The Factors That Makes Puerto Rico Attractive for Retirement⚠️ | Living in Puerto Rico: Pros & Cons

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Find out why expats are looking for retirement in Puerto Rico. Explore the pros and cons of living in Puerto Rico, a popular American destination, and its capital San Juan. We explore Puerto Rico's tropical charm and modern amenities to determine if it's among the best places to retire.

Our journey reveals why the Puerto Rico retirement and expat community is expanding, and financial aspects like living costs, necessary retirement income, and pension taxes. See where and why expats have retired in Puerto Rico and hear their stories.

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🔎 EXCERPT
Pros of Retiring in Puerto Rico
Possible Tax Savings
This is the first item because this is what made us research and write about Puerto Rico.
Why not Panama, or Costa Rica? What’s so special about this Caribbean island?
Here is why: there’s one key reason that sets Puerto Rico apart from the rest: the island tax system.
Yes, you heard me right — taxes.
Puerto Rico has some of the most generous tax incentives in the entire world for retirees. We’re talking about a 0% tax rate on certain types of income, such as capital gains and dividend income.
That’s right, zero. Can you believe it?
What are the Tax Benefits of Retiring in Puerto Rico?
Zero US federal income tax: A US person who is a resident of Puerto Rico may be eligible for a full exemption from US federal income tax on all income earned in Puerto Rico. This is because Puerto Rico is treated as a foreign country for US federal income tax purposes.
For example: if you receive home or rental property income from an apartment you own in Boston, you may not need to pay taxes for this income to the Puerto Rican government.
Low-income tax rate: Puerto Rico has its own income tax system, which is generally lower than US federal income tax rates. For example, Puerto Rico’s maximum income tax rate is currently 33%, compared to the top US federal income tax rate of 37%.
Tax incentives for businesses: Puerto Rico offers tax incentives for businesses that establish operations on the island, which can potentially create job opportunities for retirees and their families.
No estate or gift taxes: Puerto Rico does not have estate or gift taxes, which can be beneficial for retirees who want to pass down wealth to their heirs.
Tax-free investment income: Certain types of investment income, such as capital gains and dividend income, may be exempt from Puerto Rico income tax.
Low property tax rates: Property taxes in Puerto Rico are generally lower than in many US states, which can help retirees save money on their housing costs.
Low Cost to Rent or Buy Real Estate
According to data from Realtor.com, the median home value in Puerto Rico as of May 2023 is $351 per square foot.