Lifeafar Capital | A Step-by-Step Guide to Relocating to Puerto Rico

here’s what you need to know before you move to this sunny unincorporated city in the us. uu. territory.

Beautiful beaches, mild climates, and friendly locals aren’t the only things that draw residents of Puerto Rico. There is also the remarkably high quality of life, much cheaper than almost anywhere else in the United States, a reduction in federal revenue. tax no need to waive us. citizenship, and the fact that although Spanish is the most common language on the island, the majority of the population feels perfectly comfortable conversing in English.

because puerto rico is a legal territory of the united states, the relocation procedure for u.s.a. citizens is reasonably simple. But to maximize your experience, there are a few important things to know before you make the move.

Reading: Move to puerto rico 2021

residence establishment

since puerto rico is a country of the us. territory, there are no entry restrictions for us. citizens, you won’t even need a passport. One of Puerto Rico’s greatest attractions is its extremely generous tax system, which qualifying residents can take advantage of under Law 60. Qualifying individuals or businesses are exempt from taxes on interest, royalties, and capital gains, and pay only a 4% corporate tax along with a host of other benefits. however, there is a strict set of requirements that must be met before residents can avail of those benefits. In addition to being a U.S. Citizen, you must live in Puerto Rico for 183 days of the fiscal year and not have a “fiscal domicile” outside the territory. Over the next three years, you are expected to show that you have lived in Puerto Rico for 549 days or more.

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To qualify for all benefits, residents are expected to purchase and live in their primary residence in Puerto Rico, and donate at least $10,000 a year to a registered charity on the island. they must also spend no more than 90 days in the rest of the us. uu. per year or earn more than $3,000 in income from US sources. uu. continent.

The last requirement is known as the “closest ties” test, which requires the applicant to show that they have no ties to the United States or the rest of the world that are stronger than their ties to Puerto Rico. The test looks at several factors, including the location of a person’s home and possessions, where his family lives, who he banks with, and where he is registered to vote. interest in new residents moving to the island to reduce their tax burden. Be sure to follow the residency rules to the letter to avoid falling foul of the tax man.

relocation for residents outside the usa. uu. citizens is still possible, but it is much more difficult. To use the tax advantages of the territory, a person must obtain a green card and then go through the rigorous standard US naturalization process that includes background checks and proof of citizenship.

Lifeafar Capital | A Step-by-Step Guide to Relocating to Puerto Rico

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determine where to live

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Relocated continental Americans tend to gravitate toward the capital of San Juan, where they can experience a standard of living comparable to that of the continental United States. but one that is more affordable and with a distinct culture of its own. Among the safest and most developed regions of the city is Condado, favored for its shopping malls, luxury apartment complexes, and easy access to a stunning stretch of beach. For those looking for a break from the big city, there’s the popular tourist hotspot of Dorado, which is more peaceful and quiet but still has popular amenities like beach resorts and golf courses. If you want to leave the hustle and bustle of the main island, you can even choose the less traveled and pristine Caribbean havens of one of Puerto Rico’s smaller islands, like Culebra or Vieques.

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adapt to the Puerto Rican way of life

Once you’ve found your home and moved in, it’s time to take care of the basics, like finding a bank account and getting a driver’s license. The largest consumer bank is Banco Popular, which has many ATMs and physical branches throughout the island. To open a personal account, you will need two types of identification and proof of your Puerto Rican address. many branches will also require your social security card. Please note that cash rather than credit cards is much more commonly used for smaller transactions than in the rest of the United States.

while the territory has different levels of reciprocity agreements with all the united states. state that allow you to exchange your regular driver’s license for one issued by the island, many expats have reported that this procedure can be a major headache. In addition to a wide range of personal documentation, you must provide a medical fitness statement from a local doctor. you also have to attend a mandatory drug and alcohol course.

final thoughts

after being hit by hurricanes irma and maria in 2017 and the covid-19 pandemic, puerto rico’s economic prospects look exceptionally promising. The Biden administration recently announced that it will prioritize the delivery of the rest of the $60 billion assigned to Congress for the economic development of the island. Some experts even say that Puerto Rico is on its way to becoming “the Monaco of America.” With the excellent quality of life and lucrative tax benefits, there has arguably never been a better time to move to Puerto Rico. If you would like more information on living or investing in this island paradise, please email us at [email protected]

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