8 Reasons Why You Should Move Your Business to Puerto Rico
When I first moved to Puerto Rico, I knew very little about what lie ahead of me. What I did know was that I was ready for a new opportunity and that I was excited to expand my business. Almost two years later, although I know a lot more, I still feel the same exact excitement I felt from day one of relocating to Puerto Rico. That’s because in the time I’ve lived here, I’ve not only fallen in love with the islands beauty but I’ve also successfully grown my business, expanded my client network, and become passionate about educating other entrepreneurs about the benefits of living in Puerto Rico. I could really write a novel about why you should move your business to Puerto Rico (if you have the ability to do so, of course), but to save some time, I’ve put together the top eight reasons why you should move your business to Puerto Rico.
1. Tax Benefits
Puerto Rico’s tax benefits were known as Act 20, 22 but today, they’re all combined into what is known as Act 60. These benefits are available to people who are from the United States and want to do business in Puerto Rico. Typically, these benefits tend to favor high earners, business owners, and entrepreneurs, mainly because there are fees associated with receiving these benefits. Additionally, the corporate business tax rate in Puerto Rico is only 4%! So again, if you are making enough to offset the fees involved such as renewing your business license yearly, then it’s definitely worth it to move your business.
When I moved, I worked with a consultant and I always advise anyone who’s moving to do the same. Especially because a lot of them work with mainland American business owners moving to Puerto Rico. Relocate Puerto Rico is a great resource that can help you find more information about these benefits.
2. Puerto Rico Is A U.S. Territory
This might be obvious, but a lot of people surprisingly don’t know this. This means that people who are born on the island are U.S. citizens. Puerto Rico is a territory of the United States, so it has a lot of the same things as the mainland United States does. However, despite the fact that it is a part of the U.S., Puerto Rico isn’t treated like a state. I’ve found that because Puerto Rico is so similar to the U.S., it makes things easier for people who are new to the island.
3. We Use The Same Currency
Because Puerto Rico is a U.S. territory, it also uses the dollar. Which makes things a lot easier when it comes to purchasing or selling. The only difference financially between the U.S. and Puerto Rico is cost of living (which can be slightly more if you choose to live in a higher end place).
4. Similar Corporate Culture
Puerto Rico is similar to the U.S. in terms of the pharmacies, grocery stores, banking systems, etc., which makes Puerto Rico much more similar to the United States than other countries. Therefore, although Puerto Rico has its own subculture, you will see the same things you would see in any other American city. This makes it a lot easier to navigate the island and do business with others.
5. Natural Beauty
I cannot express how beautiful Puerto Rico is. It’s Summer and Spring all year round and the island is covered with palm trees and beaches. Therefore, if you can work remote and would benefit from Puerto Rico’s tax benefits, why not work on a tropical island?
6. Market Expansion
As a business owner, it’s always a good idea to diversify your staff, and moving your business to Puerto Rico makes this a lot easier. There are a ton of really talented, bilingual people who are adept at a wide variety of skills available for hire in Puerto Rico. And, by doing this, not only are you diversifying your business, you’re also opening up your business to a Spanish-speaking market that you hadn’t previously been able to approach. The best part is, it’s fun to work with local people and hire them because it allows you to really get to know your community and feel a part of it.
7. Traveling Abroad without Traveling Far
Traveling changes your thought process and expands your mind. It also infuses your life with culture and gives you a different perspective on things. You meet new people and interact with people who you may never have crossed paths with otherwise. For young professionals, I think it’s so exciting to explore new places while being able to make more more money while doing so!