If you've dreamed of living the island life, it's time to consider property in Puerto Rico. With the cost of properties down 25%, there's never been a better time to buy.
Does everything you know about Puerto Rico begin and end with Hurricane Maria? Then it's time to update your information. It is one of the most stunning islands in the Caribbean.
It's also one of the most affordable, right now. Your dream home is waiting. Here's why Puerto Rico is the right destination.
5 Reasons to Buy Property in Puerto Rico
If you're looking for a hot real estate investment opportunity, then Puerto Rico is a great choice. Here are 5 of the best reasons to buy right now.
1. No Passport Required
You can travel between the U.S. and Puerto Rico without a passport. No need to worry about exchanging your dollars, either. You can spend your cash in Puerto Rico as you would here.
2. It Is Relatively Cheap to Get There
Half the year is hurricane season, so flights tend to be cheap. If you plan to travel back and forth, you won't invest a fortune to do it.
Yes, there's some risk that your travel plans change if there is a hurricane. But, what island in the Caribbean doesn't face that?
3. Sweat Equity Worth Working For
Puerto Rico properties are more affordable now than ever. The opportunity to build some value through sweat equity is enormous.
Many properties are cheap because they need work. If you buy with the intent to live there, you can do some of that work yourself. At these prices, you can afford to put in the effort and the money.
4. Tax Incentives
There are amazing tax incentives in purchasing property and living in Puerto Rico!
Two tax incentives, Act 20 and Act 22, give people who move to Puerto Rico a serious tax advantage. Both Acts can mean serious financial freedom for people who work for themselves.
Act 20 allows businesses moving into Puerto Rico and exporting their services a 4% tax rate! That is very competitive. The business tax rate in the U.S. ranges from 25 to 30% in 2023 and 2024!
With a zero percent tax rate, Act 22 eliminates personal taxes. But, only for those who become Puerto Rican residents. It is worth it to make your money and keep it for yourself!
5. Stable Economy Returns with Tourism
Most people think Puerto Rico is still flooded and in devastation. But, that's no longer true. The media is getting the word out.
Puerto Rico experienced a devastating blow last year. And, it's gotten some pretty bad PR from it. The economy is struggling to come back, but there's no doubt it will.
Tourists are beginning to return. That's what drives the economy in Puerto Rico. There is no better sign of a turning point on economics and property values!
Start House Hunting, Today!
Your dream home on an island paradise? At an affordable price? What is not to love about that?
But, this market isn't going to last. Property in Puerto Rico is affordable, now. The market will level out so don't miss your opportunity!
Need to talk to us about perfect Puerto Rican properties? Contact us, here to discuss premier property purchases or rentals.
