Act 60, or Act 22, offers a 100% tax exemption to individual investors who relocate to Puerto Rico.
To qualify for this program, the investor must live on the island for a minimum of six months., bring their business, and then don’t have to pay federal taxes. This is in hopes of the local government to help move the island’s economy.
Logan Paul, Brock Pierce, and artist Alec Monopoly are the most notable beneficiaries.
In a recent interview with internet personality Philip DeFranco, Logan Paul lamented that he’s getting called a vulture. This comes after Bad Bunny released his music video for ‘El Apagón – Aquí Vive Gente’ a month ago.
Moreover, Logan Paul alleges that the Puerto Rican artist benefits from the same incentive he does. But did not present any evidence of what he said. Meanwhile, Act 60 (Act 22) does not apply to those born and living on the island.
“He is a Puerto Rican who lives in Puerto Rico and who, in private. Takes advantage of the same tax (benefit) program that he criticizes in public”, said the influencer.
Quickly DeFranco asked Paul if what he just said was true. Meanwhile, he asked if his brother Jake Paul also moved to the island under these benefits, stating, “I know that, and I see things like that, and it hurts.”
Economic Vulture
According to Logan, some Puerto Ricans know about this, and when he saw the video. Paul saw his image plastered in the middle and surrounded by a context that makes him look like a vulture in Puerto Rico.
Although he says, he loves Bad Bunny, in individual part, he can’t support the hypocritical nature of their exploitation.
DeFranco invited Paul on his show to express the critiques he’s received while moving to Puerto Rico under Act 22; Logan also mentions that he’s given a hand to those in need after Hurricane Fiona but doesn’t promote it on social media.
As well donatiing $25k to Taller Salud. A non-profit dedicated to better access to female health, reducing violence, and inciting economic development through education and activism.
“This is our home, this is our island, and while I understand that many people who benefit from Act 20/22 have a bad reputation because, in any business where money can be made, there will always be vultures, it is easy to target me. and towards my brother as the ringleaders.”
Also, the urban artist does not qualify to be a beneficiary of Act 22 under current statutes. He resides on the island and has not lived exclusively outside of Puerto Rico for more than 10 years.
But Bad Bunny would qualify to benefit from Act 20 (Services Export Law). That allows him to pay 4% taxes for all businesses he does outside of Puerto Rico. The majority of those who fall under the benefit of Act 20 are Puerto Rican or Puerto Rican-owned businesses.
Tell us what you think of what Logan Paul said about Bad Bunny.
