Puerto Rico is so close to home that for many Americans it isn’t even considered a retirement destination. Many retirees opt for the Dominican Republic or the Virgin Islands, but in many ways Puerto Rico offers the perfect lifestyle for those looking to live out their golden years in the sun.
Here are 5 reasons you should consider Puerto Rico for your retirement:
It isn’t really ‘abroad’ at all
Being a United States territory, Puerto Rico provides everything you need in an environment that feels a lot closer to home than you realize. There are few hassles in relocating there: for starters, you don’t need to apply for a residency permit. You won’t need to buy a new hairdryer as the electric sockets are the same as in the United States. There’ll be no currency exchange fees to worry about as the US dollar is the nation’s currency, and your Medicare coverage is as good there as it is in any of the 50 states. While Spanish is the official first language, English is widely spoken and you’ll be able to get by even if no hablas espanol. Many familiar brand names are on display there. Puerto Rico has more Walmart and Walgreens stores per square mile than anywhere else on Earth, and there are almost 20 Starbucks in San Juan alone … you can decide if that’s a good thing or not.
The Tax Savings
Puerto Rico really wants you to enjoy your nest egg. As long as you reside there for at least six months of each year, you won’t have to pay taxes on dividends, interest and capital gains. And as you’ll still be technically living in the United States, you won’t be liable for income tax in your home state, so you can relax about the dreaded ‘double taxation’ that plagues many American expats.
The Cost of Living
Your pension goes further in Puerto Rico; make no mistake about it. The cost of living is on average 11% lower than the rest of the United States. You can compare costs here. While most groceries are a bit more expensive (due to the fact that Puerto Rico has to import so much) rental prices are considerably lower. A decent, furnished 900 square foot apartment in San Juan will run you between $900 and $1600, depending on which neighbourhood you choose.
It’s Just Around the Corner
You can fly there from Miami in about three hours.
It’s tropical, so bring sunscreen (even in winter.)
Also, of course, there’s the music.
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