Retire In Puerto Rico Pros And Cons

Date:

Can I Become A Citizen Of Puerto Rico And Renounce Us Citizenship

Pros and Cons of Puerto Rican Statehood

No, this has been tried and failed. Puerto Rico is bound to the United States, and renouncing US citizenship with the intent to reside in Puerto Rico would go against the requirement to acknowledge future non-residence in the United States, which includes its territories.

If you want to renounce US citizenship for tax or other reasons, consider any other offshore tax haven along with a second passport. Many Caribbean countries offer citizenship in a matter of months.

Healthcare In Spain For Retirees

Spain has a very high-quality healthcare system. It usually guarantees universal coverage for all residents. The healthcare system consists of private and public healthcare. There are some hospitals and health centers there that offer both private and public healthcare.

Moreover, Spain ranks 19th on the Euro Consumer Health Index. The system is overseen by the Spanish Ministry of Health. The Ministry develops policy and oversees the national health budget.

Pros And Cons Of Living In Puerto Rico

Last Updated on March 18, 2021 by Filip Poutintsev

Puerto Rico is an Archipelago, a group, or a chain of Islands. It is among the Greater Antilles It is also an unincorporated territory of the United States that lies in the Northeastern Caribbean Sea, tucked between the Caribbean Sea and North Atlantic Ocean.

The capital city of Puerto Rico is SanJuan city. The countrys total population is 3.2 million, with a population density of 988 density per sq. mi/382 person per sq. km . The official language of the country is English and Spanish. The nationality of people living in Puerto Rico is known as Puerto Rican. It is also a multi-ethnic country having a group of Amerindian, Asian, Africans, and Europeans. The main religion there is Catholic.

  • Read about other countries:
  • Read Also: Big Retirement Community In Florida

    High Cost Of Electricity And Goods

    It is very true that the cost of housing , healthcare , and taxes are significantly less in Puerto Rico than in the mainland. However, there are many products that are more expensive on the Island because they must be imported via boat or plane.

    Puerto Rico does not have any domestic sources of coal, oil, and natural gas so it must import all of its fuel for energy. This imported fuel is not only used to power vehicles but also to produce most of the electricity on the island. Even though the island gets plenty of sun, wind, and rain there has been little investment in renewable energy. As a result, residents pay 26¢ per kilowatt per hour for electricity versus an 11 cent average on the mainland. High energy costs increase the cost of production of everything made on the island, resulting in higher prices.

    Even though the island land is very fertile, there are few farmers, so the country needs to import 85% of its food. Even though they are surrounded by water, there is little fishing industry, so the country imports most of its fish. Even though there is land for a sustainable lumber industry, the country imports all wood. There are a few mineral resources in the ground, but not enough to support a profitable mining industry.

    The Cost Of Moving To Costa Rica

    17 Pros and Cons of Retiring in Puerto Rico

    Relocating can be an expensive business, especially if youre relocating internationally. If youre shipping your car and your household belongings, youll need to budget for it. Costs will vary depending on where youre relocating from, and it might be worth it to leave some items behind and simply replace them when you arrive in Costa Rica. Thats why we recommend that you get several quotes from international moving companies that can help you get the big picture of whats involved and how much it will cost and even provide advice.

    Don’t Miss: Gift Ideas For Retiring Colleague

    Convenient For Us Citizens

    If you are wondering, how do I retire in Puerto Rico?, you should know that it is incredibly easy and convenient for US citizens to choose Puerto Rico as their retirement home. As Puerto Rico is already a part of the United States, retirees will technically not even have to relocate to a new country. This means no hassles with visas, residency, currency exchanges, cultural adjustments, and so on. US citizens can move freely to Puerto Rico. It doesnt take much more than getting on the next available flight out!

    Its Relatively Easy To Open A Business In Puerto Rico

    Being part of the United States has its advantages, and opening a business is one of them. Indeed, the process is, in many ways, quite similar. Youll need a business certificate and, if you hire employees, an EIN . There are several other forms, documents, and tasks, but, again, its a relatively straightforward process. Small and medium enterprise businesses open their doors in Puerto Rico all the time!

    Don’t Miss: How Much Should My 401k Be When I Retire

    The Low Cost Of Living

    One of the reasons why Costa Rica is popular with expats, including students and retirees, is the countrys exceptionally low cost of living. With housing costs and consumer prices much lower than in the U.S., its easy to stretch your dollars and live like a king in Costa Rica. In fact, most people should be able to live relatively well on just $2,000 a month in Costa Rica.

    Living Cost In Dorado

    Want to Retire in PUERTO RICO? Cost of Living

    Renting a one-bedroom apartment within Dorados city center costs nearly 1,132 dollars per month and 500 dollars outside that area, Numbeo said. The costs for buying apartment within and outside the city center can reach 450 dollars and 300 dollars per square meter, respectively.

    A meal at an inexpensive restaurant in Dorado is estimated to cost 11 dollars, while a mid-range restaurant can charge 65 dollars for a three-course meal for two.

    Dorado Beach, a Ritz-Carlton Reserve hotel wedding venue.

    Recommended Reading: Is 800 000 Enough To Retire

    Pro: High Quality Of Life

    Puerto Rico offers a high quality of life, especially when compared to other countries in the region.

    The island has a relatively low cost of living, and there are plenty of amenities and services available.

    For example, Puerto Rico has some of the best hospitals in Latin America.

    It also boasts an excellent education system, with many private and public schools to choose from.

    Summer All Year Round

    Its nice to have a low cost of housing and maybe save on taxes, but the real reason you retire to Puerto Rico is that it is a tropical paradise. The weather forecast is quite simple: It is always 70-80 degrees with 70% humidity. Some months get 3 inches of rain while others get 5 inches.

    The topography of Puerto Rico is varied, having both lowlands and mountainous regions. These elevation differences can cause some differences in temperatures and rain, but they are not significantly different.

    Also Check: Retirement Living In Nashville Tn

    Cons Of Living In Ponce

    • It can get clogged with traffic
    • It’s not ALL beautiful and historic
    • It’s hotter than other places

    A lot of money has been spent on preserving and updating the citys colonial core. The mansions are as grand as ever.

    However, away from the historic centre, there are many more barrios , each differing in atmosphere and what theyre known for.

    Being a coastal town, its good to hit up Paseo Tablado La Guancha. This boardwalk wraps around the seashore and is the place to go for fresh sea air, fresh seafood, and some impressive sea views.

    Retire In Puerto Rico: Cost Of Living

    Top 10 Countries Offering Retirement Visas 2021

    According to Numbeo, the average cost of living in Puerto Rico is 8.12% lower than the US average as of the middle of this year. The rental cost savings in this area are even more significant, being 53.31% lower than in the rest of the US. As a result, you would probably save a lot of money on accommodation and have extra cash to spend on something else.

    You could expect to retire in Puerto Rico in comfort with a mere 2,000 dollars per month if your total expenditures per month are about four times your rent. Even the islands more expensive areas are still less expensive than the majority of the largest American cities. All the things that make Puerto Rico an attractive place to live should be accessible to spendthrifts without sacrificing quality of life.

    Although less expensive than the US mainland, note that Puerto Ricos prices are higher than those of the Dominican Republic and certain other Caribbean nations.

    Recommended Reading: Retirement Accounts For Young Adults

    The Pros Of Living In Puerto Rico Summary

    If youre thinking about making a move to Puerto Rico, youre not alone.

    Many people are drawn to the island for its beautiful weather, delicious food, and friendly people.

    But theres more to Puerto Rico than just that! Here is a summary of the main pros of living in Puerto Rico.

    Opportunities to Learn Spanish or English.

    One of the great things about Puerto Rico is that its a place where you can easily learn Spanish or English or both!

    Whether you want to take formal classes or just pick up the language by immersing yourself in it, youll have plenty of opportunities to do so on the island.

    Affordable Cost of Living.

    One of the major draws of Puerto Rico is its affordable cost of living.

    Rent and food costs are relatively low, and there are many ways to save money by living a more simple lifestyle.

    This can be a great option for those who want to live somewhere affordable without sacrificing too much in terms of quality of life.

    Beautiful Weather and Scenery.

    Puerto Rico is well-known for its beautiful weather and stunning scenery.

    With warm, sunny weather year-round, its no wonder so many people flock to the island every year.

    From sandy beaches to lush rainforests, theres something for everyone to enjoy on this Caribbean paradise.

    Puerto Rico has a lot to offer its residents. With beautiful weather, delicious food, friendly people, and many learning opportunities, its no wonder that so many people are drawn to the island.

    Things To Do In Puerto Rico

    1. Take a hike in El Yunque National Forest

    2. Watch the sunrise from Punta Torrecilla

    3. Swim in La Parguera Lagoon

    4. Visit the Bacardi Distillery

    5. Go horseback riding on the beach

    6. Explore Old San Juan

    7. See the Arecibo Observatory

    8. Climb up to Fortaleza San Cristóbal

    9. Relax at Flamenco Beach

    10. Sample local cuisine

    Also Check: Retired Military Space A Travel

    Introduction To Puerto Rico

    Average: Temperature: 22 to 32°C/ 72°F to 90°F

    Language: Spanish

    Puerto Rico is a Caribbean island and US territory featuring a mountainous environment, waterfalls, and the tropical rainforest of El Yunque. The Isla Verde district of San Juan which is the capital as well as the largest city is noted for its hotel strip, beach bars, and casinos. Its Old San Juan area is home to gorgeous Spanish colonial structures as well as the towering, centuries-old fortifications El Morro and La Fortaleza.

    Puerto Rico is often thought of as a terrific vacation spot, but it is much more. Long-term residence there can be appealing for the inexpensive living costs and excellent food.

    Pro: Excellent Private Education

    Donât MOVE or COME to Puerto Rico, unless you can deal with these 10 things

    Puerto Rico has a number of excellent private schools that offer a high-quality education.

    If youre moving to Puerto Rico with children, youll be able to choose from a variety of schools that offer different educational philosophies and curriculum.

    Private schools in Puerto Rico are generally more expensive than public schools, but theyre still affordable compared to private schools in the mainland US.

    Youll get a better quality education for your children by investing in private school.

    Don’t Miss: Which Dental Plan Is Best For Retired Military

    Spanish Tax Deductions And Allowances

    There are certain tax deductions for taxpayers in Spain. The personal allowance for those under 65 years of age is 5,550. If youre 65 to 75 years of age, its 6,700. Its 8,100 for anyone over 75 years of age.You can also claim an additional allowance if you have children under 25 years of age who live with you. You can claim an allowance of:

    • 2,400 for the first child
    • 2,700 for the second
    • An additional allowance of 2,800 for each child under three years

    Spanish Here Spanish There

    Note this, the native language of Puerto Rico is Spanish not English. If you decide to live in Puerto Rico, better learn Spanish. You will constantly look for someone to translate even the basic thing around.

    Although there may be English-friendly signs and descriptions around, people still prefer Spanish or Portuguese. Even television is broadcasted in Spanish.

    Read Also: Continuing Care Retirement Communities In Texas

    Living In Puerto Rico Pros And Cons

    If youre considering a move to Puerto Rico, youre in for a treat.

    This Caribbean island has something for everyone, from its stunning beaches to its vibrant culture.

    But as with any destination, there are both pros and cons to living in Puerto Rico.

    So, if youre thinking of moving to Puerto Rico, there are a few things you should consider.

    The island has a long history and a unique culture, and its become a popular destination for Expats and Digital Nomads in recent years.

    But what is life really like on the island? In this post, well take a look at the 25 pros and cons of living in Puerto Rico as well as a summary of both.

    Puerto Rico is a beautiful island, but it comes with some challenges. Lets first take a look at the 25 pros and cons of living there.

    Cons Of Living In San Juan

    British Virgin Islands, Retiring to Paradise, Pros &  Cons
    • Maybe too metropolitan for some
    • Can be crowded with tourists
    • The traffic can be awful

    If youre looking for somewhere to base yourself and you want upscale, consider Miramar. This gleaming spot boasts two marinas and developed waterside promenades.

    For beaches, you may want to check out Ocean Park. It sits between two beach resorts but is a low-key residential neighbourhood with a pretty beach.

    LGBTQ+ nomads may want to consider this area, too, as its popular with both resident and visiting members of the community.

    Also Check: Can You Retire With 4 Million

    The Rules Can Differ For Us Citizens And Non

    If you are planning to retire or live abroad, you may be concerned about whether you’ll still be able to collect your Social Security retirement, disability, or survivor benefits. In most cases, the answer is yes. But there are some exceptions, and the rules differ for non-U.S. citizens.

    Cost Of Retiring In Puerto Rico

    Numbeo.com, a database that calculates and compares various economic factors, reports that, as of mid-2022, it costs an average of 8.12% less to live in Puerto Rico than it does in the rest of the U.S. The reduced cost to rent here is a far more significant 53.31% lower than in the rest of the U.S. So you would likely save a significant amount on housing and have more money to spend elsewhere.

    Total monthly expenses should typically be about four times your monthly rent, so you can expect to retire comfortably in Puerto Rico on about $2,000 per month. Even the more expensive parts of the island are still less expensive than most major U.S. cities. Frugal spenders should be able to live well while enjoying everything that makes Puerto Rico a desirable country to reside in.

    While less expensive than the continental U.S., Puerto Rico is more expensive than the Dominican Republic and a number of other Caribbean locations.

    Recommended Reading: Continuing Care Retirement Community Massachusetts

    Cons Of Living In Humacao

    • There can be TONS of tourists in the resort area
    • It’s not the most happening of places
    • Mosquitoes can be horrible here

    There are a total of eight beaches, and because its pretty close to the capital, people are naturally attracted to it. Popular beaches include Punta Santiago and Buena Vista.

    Alongside its beaches, Humacao has a lot of other natural bounties on offer. Theres the Humacao Nature Reserve and Punta Santiago Reserve. Rent bikes and explore trails, go kayaking, enjoy the beauty of it all!

    The island of Vieques is also nearby, boasting some awesome scuba diving spots. If you like seafood, youll be in the right place in Humacao.

    Con: Things Move Slower

    Travel Vlog: PUERTO RICO FOR $465?! (Cost breakdown in video)

    If youre used to the fast pace of life in a big city, Puerto Rico may come as a bit of a shock. Things move at a much slower pace, and people are generally more laid-back.

    This relaxed attitude can be seen in everything from the way people drive to the way businesses operate. For example, its not uncommon for stores to close for a few hours in the middle of the day so that employees can go home for lunch and take a nap.

    This can be frustrating for people from the mainland United States, especially from urban areas like New York City, who are trying to get things done quickly such as house repairs.

    Take your time adjusting to this slower pace and soon youll be moving slower too!

    Recommended Reading: How To Avoid Taxes In Retirement

    Retire In Puerto Rico: Taxes

    When you take into account the favorable tax law known as the Individual Investors Act, retiring in Puerto Rico gets to be an even more tempting alternative. According to this law, citizens of the island who receive passive or investment income, such as dividends, interest, and capital gains, are not subject to Puerto Ricos income tax nor the federal income tax.

    Additionally, residents are excluded from paying federal personal income tax on any income earned outside of the US mainland. The validity of certain tax exemptions youll be granted in Puerto Rico will be valid until 2035.

    The sole tax that applies to any employment income made in Puerto Rico is the island tax. You must stay on the island for at least 183 days a year in order to qualify as a resident and receive such perks.

    Puerto Rico has a very high sales tax, with the majority of goods and services liable to a 10.5% sales and use tax. If you wish to retire here, this is definitely something to think about as a material portion of your spending per month will be subject to such high sales tax.

    Due to the absence of any taxes on retirement income, Puerto Rico is generally growing in popularity among retirees. The countrys tax system also offers a remarkable diversion from the hefty tax burdens that many other regions of America face.

    Share post:

    Popular

    More like this
    Related

    What Is An Orp Retirement Plan

    Saving For...

    Mutual Of Omaha Retirement Calculator

    Safe Secure...

    Benefits Of Retiring At 62

    How Much...