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Harbour Lakes Lifestyle

Owning a Piece of Paradise in Puerto Rico is Easier Than You Think

May 26, 2017

If you’ve always dreamed of owning a piece of Caribbean real estate but thought it was too difficult a process, then you need to see how easy it is to purchase a villa in Harbour Lakes. If you’re a U.S. citizen, purchasing a home in Puerto Rico is a little different from purchasing a property in the U.S. But it’s not overly complicated, and you don’t have to figure it out by yourself. The professionals at Harbour Lakes make it easy.

Harbour Lakes represents some of the best prices in the Caribbean for a three-bedroom villa in an oceanfront resort community. Plus, if you intend to live in Harbour Lakes full-time, the Puerto Rican government offers certain exemptions on property taxes, income taxes and capital gains. All property investors, whether for a primary or vacation residence, can take advantage of other government-sanctioned exemptions.

Puerto Rico Tax Incentives

Excellent Tax Advantages and Financial Incentives

Becoming a tax haven for investors and homebuyers, Puerto Rico has embarked on an aggressive pathway to becoming an important international financial center. Facilitating real estate investments by newly arriving residents might well be the epicenter of that policy. Home buying in Puerto Rico is governed by principles and procedures that are both similar to and dissimilar from those followed on the mainland. But the process is generously aided by incentives that don’t exist “at home.”

Mortgages are the rule in Puerto Rico, in the same way they are throughout the United States, although many luxury homebuyers prefer to pay cash. Mortgage rates on the island are historically low: less than 4%. Home buying here is facilitated by Puerto Rico Act 22, or “Law 22,” which vigorously encourages investment in Puerto Rico, including homeownership. The law provides total exemption from tax on dividends and interest and long-and short-term capital gains to Americans and internationals who become residents of the island. Residency requires owners to live on the island for at least 183 days a year. As a rule, the fees that amount to “closing costs” are remitted on the purchase of homes.

Harbour Lakes Residences

Financing

Unlike many Caribbean destinations, you don’t have to pay cash for a home in Puerto Rico. You have the ability to finance your Harbour Lakes home through a stateside bank or a local Puerto Rican bank, FDIC backed. You can request an inspection of the property. And you work with a reputable real estate agent who is experienced in handling properties in Palmas del Mar, knows the area, can answer all your questions, and walk you through the process.

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Villa Rental Program

If you are planning to use your Harbour Lakes home as a vacation home, you may wish to consider placing your villa in the professionally managed rental program. Puerto Rico is a highly desirable vacation destination, particularly for U.S. citizens, and Harbour Lakes villas are a popular choice for vacation housing. Even if you are financing your Harbour Lakes home, you have the potential for positive cash flow by renting your villa for just a few months out of the year and cover the expenses of owning a vacation home while still being able to enjoy your new Caribbean home whenever you like.

Make the move to the Caribbean lifestyle. It’s time to own your piece of paradise at Harbour Lakes. The time is now, and it’s never been easier. To learn more about life in Puerto Rico, request your free Homebuyer’s Guide full of area information, tax incentives and home buying tips, providing everything you need to get you on your way to paradise. Click here to request your copy now!