Skip to comments.Home Buyers Give Puerto Rico Another Look During Pandemic
Posted on 09/29/2020 7:03:51 AM PDT by cll
Low taxes lure wealthy buyers to U.S. territory, where luxury developers are reporting brisk business.
At the Dorado Beach resort west of San Juan, the developer has signed 46 contracts for homes in one of the sites new phases with prices spanning $1.9 million to $4 million.
Developers of luxury projects are reporting increasing sales volume and prices compared with 2019. The uptick comes despite years of natural disasters and financial and political upheavals that made many wary of buying property in Puerto Rico. Residents of the territorywho must live there at least 183 days a yearpay a Puerto Rico income tax of up to 33% but no other federal or local income taxes. Many wealthy individuals also are exempt from taxes on interest, dividends and certain capital gains.
Some U.S. cities or states, where some people already pay over 40% in income taxes, might raise taxes further to cover budget shortfalls. New Jersey Gov. Philip Murphy reached a deal this month with legislative leaders to increase taxes on incomes over $1 million. Opponents of that millionaires tax have said it would trigger an exodus of wealthy people from the state.
As awful as the [pandemic] is, it breathes new life into the Puerto Rican economy, said Rodrick Miller, chief executive of Invest Puerto Rico, a not-for-profit organization trying to attract business investment.
Demand for residential property is rising in Puerto Rico as the island tries to lure remote workers and businesses.
(Excerpt) Read more at wsj.com ...
Puerto Rico Ping! Please Freepmail me if you want on or off the list.
Those fleeing NYC have to go somewhere.
My “Statehood” solution for PR, is simply to make it a part of New York.
Its a good idea to brush up on your Spanish...
Any place run by ‘rats will become a financial rathole.
Una cerveza, por favor.
¿Donde esta el baño?
That’s all you need to know.
I rather be part of Spain again rather than NY.
Unfortunately, many are coming here to NH.
Where we have ZERO income tax, ZERO sales tax.
We have a rooms and meals tax and high property taxes.
However, your property taxes are a direct correlation to the amount of school age children in the town and the tax base. There are many towns where the real estate taxes are lower than average. So, your overall burden is the lowest in the USA.
Go from one failed state to another just as dysfunctional if not worse.
I know the Left wants PR to become a state so that they can gain two extra senatorial seats.
Could an existing state like SC or FL annex PR?
Stupid question I’m sure but these are crazy times and I am trying to think outside the box...anything to keep the Left from gaining two extra seats for themselves.
At least you don’t get more Democrat Senators out of the deal.
I think the bulk of the NY City flee-party went to Florida.
We noticed 12 and 16 oz beers were unavailable in PR...
Only those 6 ouncer cans.
Fortunately, Puerto Ricans on the beach were in a sharing mood.
BTW; Drive in mph zones.
Buy gasoline in liters...
Right now the place is financially run by a Federal Oversight Board appointed by the President. The Governor, Congresswoman and presidents of both houses of the legislature are all Republicans. Puerto Rican island politics are not the same as mainland Puerto Ricans, particularly those from the NE US.
Politically, financially and safety-wise, Puerto Rico is a basket case. However, the women are very attractive.
Yes, a State can add territory to it from several sources, but most easily from land that is not already part of another state.
If you go, don’t miss the big radio dish at Arecibo.
Turn off your cell phone.
Wait....wonder when the ny slime will report this horror! Rich people taking advantage of a tax deal.
Did you know that a big cable snapped and smashed in the dish below?
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