New members of the Puerto Rico forum, introduce yourself here – 1st quarter of 2017

Hi,

Me and my girlfriend just got back from a week in PR, and loved it. Basically decided we want to move there. We really enjoyed the island the the people we met.

We are probably about 2 years away from actually moving, but I enjoy planning and researching so hoping to gather a bunch of knowledge until then. Also, we are going to be learning spanish during this time. I really can't wait.

Our rough plan is to initially rent something on the west coast for 6-12 months while we search for something to buy, and really dig into which area we want to live. While on our trip we stayed in San Juan, but went to Fajardo, Culebra, Rincon and Aguadilla. We were pointed towards the west coast by basically everyone we talked to, and it seems like it might be the best place for us, but I am open to considering other areas. I do like a lot of what the east coast has to offer, with the rain forest, scuba and islands.

I am self employed, and my girlfriend is a hair stylist. It is very likely I will be retiring. I  plan on buying something with an attached rental unit in PR to AirBNB, so we will be looking in touristy areas, which is why Rincon is on the top of the list now.  Also, I want to learn how to surf.

My biggest fear is being bored, which would happen anywhere I retired, but I really want to make sure I choose an area that has activities and people to enjoy our free time with.

Some of the topics I will be looking into are where to live, the economy, buying a house and Act 20/22.

-Peter

Welcome!  Looks like you got the bug just like the rest of us.  If you are interested in investing into a tourist rental property, you may want to look into Act 73.

Sounds like the Rincon area would suit you well.

Hi nokkieny,
Welcome to the forum and hopefully PR.
If you get bored in PR, you are just not getting out. There is always something going on and plenty to do. You can also volunteer your time doing something good like saving animals, the ecology, etc. You can also run for office if you are up to.

Renting is smart thing to do, PR is different from town to town and from beach front to central mountains. Purchasing is serious business, you don't want to make an expensive mistake. So rent first.
Rey

WarnerW wrote:

Welcome!  Looks like you got the bug just like the rest of us.  If you are interested in investing into a tourist rental property, you may want to look into Act 73.

Sounds like the Rincon area would suit you well.

I am not seeing how act 73 would apply to a rental property. I am just wanting to rent out part of my house, not open a bed and breakfast or hotel.

Just wanted you to be aware.  If your intention is a simple, occasional room on AirBnB, you're right, Act 73 isn't for you.  If however you are more ambitious, there are incentive programs for that.

WarnerW, do you have a link for act 73?

ReyP wrote:

WarnerW, do you have a link for act 73?

http://businessinpuertorico.com/documents/ACT-73-PG.pdf

I am not sure exactly how it would apply to a rental, other than if you rent to a business classified under act 73, or possibly this clause:

"• The construction of social interest housing and planning
and development of self-sustainable or partially sustainable
communities;"

Sure Rey!

Here's the main website for all of the tax incentives:

http://www.oeci.pr.gov/


However, the link to Act 73 from that site is in Spanish.  Here's a copy in English:

https://noticiasmicrojuris.files.wordpr … co-act.pdf

I mis-spoke about Act 73, which largely applies to industrial development.  Development of tourism (including lodging) is Act 74. 

http://businessinpuertorico.com/documents/ACT-74-PG.pdf

I wonder if a rental home is considered a "guest house", I had also seen some properties that were bungalows or a hostel setup, which would be cool. But, they make it sound like if you purchase an existing "hotel" it must be renovated, so not sure how that applies to buying an existing guest property. With all these tax incentives for all types of businesses I am really starting to think I need to line something up, even though my plan initially was not to work. They are even offering tax credits!

A few years ago I was very interested in ACT 20 and moving my internet business to PR, but now they have the 5 employee requirement, which is tough for me, as I am trying to transition away from labor heavy businesses.

Actually, the government is in the process of changing it to zero employees shortly for Act 20, for small and medium size businesses.

Shortly I should be in Puerto Rico where I will transfer my online business. I already have an active airbnb site and a farm that will involve cottage industry along with eco tourism and informal rentals on the line of Glamcamping.  I will look into incorporating all this under one company. Should be interesting as to how it will fall into place.

You may not be able to mix some of the businesses as the tax breaks only covers some industries and not others.

CA GUY wrote:

Actually, the government is in the process of changing it to zero employees shortly for Act 20, for small and medium size businesses.

Do you have any additional info on that? This could be huge for me.

Mrkpytn wrote:

Shortly I should be in Puerto Rico where I will transfer my online business. I already have an active airbnb site and a farm that will involve cottage industry along with eco tourism and informal rentals on the line of Glamcamping.  I will look into incorporating all this under one company. Should be interesting as to how it will fall into place.

Very interested, I have online businesses now, and am trying to do something with airbnb, I was thinking a guesthouse or some small standalone cottages. Do you currently have residency there? I know for Act 22, you must not have been a resident within the last 6 years, but I assume for Act 20 and 74 if you are a resident establishing a new or transferring an existing business your residency status doesn't matter. However if you are a resident you can have tax free distributions.

I have had a home and separate farm in PR for over 13 years that has been 6 months here and 6 there. As soon as I sell my property in North Carolina I will be in Puerto Rico full time. I think I was the first airbnb in Ponce and that was about 4 years ago. There are many now and I still get a good flow in season. I am thinking of an all inclusive, destination experience for a niche market. Lodging, food, eco tourism, workshop, gift shop along with farm cosmetic products like insect repellents/lotions using extract of Lemon grass and I have plenty of lemon grass. Hives for Honey production, and these types of products that I would subcontract for others to produce and market. These are just a few concepts I am working on.

Hello everyone,
I and my family( husband  and our 3 kids ) are looking for relocation. We  live in TX for the last 12 years and thinking about moving the last 4.:-) Even we love Houston, we're ready to get out. Kids getting older-2 are almost college age and 3rd one will be 5. We were kind of all over the map with thinking of moving:-) within States, but also to South America. Nothing really went thru for one reason or other. My husband has his company in NY and will have to fly every other week there, but that's not a big deal for us, he's doing it for quite some time already, got use to it.
We love PR, I'm talking about PR for the last 10 years, and my husband decided to listen to me after 10 years of annoying him LOL. No, seriously we decided to check the island more. I just wanted to introduce myself, because this forum is quite well stock with all kind of information and I don't want to stay in "hiding":-)
We particularly love Old San Juan, such a beautiful place. I'm originally from Europe and my husband from Israel and PR architecture just speaks to us a lot. It will be very hard to decide on place since we love so many things. Right now we are in researching mode, coming to PR in July for a week and we'll see where it will take us from there.
Thank you all for all kind of info you are posting here, you are all very helpful to others.

Bo

Welcome to the Forum and PR soon. Let us know if we can answer any questions. You are apparently familiar with the site, so read up and let us know if you need more info.
Rey

Welcome to the forum, I just read your post and i resonate with what attracts you to Puerto Rico. I would like to share a few of my insights and interest in this Island. My place of perspective is from an artist/entrepreneurial sort of on the fringe of the box point of view. I work with what works for me as an independent thinker.  I considered many locations on the Island and what was important to me was nature, architecture, art and agriculture. Some areas offer the best of one or two of these criteria but to find a place that offers most of these if diluted was what I wanted. I loved Old San Juan but I did not like to have to deal with traffic to get to nature and agriculture/farming. I love Rincon but no architecture or art culture.  I loved San German but no art culture. So I discovered Ponce. This place works for me but I am in no way suggesting that it would work for anyone else. First there is a budget that I am restricted to so this is what I created out of what was available to me on this beautiful island that closest met my specific needs. On a budget of approximately $250,00.00 I proceeded to put my vision into focus. Firstly I found a beautiful Colonial home in a walk able city for $150.000.00 with no property taxes (hopefully this will not change) and it is commercial/residential. Then I wanted a place to grow fruit/etc. so we went for a drive and it just so happened that I found a farm within 15 minutes of town at 1200 feet above sea level. It was a small coffee farm of 32 acres dating back before the USA occupation. It originally had coffee and gandules. It is a mountain top and all of it was cultivated even tho it is steep land. From the top I can see most of the Southern coastline. This was $79,000.00 with taxes at about $86 a year (hope this does not change too much). All of this was purchased about 13 years ago and I have no regrets. I have only been going to  PR for 6 to 8 months a year but will be there full time in a couple of months. As of now my house is on airbnb as a destination and the farm will follow concept this soon. I am 7 minutes from the airport with one airlines. Jet Blue that flies at very inconvenient hours bu it is quiet and not busy. The only flights are to Orlando, Florida and NYC. I could if I wanted to ride my bike to the airport. Catch the 5:AM flight to JFK. Get into Manhattan to visit, get back to the airport by 10:00 PM and be back in Ponce at  about 2:30 am. Not that I would do this but it could be possible. I do not experience traffic jams. Many museums are within walking distance from the house and just about anything any one would want is within walking distance. The only problem if you want to see it as a problem is that the city is empty of people living in it. It is like an empty canvas. I plan on buying another property and opening another airbnb in the historic district. I have many plans to contribute to helping make this area a destination working with the assets available. It is a work in process and when or if the momentum expands this could once again emerge as a Jewel in the South or at least be worth someones time to step out of time to another era of sorts. It works at my home so it is just a matter of expansion.

Welcome Bo77.  Like you and your family, my husband and I are also interested in PR.  Rincon to be exact.  I have a house in Bayamon that I inherited after my mother passed away.  I like that it is near to San Juan, but I love the West coast of PR.  That is where my heart is. 

Good luck with your search.  Hope you enjoy your trip and find what you are looking for.

Thank you Rey.

Mrkpytn, I don't think it's possible for anyone to find exactly 100% what you looking for.:-) but Ponce sounds wonderful. I'll have to check it out, hopefully we can go visit the area in summer.

10yrstoRincon, thank you:-) good luck to you too.

Mrkpytn, I definitely want to check out Ponce and what you have developed in a few years. Maybe you could give me some tips and whatnot about setting up airBNBs in PR once all is said and done. I am not as ambitious as you at this point in my life, but things could turn out that way so I would love to see what some serious planning and vision can result in.

Hi,

I'm Erin. I'm from Miami and will be moving to San Juan in July. I fell in love with the landscape and people there and needed a change. Outside of the challenging economy, this move could actually be ideal for my career and personal objectives. (I am a creative for the advertising industry- Art Director/ (Assoc.) Creative Director- assuming I can get into an agency). I would like to speak to and meet some cool people. I am looking forward to meeting local people as well, I speak Spanish and have really liked the Puerto Ricans I have met there, but it is also nice to meet people from around the world.

If anyone can help on the job front, or would just like to hang out when I get there (so soon yet sooooo far away) please send me a message through here or follow me on Instagram and message me there @mermaidsfordragons.

Thank you & I look forward to seeing you all around.

Best,
Erin

Welcome to the forum and Puerto Rico soon. I just wanted to welcome you and to let you know we are here to help. Unfortunately I do not have connections that can help you land you in an agency.
Good luck
Rey