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The Puerto Rican Tax ParadeThe Puerto Rican Tax Parade

An alternative to expatriation

K. Eli Akhavan, Managing Partner

March 25, 2015

10 Min Read
The Puerto Rican Tax Parade

In a famous Seinfeld episode, the gang gets stuck in the Puerto Rican Day Parade in New York City, and hilarity ensues. Yet, Puerto Rico is no laughing matter. Moving to Puerto Rico provides a compelling alternative to expatriation. Here’s why.

 

More Americans Expatriating 

The number of Americans renouncing their U.S. citizenship increased 37 percent in the three months ending December 2014. The annual total of U.S. citizens expatriating reached a record level of 3,415.1 While a significant part of this drive to renounce citizenship is due to Foreign Account Tax Compliance Act (FATCA) reporting requirements and severe Report of Foreign Bank and Financial Accounts (FBAR) penalties, the higher ordinary income and capital gains tax rates ena...

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About the Author

K. Eli Akhavan

Managing Partner, Akhavan Law Group LLP

 

K. Eli Akhavan is a managing partner of the Akhavan Law Group LLP. He was previously an associate in Moses & Singer's Trusts and Estates and Asset Protection practice groups. Eli counsels clients on sophisticated domestic and international estate planning, including advising high-net-worth individuals on their tax, wealth preservation and estate planning needs. He also provides guidance on business succession planning, asset protection trusts, and charitable planning. 

Before joining Moses & Singer, Eli was an associate at a prominent Long Island law firm where he represented clients on matters concerning asset protection planning, business succession planning, income taxation and charitable gifting. Prior to that, Eli was an associate at a major New York City law firm and counseled clients on complex partnerships, joint ventures and general taxation matters.