I wouldn’t recommend moving to Puerto Rico just for the Act60 tax benefits. There’s a ton of controversy surrounding them, and they are getting very strict with the rules to be eligible to be on Act60. Local Puerto Ricans hate it because its causing gentrification to the island with Non-Puerto Rican Americans moving in with no relation to the island and with more buying power buying up entire neighborhoods, public areas, and historical sites then going on to turn them all into private resorts, vacation homes, and Airbnb businesses. Because of all this a movement called the GringoGoHome movement has been growing big time and there have been many protests throughout the island to have Act60 removed. Also, many financial gurus and economists have said that Puerto Ricos Act60 is very likely to be taken down in the near future because its actually doing more harm to both Puerto Rico and the US economies. Channels like the Wealthy Expat and Nomad Capitalist have talked about it multiple times and explain why it’s a no go, and there’s better and safer places to move than to a US territory to follow a bunch of strict rules just so you can get away with paying little taxes. Congress has been demanding the Puerto Rican government take down Act60 because it’s losing the US billions of tax dollars and many people who are on Act60 are using it as a tax loophole to cheat paying taxes on the island by pretending to live there. Already over 100 people have been caught and arrested, and many more are under investigation by the IRS. The only reason Act60 is still up is because the current corrupt governor Pedro Pierluisi and his party are using it as leverage to pressure congress to make the island the 51st state. And they are open about this plan, when congress ordered them to take it down, Pierluisi said he’ll only do it if they make the island a state first. This year is the elections on the island and their party has been losing a ton of support because of all the corruption being exposed, and all the other parties are forming an alliance against them. If their party loses the governorship and they don’t get the majority in both house legislatures, then definitely Act60 is dead. All in all, I’m not saying Puerto Rico sucks, I just don’t recommend moving your entire life there just because you want to pay less taxes, when there’s a ton of issues going on in the island.
I appreciate the insight you have on Act60. Super good info. My wife is puerto Rican. So I'd have a marital tie to the island and we got married there and have friends and family. Aside from that I feel I fit in anywhere I go. I don't even care about the tax incentives much. Puerto Rico is beautiful. Old San Juan has a similar vibe to downtown St Augustine, some of the best beaches in the world and Mountains and rolling hills. There are negatives for sure. Tons of Puerto Ricans don't want it to become a state. Others do. Either way I love it there and will buy a place regardless.
@LIVINGINSTAUGUSTINE Yeah thats cool. And yes I love Puerto Rico too, it's an amazing place. Just advising everyone that just moving down there just for tax breaks will get messy for them, there's a bunch of documentaries talking about Act60 and showing some of the more prominent people who have moved down there. Like TheGeniusCEO, TheFlipFlopFlipper, Hayden Bowles, and many others, they've been featured in videos saying they are gentrifiers and colonizers. I knew 3 people who left the island because it was getting too crazy for them with all the death threats and bad comments and dislikes on their videos.
