Since 2019, Puerto Rico has witnessed an influx of mainlanders, particularly wealthy ones, drawn to its shores by tax breaks. Mainlanders who take up residency in Puerto Rico receive a 15-year tax break under Act 60, meaning they only pay a 4% fixed rate on income and enjoy a reduction in property taxes of up to 75%. This has angered some locals who don't qualify for the tax break.
Blanca Hebe Lopez Pierluisi, boss of Corcoran Puerto Rico, noted that Puerto Rico has 'seen an incredible boom in real estate during these last five years' and highlighted how this record-breaking sale is a strong indicator that the real estate market in Puerto Rico is thriving and resilient.
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