A tax expert shares the misconceptions and hidden costs the wealthy face when moving to Puerto Rico for tax breaks

• Puerto Rico's Act 60 offers tax incentives and is attracting wealthy Americans to the island. 
• However, there are misconceptions about what gains are exempt.
• Some of the important details often overlooked include residency and charitable contributions.

Puerto Rico offers an enticing proposition for wealthy Americans from the mainland seeking tax relief, but making the move can be challenging if you are not familiar with all the rules.