- January 11: Submitted application online
- January 19: Sent email on pre-evaluation status for application completion. Talked with staff indicating one person is in charge of prequalifying all apps.
- January 21: Talked with prequalifier over phone and discovered application website was down.
- January 26: Requested a manual review if the application website was still down. It was down 9:00 PM PST, January 25, but it seems to be back up now.
- February 2: Called in on status update, and discovered pre-evaluation was complete. I should had received an email indicating a notarized affidavit and $750 application fees were required, but I didn’t receive that email for some reason. Mailed out via 3-Day Priority mail my notarized applications and Cashier’s checks for application fees.
- February 11: Check was received by their offices and I received a detailed email describing the next steps on how my application status will proceed according to certain milestones as described below.
- FILED: Payment has been received and my application will be forwarded to the appropriate agencies.
- IN EVALUATION PROCESS: Background checks are conducted and evaluations are conducted on the provided documents. No specific time frame.
- ELIGIBLE CASE: This is the final “stamp of approval” required stage passed onto the highest departments such as the Department of Treasury and The Department of Economic Development. Time frame is listed at 20 working days. This is where I’ll need to pay the one-time fee for $5,000 for Act 22.
- APPROVED: THE DAY I’M LOOKING FORWARD TO!
DISCLAIMER: I AM NOT AN ATTORNEY OR CPA. I HAVE NOT CONSULTED ANY PROFESSIONALS, AND THIS IS BASED OFF RESEARCH ONLINE. NO ACTUAL EXPERIENCE. FOLLOW MY ADVICE AT YOUR OWN RISK!!!
♦ 4% Corporate Tax Rate (ACT 20)
♦ 0% Tax on Dividends (ACT 22)
♦ “Source of Income” not from the US are exempt from US Federal Income Tax (https://www.irs.gov/taxtopics/tc901.html).
“Source of Income” defined: http://www.nd.gov/spo/connectnd/1099-information/irs-def.pdf
Pay yourself market salary for Arm’s Length Transactions
STEP 1 – CREATE CORPORATION
United Corporate, $250.00
$150 for Minimum Registration Fee
Bylaws & Minutes
STEP 2 – APPLY FOR EIN
STEP 3 – APPLY FOR ACT 20 & 22
– Request Access for Company & Individual
– Go through process, hit “Save Application”
– Go Back to Main Screen
– See all documents needed to Upload
Criminal Background Check (https://oag.ca.gov/fingerprints/security) ~$50
Two Commercial Bank References
Social Security Card
Find the official list here: http://www.oeci.pr.gov/SiteCollectionDocuments/Instructions%20-%20DDEC%20Online%20Applications%20Platform.pdf
ACT 20: 6 months?
ACT 22: 2 – 3 Months?
TIME TO ACT NOW
MAP OF LOCATIONS
Dorado & Palmas Del Mar
PALMAS DEL MAR
Dorado Beach, a Ritz-Carlton Reserve
Peter Schiff moved there