Has anyone moved to Puerto Rico, was it worth it?

Puerto Rico has massive problems, I’d highly recommend vacationing there before considering moving. It’s a nice vacation spot! But go outside of the tourist zone and the political corruption is dauntingly clear. Infrastructure just never gets repaired after hurricanes because politicians leaders/etc steal the funds. Half a mile from the hotel zone are beautiful homes that were destroyed a decade ago, and never were rebuilt. People still live in them.

Puerto Rico is a truly beautiful place. But it’s definitely not just another US state but in the Caribbean.

What are the financial benefits? Lack of state tax? There are states with no state tax (check if they have correspondingly high property tax, they usually do): https://www.aarp.org/money/taxes/info-2020/states-without-an...

Everyone I know from PR moved to the states when possible, but then again, I wouldn't know people who moved the other way.

Surprised there have been so few comments. I’m not there but have contacts and customers, and go occasionally.

I’ve followed some of the press about attempts to bring in tech sector resources through tax breaks. One of the big issues is localized pressure on housing costs in prime areas, such as Rincon.

Bottom line seems to be that the scene is focused on the elite rather than creating an organic environment. I’d be pleased to read articles contradicting this view, if any.

Contrast also with some increasingly successful efforts to diversify and localize the restaurant and food supply sectors.

‘Crypto colonizers’ in Puerto Rico try to sell locals on the dream - https://www.washingtonpost.com/technology/2022/01/13/crypto-...

The Rush for a Slice of Paradise in Puerto Rico - https://www.nytimes.com/2022/01/31/us/puerto-rico-gentrifica...

How Crypto Wealth Is Gentrifying Puerto Rico - https://www.nytimes.com/interactive/2022/02/10/business/puer...

Reclaiming Puerto Rico’s Food Paradise - https://www.nytimes.com/2015/02/18/dining/reclaiming-puerto-...

Is America's best restaurant in Puerto Rico? - https://www.bbc.com/travel/article/20220215-is-americas-best...

What financial reasons do you mean, exactly? Tax Act 60? https://www.the2022actsociety.org/act-60/

There are many considerations you need to make if Act 60 is what you're referencing. To name a few considerations:

1. Cost of living in Puerto Rico is quite high. Expect to pay roughly double for the same foods you would anywhere else in the US, in terms of eating out OR the grocery store.

2. Applying for Tax Act 60 is a fairly lengthy process - depending on what service you go with, it can cost upwards of $20,000. This is just for the application, not for the other requirements it has such as becoming a "bona fide" resident.

3. This one is fairly minor, but worth noting. Puerto Rico moves at a difference pace than the rest of the US. Many online services we take for granted just don't really exist here. Schedule a doctor apt online? Buy car/medical insurance? Bank services? All of those either happen on the phone or in person. If you don't know spanish, this can be difficult to navigate.

I don't say this to dissuade you, just to recognize there are unexpected considerations to make that might not be immediately obvious/expected.

Depending on what financial reasons you mean, consider the US Virgin Islands as an alternative. It's right next door to PR but is English-speaking.

Previous discussion:

https://www.youtube.com/watch?v=fpjPh1mtp-0