Puerto Rico, being a US territory, has unique retirement plan laws. We cannot currently service Solo 401(k)s or Direct Custody IRAs for Puerto Rico Residents at this time. You can still use our IRA LLC.
Why can I not have a solo 401(k)?
There are unique tax code parts of Puerto Rico and retirement plan law. In order to receive a rollover from a current PR plan, the receiving plan must meet PR Code Section 1081.01. The 401k plan we offer meets IRS and DOL requirements but does NOT satisfy the PR code. This creates extra complexities that make it difficult to service Solo 401(k) customers.
In short, it's easy to do rollovers from US retirement plans. It is extremely difficult to roll dollars from a Puerto Rico retirement plan into a Solo 401(k).
Can I get a Self-Directed Traditional or Roth IRA?
Yes, you can open an IRA with either of our custodians. With the way IRA rollovers work, it is much easier to process a rollover from a variety of plans. We can still serve you with our IRA products.
For more on our IRA LLC, check here. How do I invest with my Self-Directed IRA LLC?