Latest news with #Act60
Yahoo
21-05-2025
- Business
- Yahoo
Mounir Kabche Leads the Charge in Sustainable Innovation Across Latin America and the Caribbean
Mounir Kabche continues to make waves in Latin America and the Caribbean with groundbreaking initiatives. New York, NY , May 21, 2025 (GLOBE NEWSWIRE) -- Visionary investor, entrepreneur, and strategist Mounir Kabche continues to make waves in Latin America and the Caribbean with groundbreaking initiatives that blend financial acumen, clean energy, manufacturing innovation, and a deep commitment to sustainable development. With over 20 years of experience across four major sectors—finance, energy, manufacturing, and real estate—Kabche's leadership is reshaping the region's industrial and environmental landscape. Mounir Kabche Currently based in Puerto Rico under the Act 60 incentive regime, Kabche has become a prominent force in advancing energy self-sufficiency and revitalizing obsolete infrastructure. His work spans several high-impact companies and projects, all aimed at fostering economic growth, energy resilience, and regional transformation. Kabche is the Managing Partner of Conexsol PR, a company specializing in custom solar solutions for industrial, commercial, and residential markets. Conexsol's flagship project in Humacao is converting unused industrial spaces into a regional solar energy hub—paving the way for cleaner power and job creation in Puerto Rico. As Chairman of SolarGrid Dynamics, he focuses on the integration of advanced energy systems that promote automation, operational efficiency, and smart resource use. Additionally, as President of InnovateTech, a Puerto Rico-based manufacturer of agricultural technologies, Kabche leads efforts to modernize agriculture with next-generation inputs such as hydroponic equipment and eco-friendly growing media. This initiative supports sustainable farming while boosting productivity across the Caribbean. Kabche's strategic influence extends to the financial sector, where he has played a key role in the restructuring of Banco Caroní, implementing modernization strategies that have strengthened the institution's market position in Venezuela. 'Purposeful innovation is not just a business goal—it's a moral imperative,' says Kabche. 'In today's world, where environmental challenges and economic disparities often go hand in hand, we have a responsibility to create solutions that are both intelligent and inclusive. We are transforming outdated infrastructures into engines of opportunity, not only generating clean energy but also breathing new life into communities that have long been overlooked. By investing in renewable energy and sustainable industrial practices, we're catalyzing economic growth, job creation, and resilience in regions that need it most. This is about more than business—it's about building a future where innovation serves people, the planet, and progress equally. Through strategic partnerships and bold action, we are working to ensure that sustainable development becomes the foundation of long-term prosperity across Latin America and the Caribbean.' His future-forward agenda includes the expansion of solar capacity in Humacao, market entry into the Dominican Republic and Virgin Islands, and the development of vertical urban farming systems. Energy storage innovations integrated with solar systems are also on the horizon, targeting greater resilience in disaster-prone areas. For press inquiries, strategic alliances, or more information on projects, please contact Mounir Kabche through: Email: contact@ Website or through Our reach out directly through Social Media: About Mounir Kabche Mounir Kabche is a investor with a strategic presence in Latin America and the Caribbean. Through companies like Conexsol PR, SolarGrid Dynamics, and InnovateTech, he drives innovation in renewable energy, sustainable agriculture, and financial modernization. Kabche's work is guided by a commitment to long-term impact and regional growth. ### Media Contact Mounir Kabchecontact@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
21-04-2025
- Business
- Bloomberg
Democrats Take Aim at Puerto Rico Tax Perks for Crypto Investors
Democratic lawmakers on Monday introduced a bill to block investors from using Puerto Rico as a cryptocurrency tax haven — a proposal unlikely to advance without Republican support and as Congress prioritizes extending the 2017 tax cuts. Under current laws, qualified investors living in the US Commonwealth are not required to pay local or federal taxes on capital gains, including crypto appreciation. That tax break — part of a broader package of tax incentives known as Act 60 — has made the island a haven for thousands of digital currency enthusiasts.
Yahoo
11-04-2025
- Business
- Yahoo
Why Some Millionaires Are Choosing To Move to Puerto Rico for Tax Reasons
As the tax situation has gotten more contentious in the U.S., tax professionals have watched more millionaires look for alternatives to hold on to their millions. 'A lot of folks don't realize that Americans pay some of the highest taxes in the world, especially in states like California and New York,' said Andrew Lokenauth, U.S. tax professional and founder of Fluent in Finance and The Finance Newsletter. 'When you add up federal, state and local taxes, some people end up giving away over 50% of their income.' Learn More: Read Next: GOBankingRates talked to experts to get their insights on why some millionaires are relocating to Puerto Rico. The tropical climate and Caribbean lifestyle are nice perks. However, the real draw may be saving their millions. One of Puerto Rico's Act 60 tax incentives lets you pay just 4% on business income in most cases. Lokenauth said he moved his consulting business there in March 2024 and described the tax savings as 'incredible.' 'My effective tax rate dropped from around 45% to under 10% — that's life-changing money that I can reinvest back into growing my company,' Lokenauth said. Erik Wright, founder of New Horizon Home Buyers, explained that this incentive is beneficial for millionaires. 'Puerto Rico's Act 60 tax incentives offer breathtaking tax relief that lowers income tax rates to a paltry 4% for qualifying businesses,' he said. 'This drastic tax reduction from more than 37% mainland rates is a powerful economic incentive for millionaires to relocate, potentially saving them hundreds of thousands of dollars annually, depending on their income structure.' And he has seen his high-net-worth investor clients benefit. 'I saw it myself when some of my real estate investment partners moved to Puerto Rico in 2023; one of them, who had been paying more than $400,000 in federal income taxes every year, cut his tax bill to about $40,000 by taking advantage of Puerto Rico's tax breaks while keeping his mainland business operation online,' he said. Find Out: Lokenauth explained that another big draw is the capital gains exemption, where people don't pay any taxes on certain capital gains after they become residents, which can especially help the wealthy save money. 'Back in Chicago, I was paying 20% federal plus 5% state tax on my investment gains. But after establishing residency in San Juan, I sold some long-term stock holdings completely tax-free (saved about $140K in taxes),' he said. In the U.S., the government treats crypto profits as capital gains and taxes them up to 37%, but Puerto Rico considers crypto gains tax-free for residents. Lokenauth said the zero tax on crypto gains draws a ton of wealthy traders and blockchain entrepreneurs, and he's met several crypto millionaires in his neighborhood who have moved there for the tax exemptions and benefits. But Lokenauth said there is more to the island than saving money. 'Puerto Rico has incredible weather, gorgeous beaches and a vibrant culture that blends Caribbean and American influences — and San Juan feels very familiar to mainland Americans — with all the same stores, restaurants and services [they're] used to,' he said. 'The lifestyle upgrade combined with the tax benefits makes it a compelling package.' More From GoBankingRates6 Reasons Your Tax Refund Will Be Higher in 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth 10 Cars That Outlast the Average Vehicle This article originally appeared on Why Some Millionaires Are Choosing To Move to Puerto Rico for Tax Reasons
New York Times
15-02-2025
- Business
- New York Times
Prominent Cryptocurrency Investor Faces Senate Tax Inquiry
A Senate committee is investigating whether a prominent cryptocurrency investor violated federal tax law to save hundreds of millions of dollars after he moved to Puerto Rico, a popular offshore tax haven, according to a letter reviewed by The New York Times. Senator Ron Wyden, an Oregon Democrat, sent the letter on Jan. 9 to Dan Morehead, the founder of Pantera Capital, one the largest crypto investment firms. The letter said the Senate Finance Committee was investigating tax compliance by wealthy Americans who had moved to Puerto Rico to take advantage of a special tax break for the island's residents that can reduce tax bills to zero. The investigation was focused on people who had improperly applied the tax break to avoid paying taxes on income that was earned outside Puerto Rico, according to the letter. 'In most cases, the majority of the gain is actually U.S. source income, reportable on U.S. tax returns, and subject to U.S. tax,' the letter said. The letter requested detailed information from Mr. Morehead about $850 million in investment profits he made after moving to Puerto Rico in 2020, noting that he 'may have treated' the gains as exempt from U.S. taxes. Mr. Morehead said in a statement that he moved to Puerto Rico in 2021. 'I believe I acted appropriately with respect to my taxes,' he said. Mr. Wyden was chairman of the Finance Committee until Republicans took control of the Senate last month. During his tenure, the committee investigated several strategies that wealthy Americans have used to avoid paying taxes. It is unclear what may come of the investigation. Under the Biden administration, federal regulators and Democratic lawmakers cracked down on the crypto industry and prominent tech figures. President Trump and Republicans in Congress have embraced crypto, promising less aggressive enforcement. A spokesman for Mr. Wyden said the investigation was 'ongoing' and declined further comment. A spokeswoman for the Finance Committee's new chair, Senator Michael D. Crapo of Idaho, did not respond to a request for comment. For more than a decade, wealthy Americans, including many tech entrepreneurs, have flocked to Puerto Rico to take advantage of Act 60, a tax break established in 2012 under a different name. Any capital gains income generated in the U.S. territory isn't subject to local or federal income tax. In recent years, the Justice Department, the Internal Revenue Service and lawmakers have investigated abuses of that system. The I.R.S. has said its criminal division identified about 100 people who may have committed tax evasion. A former Goldman Sachs trader, Mr. Morehead founded Pantera in the early 2000s and turned it into one of the largest investment firms focused on crypto, backing more than 100 crypto companies over the last 12 years. Those include major U.S. crypto firms such as Circle, Ripple and Coinbase, which operates the largest marketplace for digital currencies in the United States. After Mr. Morehead moved to Puerto Rico, Pantera sold 'a large position' and generated capital gains 'in excess of $1 billion,' according to Mr. Wyden's letter. Mr. Morehead's share of the gains totaled more than $850 million, the letter said. The letter asked Mr. Morehead to share information related to those transactions, including the names of his tax advisers. It also asked him to share a list of any assets he sold while a resident of Puerto Rico, including cryptocurrencies.
