Dreaming of owning a beautiful home or investment property on a tropical island? Look no further than Puerto Rico! With its stunning beaches, vibrant culture, and friendly people, Puerto Rico offers a unique lifestyle unlike any other.
If you’re a foreign investor interested in buying property in Puerto Rico, this guide will walk you through the process and highlight some of the attractive tax benefits available.
Tax Advantages for Foreign Investors:
Purchasing property in Puerto Rico comes with several enticing tax incentives, making it an even more attractive investment opportunity. Here are a few key programs to consider:
- Act 22: The Individual Investors Act (Now under Act 60): This program exempts qualified new residents from Puerto Rico income tax on capital gains, dividends, and interest income earned outside of Puerto Rico. To qualify, you must not have been a resident of Puerto Rico for ten years preceding the application and establish residency in Puerto Rico.
- Act 132: Real Property Market Stimulus Act: This program offers incentives for purchasing newly constructed residential properties. Qualified buyers can enjoy a 100% exemption from income tax on rental income for up to 15 years.
The Process of Buying Property:
- Find a Reliable Real Estate Agent: Partnering with a knowledgeable and experienced real estate agent like Fenix Puerto Rico is crucial. We can guide you through the entire buying process, from finding the perfect property to navigating the legal intricacies.
- Secure Financing: If necessary, explore financing options available to foreign investors.
- Make an Offer and Navigate the Purchase Agreement: Negotiate a fair price and ensure the purchase agreement clearly outlines all terms and conditions.
- Title Search and Closing: Conduct a thorough title search to verify ownership and complete the closing process with a reputable lawyer who specializes in real estate transactions.
Important Resources:
- Departamento de Hacienda (Puerto Rico Department of Hacienda): https://hacienda.pr.gov/
- Sistema Unificado de Rentas Internas (SURI) – Online Tax Platform: https://suri.hacienda.pr.gov/
We’re Here to Help!
At Fenix Puerto Rico, we understand the intricacies of buying property in Puerto Rico as a foreigner. We can help you navigate the process, leverage tax advantages, and find your dream property in paradise.
Contact us today to discuss your real estate goals in Puerto Rico!
Walter Rivera Santos
787-223-2817
Walter@FenixPuertoRico.com
Additional Notes:
