I heard of a friend of a friend who bought a condo in San Juan for retirement, but he is a native Puerto Rican.
But for retirement, I think it is risky. You don't want to move into a "community", city, country, or especially an island that is going bankrupt.
Ask Venezuela.
Look what happens: crime goes up, the cops don't get paid, corruption is rampant. Would that happen to Puerto Rico?
Maybe not.
Or, maybe it could.
Also, if you are a white man or woman.....then you are and will always be a Gringo over there.
Always.
And you will be on the bottom of the food chain if things go south.
My friend is married to a Puerto Rican woman and moved there after Miami’s economy went south after 2008. He has his own small construction business, speaks enough Spanish to manage local workers, and does a lot of work for investors who are upgrading buildings and condos for mainlanders to buy and or live in. Certainly it would be wise to know some Spanish and learn more if moving there. At this point, based on what I have been told, I think it still makes sense for healthy retirement, perhaps not with significant chronic illness. I will have to find out more about medical treatment there for people with mainland retirement incomes.
Good assessment. So often, you get what you pay for. The price of a home reflects lifestyle issues like the benefits of living in a nice community with nearby conveniences, entertainment, access to good medical care (especially true for retirees), and a local culture that you feel comfortable with. You described the risks of living in PR quite well.
Things could get a lot uglier quickly. And if it does, not only would a “non-native” risk being on the bottom of the food chain, they might also see the value of their “bargain” home evaporate overnight.
There are many other retirement home options that are much better and far less risky than PR.