Tax in Puerto Rico

McConnell Valdés LLC

McConnell Valdés LLC's standalone tax department is consulted on US and local tax for matters involving employee benefits, sales tax and tax exemptions, among other areas. Examples of non-contentious past work include the team's representation of a company in the negotiation of a tax incentives grant. With broad expertise in tax law, Isis Carballo-Irigoyen and the team focus on supporting pharmaceutical, electronics, retail and e-commerce companies, as well as high-net-worth individuals.

Practice head(s):

Isis Carballo-Irigoyen

O'Neill & Borges

O'Neill & Borges' team has strong capabilities across all aspects of tax law, covering income, sales, property and municipal taxes as well as tax incentives for sector-specific eligible clients (for example, those in the manufacturing, technology, energy, agriculture and aviation sectors). Another pillar of the practice is centred on tax advice in the context of reorganisations, liquidations and other corporate transactions. Tax litigation is also an area of strength and is carried out before administrative and judicial courts. The key partners in the group are members of the corporate or litigation departments: these include Rosa González-Lugo, who focuses on corporate taxation, tax exemption and M&A tax; administrative and judicial procedures expert Amaya Iraolagoitia; and Ismael Vincenty-Medina, who is well versed in tax audits and negotiations.

Pietrantoni Méndez & Alvarez LLP

Pietrantoni Méndez & Alvarez LLP is well placed to advise local and US entities, financial institutions and individuals in all areas of taxation. The group covers tax planning, transactions and reorganisations, and also advises on tax exemptions for suitable businesses (e.g. in the tourism sector). The team has recently obtained numerous tax grants under Puerto Rico’s Act to Promote the Transfer of Investors to Puerto Rico on behalf of its clients. The main partners of the department are Dianette Rivera-Meléndez and Edgar Ríos-Méndez. Combining their two practices results in a very broad service offering, spanning Puerto Rico and federal income taxation to corporate and partnership taxation, among other areas. Counsel Fernando Goyco-Covas has been with the firm since 2016 and is noted for his skills in structuring mutual funds, operations, investment vehicles and tax-exempt operations, and for his experience in litigation.

Adsuar Muñiz Goyco Seda & Pérez-Ochoa

Adsuar Muñiz Goyco Seda & Pérez-Ochoa's tax department has considerable depth. Companies considering doing business in Puerto Rico benefit from the team's expertise in local and international tax regimes, exemption and incentives. In addition, Ricardo Muñiz's substantial experience allows him to advise companies and individuals on estate taxes and planning, trusts and inheritance. Pensions, employee benefits and M&A tax counselling are also areas of strength.

Practice head(s):

Ricardo Muñiz

DLA Piper Puerto Rico

At DLA Piper Puerto Rico, Manuel López-Zambrana is in charge of all matters relating to tax. He and the team act across various sectors, including retail, manufacturing, insurance and maritime transportation, and handle cases concerning the tax regimen of international funds, transfer pricing, supply chains and real estate transactions. Audits, criminal proceedings and disputes are also part of the firm's service offering.

Practice head(s):

Manuel López-Zambrana

Key clients

Puerto Rico Public-Private Partnership Authority

Nagnoi LLC

University of Puerto Rico

Banco Popular de Puerto Rico

Puerto Rico Banking Association

RioBlanco Capital LLC

Sonnedix UK Services Limited

Bancredito International Bank

Biomass Green Fuels LLC

UBS Trust Company of Puerto Rico

Work highlights

  • Advising a producer of recycled natural gas and CO2 on corporate, tax, permitting and environmental matters as well as energy regulation and financing of a project.
  • Representing RioBlanco, a Puerto Rico-based private equity and real estate asset management firm, in the organisation of two opportunity zone funds and an international trampoline parks company.

Ferraiuoli LLC

Ferraiuoli LLC's experienced tax department is comprised of seven partners and works under the leadership of founder and chair Pedro Notario. The team covers tax exemptions, credits and due diligence. From a non-corporate perspective, Rene Aviles heads the employee benefits and the estate and trusts practice groups, which specialise in employee benefits during corporate transactions, pension administration, and estate and gift tax for high-net-worth individuals. Angel Morales-Lebrón and associate Emmanuel Loubriel, focusing on acquisitions and partnership income taxes, and the negotiation of tax and financial clauses, respectively, are also key members of the team.

Practice head(s):

Pedro Notario; Rene Aviles

Key clients

US-Based Private Equity Fund

Cayman-Based Feeder Fund

Puerto Rico Franchisee of Multinational Fortune 500 Company

Puerto Rico Commercial bank

Pension Plan of Multinational Corporation

Work highlights

  • Assisted a US-based private equity fund in structuring a $70m investment in a Puerto Rico venture.
  • Assisted a Cayman-based private equity fund in structuring its proposal for an investment in excess of $100m for the acquisition of a portfolio of non-performing Puerto Rico residential loans.
  • Managed the IRS audit of operations for the Puerto Rico franchisee of a multinational fortune 500 company, of over 20 stores by franchisee, including compliance with payroll tax obligations.

Goldman Antonetti & Córdova

Underpinning all of the firm's areas of work, Goldman Antonetti & Córdova's tax department is made up of specialised and experienced lawyers. Rebecca Cuevas-Fontán's practice centres on corporate, sales, local and state tax issues and financial analysis aimed at tax planning and investment identification. In close collaboration with of counsel Roberto Montalvo-Carbia, who represents oil and gas companies in municipal tax matters and in their lobbying efforts with government agencies, the team is well structured to cover many issues, including employee benefits, trusts, income and international tax, reorganisations, compliance and US customs.

Casillas Santiago & Torres LLC

Focused largely on corporate tax and led by corporate practice head Luis Torres-Marrero, the tax department at Casillas Santiago & Torres LLC regularly assists its clients in negotiations with Puerto Rico's treasury department. With substantial knowledge of tax incentives and credits, the team advises on tax planning and compliance, among other areas.

Practice head(s):

Luis Torres-Marrero

Reichard & Escalera

Start-ups and multinational firms alike turn to Reichard & Escalera for advice on tax matters at a local, US and international level. Carlos Serrano heads the practice and advises on income taxation of foreign and local entities, tax exemptions, municipal taxation and tax disputes. Tax planning, M&A, spin-offs and audit support complete the team's service offering.

Practice head(s):

Carlos Serrano

Toro Colón Mullet, P.S.C.

Counting two counsels and one associate, Toro Colón Mullet, P.S.C.'s tax and incentives practice offers a comprehensive service to companies in the industrial, tourism, film, solar energy and real estate sectors. Waldemar Fabery-Villaespesa is chair of the department; he advises and defends local and international clients in matters of income tax, tax exceptions and incentives, and tourism development. He also collaborates with other departments in the firm and is consulted for tax advice in the context of M&A and financing deals.

Practice head(s):

Waldemar Fabery-Villaespesa