We are coming up on Living in Puerto Rico for three months (that story will come next), here is all the preparation that we needed to get here!
Three years before our move, we stepped foot on Puerto Rico for the first time. While enjoying delicious local cuisine for dinner, we casually asked our waiter about living in Puerto Rico. He talked to us about cost of living, economy, politics (it was around the vote for PR to become a state, which did not pass), hiking, and he showed us family photos of waterfalls and beaches around the Island. I had never given Puerto Rico any thought, I could barely find it on a map, and I knew nothing about the island. After our far-too-quick visit, PR was stuck in my head.
One year before our move, we researched tax implications, tax incentives, Puerto Rico economy (it is not good) and what jobs are available. We discovered that there are great incentives to move a business to PR and hire employees. Finding a job on the island is difficult and lower pay than comparable US Mainland jobs. The only way we could move to PR, was to bring our jobs with us.
Nine months before our move, we researched the Tax Act 20/22 process and lawyers that specialize in small businesses. We made a list of questions about timing, cost, and specific details for our industry.
Six months before our move to Puerto Rico, we went back to the island for two weeks. This was a serious reconnaissance mission to gather information, investigate, make contacts, and make sure we loved the beaches! We hired one of the law firms to set-up our business in PR and to begin Tax Act 20/22 application process. We also opened bank accounts and toured a few neighborhoods.
Incentive Programs to Start or Move a Business to PR
There are many incentive programs to bring businesses and the corresponding jobs and economic development to the island, including the Tax Act 60. Previously known as the Tax Act 20 /22 incentive program, businesses that export goods or services from Puerto Rico while operating on the island qualify.
I am not a lawyer to advise or assist with the application process, but the experts at Relocate Puerto Rico can help.
Receive $100 off Tax Act 60 Application services when you mention JenThereDoneThat sent you!
Five weeks to go, we purchased airfare to Puerto Rico!
One month to go, I contact a few Real Estate agents that specialize in long-term rentals in the neighborhoods from our summer visit. I sent our housing requirements and wish list items, plus our monthly budget. Our agent emailed information about a few listing, we discussed options and timing on the phone, then scheduled an appointment to view properties the day after our arrival.
Three weeks to go, I rented a condo. I probably should have rented our condo earlier and two weeks rental would have been better. Our beach condo rental was much cheaper than a hotel for the week!
I kissed my dog good-bye at the sitter (a dog friendly home was an absolute requirement for our move). It was hard to leave him, but I knew he would be joining us in PR soon. Then we boarded our flight to become bona fide residents of Puerto Rico.
Stay tuned for the 3 month check in for full details of getting our house, buying a car, and living in Puerto Rico.