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Friedman joins us now he helps businesses relocate the Puerto Rico and you know Larry there was a lot of talk about.
Hedge fund managers and the like move in there and that got a lot of negative PR.
You know in this country.
As any negative PR with the company moving outside of America to Puerto Rico.
There's nothing negative and there's nothing illegal of that anyone move into Puerto Rico are moving their business to Puerto Rico.
So so without we're not talking about the legality of -- but the idea I have a business and -- and -- -- Moines Iowa and you tell me okay uproot.
-- has moved to San -- know what's gonna be upset about that.
No one's gonna be upset about it Puerto Rico is very welcoming there's a very aggressive.
Business community there.
And it's a great place to do business.
So talk -- us a little bit then about the companies that -- helped.
What kind of the man -- are you saying.
Look these are trying economic times people are looking to save money.
People are looking give us an example some of the people that have come to some of the people you've helped recently what we know the names.
We've I'm not gonna share the names with you on on national television but I can tell you this.
We've helped small mom and pop companies we've helped medium sized companies and we've helped fortune 400 companies.
Move to the island of Puerto Rico.
They we've had a company from California.
Uplift in its entirety.
And moved to the island of Puerto Rico.
To -- taxes to take advantage of the skilled labor force in Puerto Rico of the lower wages.
Community in Puerto Rico and it's been a he had great opportunity for that company.
-- OK and obviously has been great for for Puerto Rico is well you just talk about the skills it would seem to me.
Another stood their -- for a long time special tax advantages for the pharmaceutical industry but outside of that.
That's a real specific skill sets that are lacking an American general you know they say -- three.
Million -- jobs going begging.
What about the skills gap it it seems like there would be some issues there with with relocating the Puerto Rico.
Well there's a very highly skilled labor force in Puerto Rico on their statistics about that.
And many of the people raised and educated in Puerto Rico have been schools it in the US.
And these people are looking for jobs the wages are low and they welcome the opportunity to work for US companies coming to Puerto Rico.
Larry walk why before we let you go and again to the -- -- -- clearly on the advantages why.
Why does Puerto Rico have such an advantage over the rest of America we all know that it's it's US territory so you're automatically an American citizen.
Yet at the same time there there's a lot of taxes that they that that Puerto Rican citizens -- the -- And now I'm assuming corporations there as well why this is exist and how -- on -- it to the rest of the country.
For new Puerto Rican businesses you're talking about a 4% maximum tax rate related to services for exportation.
0% tax rate for dividends or profit distributions from businesses to Puerto Rico residents.
And you get hit -- Puerto Rico tax decree in those decrease are good for twenty years and -- renewable for an additional ten years.
You talked about the hedge funds and for individual investors.
The profit incentive.
The profit incentives.
Are incredible zero tax rates on short long term capital gains.
-- those rates are guaranteed until 2036.
All right audit.
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