Changes to Puerto Rico Trusts, Retirement Plans and certain Estate Matters
On February 8, 2017, the Governor of Puerto Rico signed H.R. Bill No. 3 into law, Act No. 9 of 2017 (“Act 9”), which amends the Puerto Rico Trust Law of 2012 (the “Trust Act”), as well as the 2011 Internal Revenue Code for a New Puerto Rico (the “Code”), to provide a “better and broader protection of assets” under trusts and create a more favorable environment for employers to offer their employees retirement plans. Please refer to our January 13, 2017 Tax Alert in which we summarize the provisions of H.R. Bill No. 3.