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prima:Businessman charged with fraud to benefit from Puerto Rico’s former Act 22 to plead guilty

Suresh Gajwani, owner of the investment firm Nimco II, was indicted in March

April 14, 2025 - 2:21 PM

The island's government incorporated Law 22, which grants a total exemption from paying taxes on certain passive income to people who did not live in Puerto Rico between 1997 and 2012 and who decide to move to the island for at least 183 days a year. (Susan Walsh)

Businessman Suresh Gajwani is scheduled to plead guilty in federal court in Miami to evading taxes on nearly $80 million in profits after falsely claiming that his company was entitled to the tax benefits of the former Act 22 in Puerto Rico.

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