#1 TikTok Ads Spy Tool

A Better Way to Make TikTok Ads Dropshipping & TikTok For Business

  • Find TikTok winning products & TikTok dropshipping ads.
  • Analyze TikTok advertisers
  • Get the Latest TikTok Shop Data.
Try It Free

46 Days On A TAX FREE Island

Published on: December 4 2022 by Hayden Bowles

46 Days On A TAX FREE Island

46 Days On A TAX FREE Island

i've spent the last 46 days living in
puerto rico this is my new condo here if
you didn't see the condo tour video
this is the tax-free island is what it's
known as now
i've been here for 46 days i haven't
done much except work i'm getting a
little bit bored a little bit
claustrophobic here on the island so
it is time to jump on a flight go do
some skydiving in arizona
and then go find a fun mountain to do
some snowboarding before the season is
over so
with that being said i've gotta run off
to dinner first but i'm gonna be headed
off
and jumping on a flight here later this
evening so with that being said
let's get on the road then i'm going to
explain exactly what it's been like to
live here as well as all the benefits
associated
drop a like see in a sec
all right and i've recruited some
additional members for dinner what's up
boys
all right and arizona was a ton of fun i
was only there for a weekend i wanted to
get out to the snow as quick as possible
so i've been doing some snowboarding for
the past week or so
gonna be headed out soon back to arizona
because i definitely want to spend some
time there before i go back to puerto
rico now
i've been getting a lot of amazing
questions primarily on youtube since
at least doesn't want to film this i
haven't had an instagram in like three
months
this guy keeps hacking me and
blackmailing me it's been a whole
freaking thing i don't really care but
kind of interesting nonetheless now
people are asking multiple questions
people want to know the specifics behind
the tax laws the actual requirements i
haven't toked
too in depth about it but uh you know
there's a lot of people moving there i
mean
joe rogan's going to texas you got logan
and jake paul coming out to puerto rico
a lot of people are making moves based
on taxes and puerto rico is definitely a
unique situation now
i was there for 46 days i really really
tried this sounds so stupid i tried to
push for two months
i didn't want to go back to arizona
until i had been there for two months
the problem was because i had to be
there
and i have to be there for a certain
period of time every year which equals a
total of 183 days
which is half of the year plus a day
well because i have to be there i feel a
little bit stuck and i don't ever like
to be confined in any way that's why i
move all the time i
usually have multiple places i just kind
of bounce between i travel i book a lot
of airbnbs
i like to do that so i tried to push for
two months wasn't gonna happen i was too
bored so
i just left it's not a big deal you know
i'm still gonna clock my proper six plus
months
inside of the year i'm not too worried
about that now as beautiful as puerto
rico
is i don't want to spend over six months
out of the year there that is purely a
business move
that is going to help the future it's
not something that i get a ton of
benefit from right now
it's not like i'm keeping all that extra
capital it's just going to other things
and
into investments and reinvestments into
the current companies so it's one of
those things where that's just a future
move and as beautiful of a place as it
is
i was busy doing other stuff in arizona
and i love arizona i love being in
california
i love the states i love the mountains i
like the area that i chose to be in you
know so
i just unfortunately don't get to be
there as much so that's kind of like the
small feeling of being stuck a little
bit which causes me to want to travel so
i don't plan on being there for six
months straight and then six months
somewhere else it's gonna be a lot of
back and forth
that you can be certain of so it's been
a lot of fun here's the thing though
from a practikal perspective spending 46
days on the island
i would very frequently only go outside
every three to five days
and that was really new for me because
there hasn't been many times
where i just haven't gone outside the
last time i can remember
is when i was living in my parents
basement and i remember going a full
seven days without ever going outside i
never stepped into the yard
i never drove anywhere i did nothing and
that was very unhealthy i was definitely
a whole shade whiter i was like ghost
white
it was just one of those things where i
was just working now puerto rico it's a
little bit different
because first of all i got a lot of
sunlight coming in so i'm still getting
my vitamin d
but i i've just been working a ton and
since there's not a lot else for me to
do there i don't have a car there
there's not a you know there's a casino
across the road i don't really gamble
there's not a ton of stuff
i don't drink i don't party so it
eliminates a lot of the things that i
can do to say the least so
i don't do a ton of stuff there however
there is a gym in the building
and this has been a huge benefit of
being in puerto rico i am in
the best shape of my life that i've ever
been in because for the last
two months straight even when i was in
arizona i've been very closely watching
what i eat i pay a lot of money for very
very good food
for people to prepare that food on
occasion depending on what i need to do
based on the time
and it's something where i've also been
combining that in the gym every single
day with 20 minutes of cardio 40 minutes
of weights
and just been as active as i possibly
can be now i'm an active person i do a
lot of stuff from snowboarding and
skydiving you know dirt biking for six
hours through these mountaintops
i like to do stuff outside i love it i
frequently take trips into the mountains
just to do stuff at high elevation i
like being active and outside
but puerto rico is a little bit
different you know because there's not a
ton of stuff there that i can
easily do that's very close i like going
to the beach but i've just been focused
however i have been in the gym there
every single day
and i've notiked a huge difference both
my productivity and my physical health
so from a physical and mental health
perspective it has been super beneficial
you know there's the argument of boredom
which is not great
but uh you know i can always travel and
get out of that uh get out of that spot
so that's exactly what i'm doing right
now
now on to the point of the financials
which is
obviously the reason i'm there there's
really not much of another reason
in the u.s i pay on average about 42.5
in total tax so basically half your
income
goes away in puerto rico a lot of people
like oh my god it's tax-free you're
living on the tax-free island
it's actually not tax-free for me some
people
pay zero tax so for an example let's say
you're a stok trader and you don't want
to pay tax
anymore right stok trading is capital
gains crypto trading is capital gains
anything capital gains related you can
get a zero percent capital gains rate
by living in puerto rico but there's
restrictions with that that is called
act
22 the capital gains one that's the
legal
group of it now that group in partikular
has a lot of restrictions you have to
buy a property within two years
it's a five thousand dollar a year
filing fee just to be a part of the
program
and on top of that you gotta donate 10
grand a year to a puerto rican
non-profit charity so it's really 15 000
a year in flat rate taxes that's how i'd
consider it i'm not
a part of that because i don't have
capital gains i could choose to be i
opted out of that
now for all my capital gains by the way
those are unrealized i'm not selling i'm
not making a ton of money to make like
i'm not a huge stok trader or anything
and all my stuff is just sitting there
not
actively being sold now i'm in the act
20 program okay and both those are
rolled up in act 60
act 20 is where you have a 4 corporate
tax so people like oh hayden you're
paying four percent in taxes
no because you have to pay yourself a
personal salary
that is considered fair but reasonable
and the fair but reasonable personal
salary
you know i'm not someone who's like oh
i'm gonna pay myself 10 grand you know
and then i don't have to really pay much
on tax
like if they look into it it's got to be
believable and based on my spend that
number is going to be six figures so i
have to be able to validate that
and that money is going to be taxed at
33
so it does it's not like my taxes are
very high it's still under 10
total but that number definitely dilutes
it a little bit and you know obviously
it's way cheaper than the states
so it's been awesome there's additional
fees there's expenses to move down there
to live down there to host everything
down there
having all the the servers down there
having the virtual office setups and
people to host and get all the mail i
mean everything
for i mean there's a thousand different
things it took so long to fill out all
the paperwork
and do everything so there is a lot of
cost associated with it
both business related as well as and
having you know additional cpas down
there on retainer and stuff
as well as the personal side of it now i
have two places that i live
and my place down there i've never
mentioned this it's not cheap it's over
twelve
thousand dollars a month for the rent
now i don't live alone so that cost is a
little bit
diluted but it's still a super expensive
place to live puerto rico is very
expensive
at least in the main area that i need to
be in you know so
it is what it is but it's definitely
been an interesting journey and living
there for the last 46 days i've learned
a lot i've started learning some
introductory spanish which has been
great it's been a couple of uh
of amazing ladies who've been helping me
learn that just a little bit
as well as just listening to some
podcasts on some basic spanish so
that's not something that i ever learned
i speak english and french so
definitely an interesting culture very
different i love going to mexico
dominican republic's beautiful aruba is
beautiful this is very similar to that
definitely reminds me of that for sure
so
spanish culture is awesome i'm a little
bit picky with some of my foods so
it's been a little bit interesting but i
eat at home anyways i don't really eat
out much so
yeah it's been super fun and for anybody
who makes a ton of money in their
business and puerto rico makes sense i
would definitely encourage you to check
it out
i'm not a spokesperson for it and i
certainly don't want to be but i
definitely am here to document and share
my experience
especially when it comes to taking
advantage of something that only a
couple thousand people have done
and can do it's very limiting in terms
of who can do it and how you have to
structure it
but it's perfectly legal and it's
something that can make a lot of sense
for some people
you know i have a lot of friends who
have asked me about potentially moving
down there and you know they've seen
that oh wait wow
that actually is possible that's crazy
because it's a big attraction so
it's been super cool living on the
island's been a lot of fun i definitely
plan on being back and forth just
because i get bored
and as beautiful of a place as it is if
i have to be somewhere
i start to feel a little bit stuck and
claustrophobic and i just like to bounce
around and do stuff so
i just uh travel a lot and i book last
minute flights so that's kind of my
strategy and i'm continuing to roll with
it all right
hope you enjoyed this video and this
honest and open breakdown as well as an
update which was frequently
frequently requested i don't have an
instagram personally but we do have the
ecom season instagram
you guys can check that out so we post
all things ecommerce related
stuff about our advertising agency which
you can find more uh linked about that
down below
a bunch of fun stuff there we also have
our ecommerce programs linked below some
free resources and whatnot
and here on the youtube channel we post
a lot about business e-commerce real
estate
travel all sorts of fun stuff so make
sure to stik around if you enjoyed the
video i'd appreciate if you drop a quick
like and with that being said i'll see
you
in the next video peace