Article Image

IPFS News Link • Puerto Rico

The Rush for a Slice of Paradise in Puerto Rico


Mr. Sánchez lives in Rincón, a seaside town in northwestern Puerto Rico famous for surfing and sunsets that has become a hot spot for wealthy investors looking for tax breaks. The visitors, like so many before them, were interested in buying his one-story home, which is a two-minute walk from the beach. It is not for sale, but that has not stopped the unsolicited offers from coming.

"They don't ask you for a price," he said. "They just hand you a check and tell you to fill it out with whatever you think the house is worth."

These are boom times for investors flocking to idyllic towns all over Puerto Rico, some of them seeking to take advantage of tax incentives intended to attract new people and outside money to the cash-strapped island, which is working its way out of bankruptcy. The tax breaks' appeal accelerated after the coronavirus pandemic prompted many companies to shift to remote work, inspiring Americans who live on the mainland to move to more temperate climes.