While the recent hurricane season has been very hard on the Puerto Rican economy and the people, it has bounced back before from similar conditions and has always risen back to the top. Puerto Rico is, and has always been a well-kept secret for real estate investors for a lot of reasons. In this article, we’re going to give you a few reasons why everybody should consider investing in Puerto Rico real estate.
Big money is investing in Puerto Rico real estate for a lot of reasons. Firms like Goldman Sachs are running left and right trying to find foreclosed properties they can buy for pennies on the dollar. And this is a prime opportunity as well for savvy investors who are familiar with foreclosed properties. This is also a chance to buy up damaged properties and refurbish them for a profit. There are tons of great deals all over the island and still decent demand depending on the location.
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Great Tax Haven
Puerto Rico is trying to present itself as the new financial frontier thanks to its more lenient tax laws. It’s trying to attract retirees and wealthy investors by offering incentives through its new set of legislation. Act 22, most commonly known as Individual Investors Act, gives investors the chance to enjoy little to almost no tax on any capital gains.
In addition to attracting investors with lax taxation, they also are doing everything in their power to boost their manufacturing, agriculture and export services industry, which could stimulate the economy even more and lure even more investors into the country.
But tourism, wealthy investors and snow birds isn’t the only leg the Puerto Rican economy is standing on. The Puerto Rican economy has been seen by many as the most innovative one in all of Latin America, and for a variety of reasons. It also has a very advanced workforce with plenty of highly skilled technicians, engineers, legal and financial experts, and more. This growing middle class is what creates much of the demand for high end real estate in the region and plenty of real estate developers and agencies like Edwin Francisco real estate are banking on the trend.
The Island Lifestyle
Last, but not least, Puerto Rico enjoys all the benefits of most Caribbean Islands, but with much better infrastructure on average. It features some of the most beautiful beaches in the world, and is a haven for surfers the world over. The relatively slower pace also makes it the perfect retreat. It also has some of the perks of the mainland and since most of the population is somewhat bilingual, getting around is much simpler than in other Latin American countries.
As you can see, Puerto Rico has lots to offer when it comes to real estate. It’s developing fast and should rebound quickly from the recent hurricane season. This gives savvy investors a prime opportunity to snag some interesting real estate deals in the region.