I’ve been in Puerto Rico taking care of my real estate holdings there and enjoying some Caribbean time.
This photo is of one of my buildings in Old San Juan having its façade painted.
Old San Juan is the tourism center of Puerto Rico stemming from its large cruise ship port that can host five to six cruise ships per day in high season. The cruise ships deliver hundreds of thousand of visitors per year to Old San Juan, which creates a phenomenal economic dynamic for the town. Old San Juan is over 400 years old and is a UN World Cultural Heritage site because of its beautiful, colorful and historical Spanish Colonial architecture that remains unchanged from the days pirates sailed the Caribbean Sea.
In addition to the recreational benefits that come with being situated in the heart of the Caribbean, Puerto Rico also offers the occasional amazing real estate deal and incredible tax advantages blessed by the IRS.
Tax benefits include:
-tax free income on certain historical properties
-corporate tax rate of 4%
-tax free passive and investment income for bona fide Puerto Rico residents
-special “opportunity zones” offering significant tax rebates for investing on the island
Puerto Rico is a US territory, so all these tax benefits are by treaty with the US Congress and blessed by the IRS.
If you’d like to learn more about the many economic and tax benefits of investing in Puerto Rico, give me a call and I will be happy to share them with you.