P.R. Laws tit. 13, § 31091
(a) In general.— The value of gifts, for purposes of this chapter, shall include, in the case of a donor who is a Puerto Rico resident, the value of any property, wherever located, that such donor transfers by gift to another person. As for persons making gifts who are Puerto Rico nonresidents, such term shall include any property that such donors transfer in the form of a gift, only if such property is located in Puerto Rico pursuant to the provisions established in subsection (b).
(b) Property located in Puerto Rico.— For purposes of this chapter, the following shall be deemed to be property located in Puerto Rico:
(1) Any property of a nonresident that is in fact located in Puerto Rico;
(2) Shares.— All shares issued by a domestic corporation or partnership, other than an international insurer or an international insurer holding company that complies with § 4304 of Title 26, and
(3) Any intangible property physically located in Puerto Rico, except: (i) bonds, notes or other obligations issued or to be issued by the Government of Puerto Rico or its municipalities, or by public authorities or corporations of either the Government or the municipalities, for money taken on loan when both the person making the gift and the person receiving the gift are nonresidents of Puerto Rico; (ii) bonds, notes and other debt obligations issued by an international insurer or an international insurer holding company that complies with § 4304 of Title 26; (iii) the value or proceeds of any insurance policy or annuity contract issued by an international insurer; and (iv) the value of the premium payments made directly or indirectly with respect to said policy or contract when both the person making the gift and the person receiving the gift are nonresidents of Puerto Rico. The location of these bonds, notes or other obligations shall not be taken into account when determining whether this exemption applies.
(c) Valuation of property transferred in the form of a gift.— For purposes of this chapter, the value of the property, possessions or rights transferred by gift, subject to be appraised pursuant to this part, shall be the market value of these on the date of the transfer as such value may be determined in § 31022 of this title for each particular case.
History —Jan. 31, 2011, No. 1, § 2042.01, retroactive to Jan. 1, 2011; June 20, 2011, No. 98, § 12.