Stewart Brown Jr – Mortgage Loan Originator – Purchase or Refinance
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One of the main factors making Puerto Rico such a magnet in real estate investments is the tax incentives. To attract foreign investment into the island, the government introduced a tax break law to motivate investors to buy property within the first two years of moving. After this period, the investor would qualify for a reduction of income taxes on dividends, long-term capital gains, and service revenues as well as on interest.
There are many reasons why people buy a house and live in Puerto Rico. Despite severe storms and possibilities of hurricanes, the tropical landscape is breathtaking. Like living in paradise. Beautiful beaches and scenery. Low cost of living and affordable housing. Taking advantage of tax incentives with Act 20 and Act 22 which is now known as Act 60. Even though this law came into effect in 2012, it was not until recently that a bigger number of investors started flocking to the island’s property market. In fact, the number of applications skyrocketed during the pandemic, as more people started working remotely. We also have to mention that this influx of property investors has also resulted in the development of much better luxury housing on the island – properties that didn’t exist previously. |
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One of the main factors making Puerto Rico such a magnet in real estate investments is the tax incentives. To attract foreign investment into the island, the government introduced a tax break law to motivate investors to buy property within the first two years of moving. After this period, the investor would qualify for a reduction of income taxes on dividends, long-term capital gains, and service revenues as well as on interest.
There are many reasons why people buy a house and live in Puerto Rico. Despite severe storms and possibilities of hurricanes, the tropical landscape is breathtaking. Like living in paradise. Beautiful beaches and scenery. Low cost of living and affordable housing. Taking advantage of tax incentives with Act 20 and Act 22 which is now known as Act 60. Even though this law came into effect in 2012, it was not until recently that a bigger number of investors started flocking to the island’s property market. In fact, the number of applications skyrocketed during the pandemic, as more people started working remotely. We also have to mention that this influx of property investors has also resulted in the development of much better luxury housing on the island – properties that didn’t exist previously. |
Reach out to me for further detailed information on loans to purchase property in Puerto Rico.