Why People are Moving To Puerto Rico from the U.S.

Why People are Moving to Puerto Rico from the US #puertorico #taxes

Statistics and national news articles show debt-ridden Puerto Rico’s population declining in increasing numbers. Students, teachers, doctors and many more are leaving the island for better jobs, better pay and a more stable future. However, there is a small group of people moving to Puerto Rico from the U.S. in increasing numbers.

Moving to Puerto Rico from the U.S.

Many wealthy Americans and digital nomads – people who run their business online and can live anywhere they get a good internet connection — are looking for a tax haven. If you’re one of the many American business owners who feel they deserve a little break on paying taxes, Puerto Rico may be your way out.

What if I told you there’s a little-known solution to your problem—one that doesn’t involve turning in your passport and moving to Singapore? What if there was a way to remain a U.S. citizen without paying the taxes of one? Would you take advantage of the opportunity?

Well, there is a way to save on taxes, remain a citizen, and live a full life while doing so. In the U.S. Commonwealth of Puerto Rico, you don’t have to pay a fortune in taxes to live in the lap of luxury.

You may be wondering how Puerto Rico could be so wonderful. The answer lies in the fact that if you’re a business-minded person, Puerto Rico is actively seeking to attract you. Imagine living on a beautiful island, gazing out on the divine beaches of the Caribbean that lay right at your doorstep. Now—imagine living in this tropical paradise and earning more from your business and investments than you did in the United States!

Having more money just by relocating may sound too good to be true, but when it comes to Puerto Rico, it isn’t. By choosing to live on the beautiful island nestled in the Caribbean, you can have the best of all worlds… And we’ll tell you why.

  1. Puerto Rico makes its own laws, and those laws offer absolutely mind blowing tax benefits to people who move to Puerto Rico from the mainland.
  2. Puerto Rico is so much more than just a tax haven. With its pristine beaches, sunny weather, rich culture, and captivating landscapes, it is a stunning place to live.
  3. Because Puerto Rico is a commonwealth of the United States, you don’t have to worry about  immigration, customs delays, and other hassles of moving to a new country… And you get to remain a U.S. citizen.
  4. If you’re looking for the comforts of home—quality housing, fine dining, recreational opportunities, and more—Puerto Rico offers them. In fact, thanks to the money you’ll save after moving, you’ll be able to live a life so luxurious you could only dream of it before.
  5. Puerto Rico offers miles of low-cost ocean front property (when compared to US prices).
  6. If you look at a map of Puerto Rico, you’ll find plenty of great places to live and do business. From the California-style beach town of Rincon to historical Old San Juan, Puerto Rico offers a variety of excellent cities to suit almost any taste.
  7. Puerto Rico is intentionally structuring itself as a tax shelter for the wealthy and attract businessmen and women. The Puerto Rican government is very, very friendly to business.
  8. If you’re an investor or looking to become one, Tax Act 22 gives you a total exemption from Puerto Rican income taxes on passive income. You’ll get a 100% tax exemption on dividends and interest as well as short-and long-term capital gains—but only if you become a resident. (To become a resident, you’ll need to live on—and be present physically on—the island for at least 183 days.)
  9. Running a business with an international reach from the island of Puerto Rico can mean huge savings and the potential to really maximize earnings. Tax Act 20 offers a 4% tax rate for business operating in Puerto Rico who provide services for export as well as a 60% exemption on municipal tax and a 100% tax-exemption on dividends from earnings and profits gained through export services. These rates are guaranteed until 2032.
  10. If Acts 20 and 22 were not enough, Puerto Rico’s Tax Act 273 is set to make Puerto Rico an international banking and financial center by providing tax incentives for new banking and financial activity done for clients outside of Puerto Rico. If you qualify, there is a 4% income tax rate for new banking and financial businesses established in Puerto Rico.
  11. If you make the move, you’ll be in good company. More than 400 companies have already moved to Puerto Rico in order to benefit from its business-friendly incentives and low labor costs.

11 More Reasons to Move to PR

If you’re thinking of moving to Puerto Rico, we have some more perks to tell you about life in this tropical paradise:

  • Residents of Puerto Rico enjoy year-round warm weather under a golden sun.
  • Puerto Rico is known for its friendly, welcoming attitude. There’s always socializing and interaction available.
  • If you like adventure, there’s plenty of activities available, from surfing to rainforest hiking. 
  • If you long to live in the comfort of shorts and flip-flops, Puerto Rico is your place.
  • Many are bilingual—so don’t fret if you don’t know Spanish!
  • There’s never a dull moment in Puerto Rico: parties and entertainment are always around.
  • Living in PR is more affordable than Hawaii, other Caribbean` islands, and many U.S. cities.
  • Health insurance costs much less—for very good care.
  • Familiar US stores and restaurants
  • Live within boating distance to the Virgin Islands and more
  • You are living the island life everyone dreams about!

Too Good to Be True?

Of course, Puerto Rico can have its downsides. See our article on the Pros and Cons of Living in PR

  • The island has year-round warm weather. If you long for a white Christmas, this is something to consider.
  • If you are an official resident, you cannot vote in U.S. elections.
  • Like in Florida and other Southern States, hurricane season lasts from May to November.
  • It can be hard for vegetarians–PR is a pork lover’s paradise!
  • Like many cities, San Juan traffic can be bad and some areas have high crime rates.
  • You may experience longer wait times for medical care… But you will be paying much less for it.

Puerto Rico Infographic

Why People Are Moving to Puerto Rico from the U.S. #infographic #puertorico

 

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9 Comments

  • Ted says:

    On my many visits to PR I have incountered some hostility from the locals. Many dislike north americans but many are very friendly. I have family there but I would not feel comfortable living there. Perhaps some pr advertising to the locals would help make visitors feel more welcome. I’m sure I am not the only North America that felt uncomfortable. It is truly a beautiful paradise and hope they overcome the $ problems.

  • Wil says:

    Ironic. I have been visiting, as I consider buying a condominium there, and have experienced the opposite. We usually stay in SJ two days, then rent a car to check out other destinations, and find that most of the people we encounter are helpful and really friendly. The only place that we have experienced any kind of rudeness has been while being in SJ, but maybe that can be attributed to city living?? Two of our favorite towns are Isabela and Cabo Rojo. Beautiful, safe, and lovely people, so far….

  • ginger says:

    Love love this beautiful island and I’m going back this year forever I make a huge mistake moving to USA , No Friends ,No Life at all if you die in your house no body will notice until start to stink , USA is a awsome country but is not for me .

    • jacqueline santiago says:

      Are you from Puerto Rico? I have lived in PR for the past 40 years and I’m 51 which means I have lived here all my life. A parte te mudastes y porque regresas? How long have you lived in US? Es que escucho a tantos quejarse aqui en PR mientras q yo adoro esta islita y para nada me quisiera ir. Ya el ano proximo si Dios lo permite, me retiro y saldo mi casa en 2 anos asi q espero q jamas me tenga q ir a EU. Me encanta viajar alla y lo hago de vez en cuando, pero ya para vivir nada como Puerto Rico.

  • Tim Kern says:

    I am considering moving to PR, possibly full-time. Self-employed and past retirement age, active (still ride motocross). Mildly bilingual.
    Need only indoor plumbing for amenities, plus reliable Internet to run my business. (I’m a writer.)
    Plan on real retirement, soon, so…

    What kind of housing is available? Terms?
    How expensive is home-style Internet service?
    What is the best way to move a household (mostly tools and motorcycles)?
    I am a gun collector (no Class III items); what kinds of problems will that engender?
    Is transportation to/from, say, Chicago affordable year-around?

    Ideas? Thank you.

  • Adam Garcia says:

    Hello All,
    It is great to see this article and honored to participate in the discussion.

    I moved here 2 years ago and live semi retired at 43 years old. Correct that we are somewhat like “anytown” USA in some ways but the good far out weighs the bad. Culture, music, community, beaches, family, agriculture, opportunity to say the least.

    We live here for free by building guests homes for people already on the island and snowbirds and or owners that do not live here full time.

    We use the home in partnership with the owner to share the space and culture with travelers from all over the world. We attract them through the homes and then offer them extras like food cooked by the local hosts (sometimes the owner, sometimes my employees), tranquility or extras and excursions performed by local companies.

    We have found a way to use our logistics and real estate background to share our love for the culture to the world while everyone including the local economy is benefitted!

    12 properties strong and only 2 are ours.

    Come in over, it’s not hard to live here and enjoy!

    Regards,
    Adam & Cathy
    MyVacationButlers.com

  • Myrella says:

    Love San Juan! So much to do, being a NY city person I enjoy visiting the small towns but rather be in Condado area. My husband and I are trying out the 50 percent living here and have rented an apt. for one year. So far we are very happy with the security, clean streets, great taxi service and shows, theater and music available year round. We also have friends who have retired and come to live here so we know some people. The holidays are awesome and the beach a block away. And the people are polite, honest and always ready to help. Just pick a good neighborhood and say ¡buenos dias ! to all you see…

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