Who is eligible to open an IRA account?

Any individual under the age of 75 who receives “compensation,” that is, wages, salaries, professional fees, employment income, sales commissions, gratuities, or self-employment income from sources within Puerto Rico and who is resident of the Commonwealth of Puerto Rico. Compensation does not include interests, dividends, leases, royalties, child support income, capital earnings, or other income not stemming from employment. (There is no age limit to contribute to non-deductible IRAs)