Maceira Zayas has authored the Puerto Rico chapter of the Chambers and Partners International Tax 2026 Global Practice Guide, published April 23, 2026. The chapter was co-authored by Anthony O. Maceira Zayas, Simón Carlo Valentín, and Carlos M. Fontán.
The Chambers Global Practice Guides are a primary reference for in-house counsel, tax directors, and advisors evaluating cross-border legal frameworks. Contributors are invited by Chambers based on practice depth in the relevant jurisdiction.
The chapter is in two parts.
Law and Practice. The first part sets out the sources, structure, and operating principles of Puerto Rico's tax framework for cross-border income. It addresses the domestic hierarchy of legal authority, residence and territoriality rules, the taxation of resident and non-resident persons, the sourcing of business and passive income, the treatment of immovable property, capital gains, and employment income, the application of the OECD/G20 global tax reform framework, Puerto Rico's anti-avoidance and anti-evasion measures, penalty and enforcement structures, administrative cooperation, and dispute prevention mechanisms including the role of incentive decrees as a vehicle for tax certainty.
Trends and Developments. The second part analyzes three developments reshaping Puerto Rico tax practice in 2026:
Act 38-2026 and the bifurcation of the Resident Individual Investor program. Act 38-2026 extends the program from 2035 to 2055 and creates two cohorts based on application date. Applicants who file complete decree applications on or before December 31, 2026, retain the 0% Puerto Rico income tax rate on qualifying interest, dividends, and post-relocation capital gains, with benefits running through January 1, 2036. Applicants who file on or after January 1, 2027, are subject to a 4% fixed preferential rate on the same income streams, with benefits running through December 31, 2055. The application date — not the date of physical relocation or decree approval — controls cohort membership. The chapter analyzes the planning consequences for individuals considering Puerto Rico residency in the medium term.
DDEC's shift to active compliance enforcement. The Department of Economic Development and Commerce has moved operational focus from decree issuance to active enforcement. In 2025, the Office of Incentives audited 1,798 decrees and issued 305 deficiency notices carrying fines of up to USD10,000 each. Mandatory annual reporting has expanded from five to 15 programme categories. For 2026, DDEC has announced sample-based audit campaigns covering all Act 60 industries, automated deficiency notices for late filings after January 15, 2026, and active information sharing with Hacienda and the IRS. The chapter examines the elevated risk profile for decree holders who self-administer compliance or rely on non-attorney consultants.
The One Big Beautiful Bill Act and Chapter 3 export services structures. The federal One Big Beautiful Bill Act, signed July 4, 2025, modified federal GILTI, Subpart F, and bonus depreciation rules in ways that recalibrate Puerto Rico's Export of Services incentive for structures held through US shareholders. The recharacterization of GILTI as Net CFC Tested Income, combined with a permanent 40% deduction under IRC §250, produces an effective US tax rate of approximately 12.6% before foreign tax credits — meaning the 4% Puerto Rico rate does not, on its own, eliminate residual US taxation for corporate US shareholders. The chapter analyzes the practical effect on cross-border structuring.
The full chapter is available at practiceguides.chambers.com.
