Puerto Rico has one goal through the passing of Act 20/22 - to set residents up to win. Because when the people succeed, the island flourishes. These laws have transformed the island into "the Singapore of the Caribbean", and will empower this vibrant culture to reach its full potential. Through the Act 20/22 program, Puerto Rico has created a universally beneficial economy where businesses and individuals can thrive - while the American flag flies overhead.
After personally taking advantage of the sizable tax savings guaranteed by these Acts, we explored various ways to make the transition process more convenient. We discussed our goals with government officials in Puerto Rico, who encouraged us to develop our own solution. Our research inspired us to create the Consulting and Ancillary Services of Puerto Rico, a one-stop shop for our peers who are interested in becoming Act 20/22 decree holders.
CASPR’s portfolio services address the primary concerns of aspiring decree holders. Our consulting division works with clients to educate and assist them through the application progress. As a registered Act 20 promoter, CASPR is financially incentivized by the Puerto Rican government to bring new capital to the island. This allows our clients to pay no additional fees for our consulting work. Our real estate division works with decree holders to find office or residential properties through formal partnerships and access to new developments not available to the public.
Many Americans feel frustrated by the size of their tax bill. CASPR’s founders are no exception. As high income earners, we cringe every time we sign over a significant chunk of our salaries to the government.
We’d prefer to invest the excess capital back into our businesses and donate to charities that make a measurable impact. Rather than accepting this raw deal, we searched for an effective method to reduce our tax burden without compromising our citizenship or integrity. Enter, Puerto Rico’s Acts 20 & 22.
With the IRS’ blessing, the Puerto Rican government established these laws to boost economic activity by incentivizing businesses and individuals to relocate to the island. After personally taking advantage of the sizable tax savings guaranteed by these Acts, we explored various ways to make the transition process more convenient.
Our research inspired us to create the Consulting and Ancillary Services of Puerto Rico, a one-stop shop for our peers who are interested in becoming Act 20 and Act 22 decree holders.
CASPR, LLC includes a wide range of portfolio services, from decree consulting, travel arrangement and management, to real estate. These units address the primary areas of concern for aspiring Act 20 and Act 22 decree holders. Our consulting group educates and assists our clients around the application process.
In exchange, the Puerto Rican government pays a referral fee using a portion of the tax revenue generated by those new businesses. Our clients pay us no additional fee.
It is geared towards Act 22 decree holders who only seek to meet the minimum days of residency requirement rather than living on the island year round. Members pay a subscription fee for participation in this program.
Our real estate division relies on partnerships with local experts to source premiere properties for our clients. Standard broker fees will apply, but CASPR charges no additional fee for this service.
Dr. Michael McCloskey, DVM
Mike is CEO of Select Milk Producers and Co-Founder of fairlife, LLC. As an Act 20 and Act 22 decree holder, Mike provides a valuable perspective for the platform. After growing up in Puerto Rico, Mike earned his Doctorate of Veterinary Medicine from the University of Mexico and completed a two-year post-doctoral study at the University of California–Davis School of Veterinary Medicine. He also holds an Honorary Doctor of Business degree from The Pepperdine Graziadio School of Business. In addition to his responsibilities as Chairman of the Sustainability Initiative of the Innovation Center of U.S. Dairy and of Fair Oaks Farms, Mike holds board positions at the National Milk Producers Federation and The Merkle Foundation. When Mike is out of the office he enjoys horseback riding and spending time with his four children and three grandchildren.
Chris Hamm, CPA
Chris, Co-founder and CASPR’s in-house business expert, specializing in middle market tax strategies and international tax compliance. Chris is an Illinois licensed CPA, earning his Masters of Business Administration from The University of Mississippi and an undergraduate degree in Economics from Southern Methodist University. As a member of the AICPA and a former board member of the ICPAS Accounting Principles Committee, Chris is active in the Chicago CPA community. In Puerto Rico, he works closely with the Department of Economic Development and Commerce to facilitate new investments and was a featured speaker at the 2018 Puerto Rican Investment Summit. When out of the office, Chris enjoys golfing and rooting for the Dallas Cowboys.
Gus contributes his extensive client service experience, as well as a strong Puerto Rican presence to the CASPR team. Prior to co-founding CASPR, Gus specialized in project management and operations for a Fortune 500 company. With deep family roots and a comprehensive local knowledge, Gus helps the CASPR team and its clients navigate the Puerto Rican Government and the island lifestyle.
Adam Shippey, CAIA
Adam Shippey brings his financial acumen from the private wealth management world to the CASPR team. Adam is a Chartered Alternative Investment Analyst who spent time evaluating partnership investment opportunities before transitioning to a portfolio manager role with his prior firm, Brown Advisory. Adam earned an undergraduate degree in Economics and a certificate in Politics while playing varsity football for the Princeton Tigers. When Adam is away from the office, you may find him performing stunts on a movie set or consulting for various start-up companies.