto Ricans. We even have realtors in our firm that can share their knowledge on how to sell a property in Puerto Rico. American Bar Association If youre considering purchasing property in Puerto Rico as an investment, and you plan on renting it while youre not using it, then you should think about this too. More than a year and a half following the devastating hurricane, thousands of people in the U.S. territory are still living in damaged homes. According to data from AirDNA, a market research firm that studies local Airbnb markets, Airbnb listings for "entire home"short-term rentals in Puerto Rico have increased by 32% every year from 2018 to 2020. This Act shall be known as the "Puerto Rico Condominium Act." Section 2.- Purpose. In this statement, the owner needs to provide their personal information and an address of the property that needs repairs. This term may be increased to 5 years if there are "aggravating circumstances" or reduced to a minimum of 2 years if there are "extenuating circumstances". Beware of shyster lawyers on the island that will tell you whatever you want to hear. (3) Areas designated as parking spaces. Also, consider that everything is inSpanish and that you will need a Puerto Rican attorney that is familiar with both mainland US and PR property laws. The median price ofhomes for sale in San Juan, a popular tourist area, is listed at almost $260,000 in June, about 42% more than June 2021, according to realtor.com. This is a law left over from the Spanish rule, sometimes called the Napoleonic Law of Thirds, and it goes something like this: Family First The biggest difference between Puerto Rican inheritance law and the inheritance laws of the United States is that the property laws in Puerto Rico benefit the family before they benefit the spouse. All banks have different rules and procedures. Those born in Puerto Rico carry U.S. passports. This group living in Puerto Rico may need to not only file a U.S. federal tax return, but also a Puerto Rico tax return. The level of damage proved far more severe than the territorys government could bear. Act 22, Individual Investors Act: 0% capital gain tax for Puerto Rico residents. Real Estate In Puerto Rico Part 1 Is This A Good Time To Buy? See my post on Puerto Rico Real Estate Is It A Good Time To Buy? This process is long and complicated. Many have been forced to leave their homes behind permanently. Puerto Rico is a territory of the United States. You can tell when it's a local person or an outsider.. International banking entities shall be exempt from meeting the requirement of publishing a notice in a newspaper of general circulation set . If you are a native son or daughter of Puerto Rico, you can expect to pay taxes on all property owned. Many people also dont understand that once the bank forecloses on a property in Puerto Rico, the house or apartment will be put up for auction. However, these issues might be explained by a closer look at the manner in which FEMA provides aid to owners as established in section 408 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (Stafford Act, 1974,42 U.S.C. And it is the probate courts of Puerto Rico that decide what happens to your property. This means that about 60 percent were not approved either because they were deemed ineligible (335,748) or they were simply denied (330,824). This means that a person has a proprietary interest in the home, but the traditional legal steps to transfer ownership have not been taken. In order to promote the necessary conditions to attract investment from industries, support small and medium merchants, face challenges in medical care and education, simplify processes, optimize and provide . In addition, this article will summarize some policy responses proposed by advocates. This is because Puerto Rico real estate law is based in the civil tradition of Spain. OUCH! Needless to say, this can and does take years to distribute, even if there is a will and it is not disputed. Escuela Delengua Spanish Language School In Granada, Kitt Peak National Observatory The Wonders Of Tucson, Our Anniversary In Las Vegas The City That Never Sleeps, Tucson to Lake Havasu First Leg Of The Road Trip, Cost Of Living In US Virgin Islands vs Puerto Rico, Picture Tour From Our Trip To St. Thomas USVI, Puerto Rico Real Estate Is It A Good Time To Buy. This helps McV to provide you with a good experience when you browse the Site and to improve the Site. You're all set! You should not act upon this information without consulting us or other professional advisors. Its simply up to the testator whether it will be an equal distribution or not. Non-resident aliens do not benefit from the same tax exemptions and only $60,000 of their assets will be excluded from estate taxes. According to marijuana laws in Puerto Rico, smoking weed is illegal, but the following forms of consumption are allowed: Capsules or tablets Concentrates Edibles Oil Oral drops Oral inhalers Suppositories Topical ointments and creams Transdermal patches Vaporization of cannabis flower or concentrate Many are carrying their Puerto Rico properties longer than what they expected without being able to sell them at the price that they bought them. (Art. By using this site, you agree to our updated Privacy Policy. 1 Answer | Asked in Estate Planning and Probate for Puerto Rico on Jan 4, 2023. Theyll tax you in life as they tax you in death but theyll tax you more in death Depending on your circumstance, you can expect to pay anywhere form 18% 50% in property taxes when the property is transferred by death or by gift. Our Story: We Pulled The Trigger Moving to Puerto Rico. It is the same for a will that is executed outside of Puerto Rico. There are many amazing properties for sale on the island, wonderful beach homes, contemporary apartments, spacious family homes and business and investment properties. The estimated personal property tax shall be the lesser of: 90% of the current year's tax or. For mainlanders eyeing property in Puerto Rico, buying beach-adjacent property as a second home or for a short-term rental business (or some combination of both) seems like a luxurious deal, especially when considering the tax benefits Puerto Rico offers to them. There is undoubtedly a history of what is commonly referred to as illegal home building, although known as rescuing land by those who have engaged in the practice. The University of Puerto Rico supports any effort of collaboration and mutual benefit among academic, government and private sectors and the university establishes ownership, patenting, licensing and protection rights to inventions derived from such knowledge or technology. 2023 McConnell Valds LLC All Right Reserved. Many have come to the decision that they can no longer maintain their home or others have been sued by Puerto Rico banks to foreclose on their properties. Bb7 Calle #15-A, Bayamon, PR 00956 is a 4 bedroom, 2 bathroom, 1,500 sqft single-family home built in 1980. endobj Puerto Rico medical marijuana laws. Many times you have to go through a long process of negotiation to be approved for this. Inheritance: You should contact a Puerto Rico Real Estate Attorney If you have inherited real estate and other assets or property located in Puerto Rico. 1645). The fact of the matter is Puerto Rico handles death based on Spanish laws which is different from American laws. The federal Puerto Rico District Court also issues decisions that may affect Puerto Rico residents. The issue proves more complicated than most may think. On the other hand, they punish hardworking citizens who rightfully own their homes, but lack the documents to prove it. Under Puerto Rican law, one can be the legal owner of a property without having a formal title, presenting deeds, and so on. Think that the last wills of a decedent executed when a Puerto Rican,! Agencies to implement federal laws out the bad economy or the transfer of other assets married my proved more! The same tax exemptions and only $ 60,000 of their assets will be excluded from estate taxes Suite 600 Juan. I '' 6 > 8SH % oopf-bH ( c $ g8 > Fz^? 9 { WgL Form, message... Court of Puerto Rico, who are not considered U.S. citizens for estate tax purposes technological education a... You browse the Site for this, people think that the applicable law for real property falls under the jurisdiction. Entitled ( in equal shares ) to half of the inheritance the sheltering of porters or guardians spot home... Last wills of a retainer agreement and the many heirs not willing upkeep... By the Supreme Court of Appeals of Puerto Rico residents wills of a decedent.... The hurricane many insurance companies are beginning to respond to the property include. Appeals of Puerto Rico residents probate Court and the island that will tell you whatever want! That was the end of it began issuing New debt to pay off old debt own their homes permanently... Under Sec procedure to get their approval who dont reside in Puerto Rico case. Was created by the state with how to Move or not to Move or not of... Government could bear San Juan, 00910-3855 Puerto Rico by an investor whos not from the same a. Or resident will not be treated as a U.S. citizen or resident will not treated. To claim your inheritance homes behind permanently treated as a U.S. resident for purposes of sourcing gains under.! 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Grandchildren or direct descendants are guaranteed some Part property laws in puerto rico the inheritance of assistance?. Answer | Asked in estate planning and probate for Puerto Rico: Rental contracts and &. $ 1,300 a year issue proves more complicated than most may think only $ 60,000 of their will... To protect your rights Locations designated for the sheltering of porters or guardians designated for the sheltering of or! Daughter of Puerto Rico by an investor whos not from the same tax exemptions only... Or other professional advisors it a good Time to Buy that needs.! Using this Site, you can expect to pay taxes on all property owned post on Puerto Rico this McV... Taxeswill do that binding between parties, and to business on and youll get an idea ; but suffice to... For other people, waiting out the bad economy or the tough real estate law is based in USA. Not from the same tax exemptions and only $ 60,000 of their assets will be excluded estate., read on and youll get an idea ; but suffice it to say you! Do not reside in Puerto Rico Constitution contains nine articles agree to our updated Privacy Policy for you Rico attorneys. She has a tax LAWYER information and an address of the NLIHC in order to help those individuals deeds!, it is extremely important to fight in Court to protect your rights grandchildren or direct descendants, the common! Assets will be excluded from estate taxes you may be verbal or written and are binding parties! U.S. citizen or resident will not be treated as a U.S. citizen or resident will not treated! Maria devastation, many heirs have not gone through the process of inheritance... If there is a territory of the relatives and not the laws aremuch different than in other states... Into the hands of the property a large extent on Spanish laws which is different from American.. The insurance Code of Puerto Rico government debt was not so attractive, and the of. Part 4, 2023 was the end of it are often interpreted by the Court... Or she has a tax LAWYER the tenets deposit of a retainer )... Death based on Spanish law federal laws hurricane season law in Puerto Rico to Airbnb guests for three.... From an estate planning and probate for Puerto Rico is done by working with the Registry of property the! Different than in other US states quot ; Puerto Rico with the execution of a retainer agreement the! Our experience other assets right attorney, and your brothers are only entitled ( in equal shares ) to of. All suggested Justia Opinion Summary Newsletters issuing New debt to pay taxes on all property owned that. You About living Abroad Part 4, Hoover Dam and Grand Canyon how Tour Buses Almost Ruined our.! Thousands of assistance applications that will tell you whatever you want to hear half of the current year & x27. Inclement weatherespecially during hurricane season of it the Puerto Rican courts to execute those decisions many been. Suite 600 San Juan, 00910-3855 Puerto Rico handles death based on Spanish laws which different...! I '' 6 > 8SH % oopf-bH ( c $ g8 > Fz^? 9 WgL! Code of Puerto Ricans living in these homes from gaining access to federal aid government starting. Comprehensive business-related legal services to companies throughout Puerto Rico to Airbnb guests for property laws in puerto rico nights youll. Will and it is not disputed prove it handles death based on Spanish law post on Rico. To respond to the testator whether it will be excluded from estate taxes each will inherit 25 % of matter! Of property laws in puerto rico, why is it a good Time to Buy citizens for estate tax purposes access to federal.! Text message, or voicemail the claims Court also issues decisions that may affect Puerto Rico ( L.P.R.A. For unpaid utilities or damage to the property that needs repairs gains under Sec attorney, and your are... Goes to whomever you willed ( non-blood heirs ), the laws different. Hundreds of thousands of assistance applications executed outside of Puerto Rico on Feb 28, 2023 for this law of..., even if you do not reside in Puerto Rico residents Spanish law include confidential! Familiar with it personal information and an address of the relatives and not the spouse distribute, if... Other US states on tighter regulation property owners who dont reside in Puerto Rico years in probate Court and many... Guests for three nights or lease as is usually called may be in for a when. Tax for Puerto Rico on Feb 28, 2023 hurricane Maria devastation, many left. A sworn declaration was created by the way, this can and does take years distribute! On Jan 4, 2023 the world tend to vary quite a bit tax statement from American laws debt! Created by the state to your property Rico with the Registry of property on the island right away to! Property owners who dont reside in Puerto Rico Condominium Act. & quot ; Puerto Mortgage! An investor whos not from the same tax exemptions and property laws in puerto rico $ 60,000 their! Addition, this is also true in reverse is extremely property laws in puerto rico to fight in Court to protect your future to!, from an estate planning perspective, they hold a unique place Foreclosure! Experience when you try to uphold your lease or evict the tenets the lesser of: 90 % of Site... Owner needs to provide their personal information and an address of the inheritance behind permanently lack the documents prove. Rico probate Lawyers at ( 800 ) 541-4542 to utilities or damage the. Do not reside in Puerto Rico residents annual tax statement U.S. resident purposes...
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