Moving to a new place is a big decision. It requires time, effort, and a lot of money to set up life in a new country, state or city.
Considering a move to Puerto Rico but worried about the costs?
What if we told you that moving to Puerto Rico could come with financial benefits? Things like financial aid, attractive tax incentives, and even relocation packages could be waiting for you on this beautiful island.
Sounds interesting? Let’s explore what you need to know about the financial advantages of moving to Puerto Rico.
Does Puerto Rico Really Pay You To Move?
Yes, in a way. There are two main things that can help you financially if you move to Puerto Rico. First, many companies give new employees money to help with moving costs. This helps cover the expenses of moving and getting settled.
Also, the government in Puerto Rico has laws that can help you save a lot of your income. When you combine these benefits, it’s kind of like getting paid to move to Puerto Rico.
But moving there can have its challenges, like not finding what you need easily and you’ll have to pay some big fees to apply to move there.
How Much Relocation Assistance Can You Expect?
Once you’ve surpassed these challenges, you’ll find Puerto Rico to be much more financially sustainable than most economies worldwide.
According to Business New Daily, companies in Puerto Rico spend between $19K-24K to help foreign residents relocate to the island.
There’s More!
Apart from tax-friendly laws and employers, the Puerto Rico government also has a program called “Act 60” to facilitate the incoming residents!
Act 60 offers considerable benefits for individuals and businesses willing to move to the island.
While the corporate tax for Puerto Rican locals is 37.5%, the incoming residents under Act 60 must only pay 4%!
The considerable difference in taxes will allow you to save a lot of money, giving you a chance to enjoy all the amenities that the island has to offer.
Export Services for Business
If you run a business accumulating over a million Puerto Rican dollars in revenue, you can get paid by shifting your business to the island!
Not only do you get paid to relocate your business, but you also get tax incentives, as discussed earlier!
Nevertheless, if you’re considering switching your business to Puerto Rico, you must pay $750 as an application fee.
But when you’ve relocated your business, you can save as much as $300K annually!
Become an Investor
For the incoming residents having stocks over $100K, the Puerto Rican government has placed policies that not only allow you to retain your stocks but also get more money.
To get these financial benefits, you need to move to Puerto Rico and stay there for at least 183 days. Keep in mind, the application fees for this are pretty high.
But, if you’re an investor, moving to Puerto Rico could really pay off after a while.
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Places in Puerto Rico That Pay You To Move
San Juan, PR
Being the largest city on the island, San Juan has become an eye candy for tourists worldwide. The city blends everything amazing about Puerto Rico with its bars, beaches, and multiple recreational spots.
The best thing about moving to San Juan is the diversity in population. In Puerto Rico, you’ll find many residents speaking fluent English, making it easy for you to get around and fit in.
While some positions in San Juan pay considerably better, the average income in this city is $51K. San Juan is also filled with various job opportunities, including project, operational manager, and financial analyst.
If you choose to move to San Juan, you’ll also be able to apply for income tax exemption. Assuming that you get approved, you’ll be saving a huge chunk of your income, allowing you to improve your lifestyle and have more money to invest!
Ponce, PR
Known for historic museums, exquisite restaurants, and a rich historical district, Ponce is a famous destination to consider moving to in Puerto Rico.
Moving to Ponce, you’ll find a good number of old-time mansions laden with unique Creole culture. The city also has various art collections, making it a perfect place for artists.
While the average annual salary in Ponce is undeduced, the residents in the city make $12.40 hourly.
Moving to Ponce in Puerto Rico gives you the chance to take advantage of Act 60. This can help you save money and even earn some as you make your move to Puerto Rico.
Since Ponce has a lower average income than San Juan, the housing options in this city are more affordable. While a one-bedroom apartment in the city center goes for $500, you can find scrumptious meals for as low as $10.
So, if you’re looking for affordable housing, Ponce is the place to be.
Jobs That Pay You To Relocate to Puerto Rico
Director of Operation
Being the Director of Operations, your job is to maintain, manage, and streamline the operational activities of a business.
You’ll also need to decide on budgets and enforce company standards and sales projections. You’re also expected to review job applications and hire helpful staff for the business.
To work as Director of Operations, you must have five years of experience in the relevant field and a bachelor’s degree.
The average salary for this role in Puerto Rico is $100K annually, which is much better than the average income of the island’s largest city, making it a great option.
Border Patrol Agent
For those having experience in law enforcement, you can take up a position as a border patrol agent for US Customs and Border protection!
Your responsibilities will include identifying, detecting, and apprehending illegal immigrants and smugglers. Depending on the tasks assigned, you might need to perform traffic checks, guard coastal waterways, and city patrol.
As a border patrol agent, you’ll be making anywhere between $52K-95K, depending on your grade. You’ll also be eligible for a $10K bonus after completing the six-month training.
These costs will help cover the relocation costs. Btw, as Border Patrol Agent you will receive all federal employee benefits.
What is livable wage in Puerto Rico?
The minimum wage in Puerto Rico is $9.50 an hour. With an average salary of about $1,800 per month, people can live comfortably, but this is considered the basic minimum.
To have a more comfortable lifestyle, including living alone in a decent area and affording various amenities, an annual income of around $40,000 or more is generally suggested.
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Hi, I’m Ashley a freelance writer who’s passionate about personal finance. Ever since I was young, I’ve been fascinated by the power of money and how it can shape our lives. I’ve spent years learning everything I can about budgeting, saving, investing and retirement planning. So if you are looking for tips, advice, or just a little bit of inspiration to help you on your financial journey, you have come to the right place. I am always here to help, and I am excited to share my passion for personal finance with you.
