Wealthy People Rush to Buy Houses in Puerto Rico due to Favourable Income Tax Policies
Puerto Rico is becoming a sought-after destination for the global rich due to favorable income tax policies, warm weather, and a shift to remote work.
The island's luxury housing market is booming, and wealthy buyers are flocking to purchase properties to take advantage of the income tax exemption.
ph: instagram@eldoradorealty_pr
Real estate agent Wanda Ithier recently sold a $40 million home at Dorado Beach Resort, reflecting Puerto Rico's luxury housing market fever. The median sale price for homes priced above $1 million recently nearly doubled in Dorado Beach, and prices also rose in other areas such as Condado, Bahia Beach, and Palmas del Mar.
The market surge is largely due to tax incentives for wealthy individuals and corporations moving to Puerto Rico. Act 60 exempts official residents of Puerto Rico from paying income tax if they spend at least 183 days a year on the island.
Since 2019, there has been a requirement that anyone receiving tax incentives must own a home on the island, boosting the number of wealthy buyers.
Despite a brief market correction in late 2022, real estate sales on the island are booming, and the number of foreign individuals exempt from tax under Act 60 has increased from 514 in 2019 to 1,238 in 2021.
Wealthy People Rush to Buy Houses in Puerto Rico due to Favourable Income Tax Policies
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