PR Metropolis: Moving to PR
Puerto Rico is one of the most attractive options for business development and investment in sectors that include the knowledge services sector, tourism, and manufacturing. Tax incentives also make it an ideal business destination, but what about living in Puerto Rico as part of the relocation process?
Although property prices have plummeted due to world-wide recession, Puerto Rico’s most important real estate investments during the past 10 years include acclaimed properties and travel destinations, such as St. Regis Bahia Beach Resort & Golf Club, the Trump International Golf Club and the recent US$300 million investment in the Dorado Beach Ritz Carlton Reserve, one of only two in the world.
As a result, prime locations and good prices for those investors looking to relocate in Puerto Rico.
From closed suburban properties to more secluded and private residences, there are plenty of options available.
Puerto Rico’s education is geared toward excellence. The Island’s education system is dedicated to providing quality educational opportunities that allow students to achieve higher standards of excellence. The University of Puerto Rico's (UPR) Mayagüez Campus, for example, ranks 1st in graduating Hispanic engineers, 2nd in graduating women engineers, 1st in the number of graduated chemical engineers and 11th in granting chemical engineering master degrees among U.S. institutions.
Also, there are roughly 1,319 schools in the Puerto Rico public school system with another 500 private primary and secondary schools also located on the Island. Fully bilingual and all English speaking schools are located throughout the Island.
Besides the tourist attractions, over 300 gorgeous beaches and a state-of-the-art infrastructure, Puerto Rico has had a steady governmental, political and financial relationship with the United States since 1898, when it was annexed as a result of the Spanish American War.
In 1952, the Island became a commonwealth of the United States and an economic and social boost was put into effect. As a result, US citizens do not need a passport to travel to Puerto Rico, the US dollar is the currency, and both Spanish and English are official languages of the Island.
In terms of security, local and federal laws are enacted and local policemen and agents work hand-on-hand with US law enforcement officials to guarantee the safety of all residents.
Puerto Rico is able to move forward thanks to reliable electricity to meet the demands of all industries. Although always trying to make improvements towards more efficient energy sources, Puerto Rico is served by the Puerto Rico Electrical Power Authority (PREPA). The Island has diversified generating capacity of 5,539 megawatts using oil, natural gas and coal, with an emphasis on transitioning to sustainable resources. Companies participating in the Economic Incentives for the Development of Puerto Rico Act (Act 73 of May 28, 2008) and customers of the Puerto Rico Electrical Power Authority are entitled to a credit of 3% to 10% of the payments made to PREPA for the net electric energy consumption during the corresponding taxable year.
As for water, Puerto Rico also has an abundant water supply and modern wastewater treatment plants, with quality standards that meet rigorous U.S. Environmental Protection Agency standards.
Puerto Rico is an international destination with world-class air service. The Island has eleven airports servicing residents and visitors. The hub of the Caribbean, the San Juan Luis Muñoz Marín International Airport (SJU) handles around 5,000 cargo flights per month and over 2,200 weekly flights from more than 20 airlines, according to the Puerto Rico Ports Authority. Typical flight time from Miami to San Juan is approximately two hours and a half, while it takes approximately four hours to fly direct to and from New York City.
Puerto Rico's two other international airports are Mercedita Airport (PSE), located on the south side of the Island in Ponce, and Rafael Hernández Airport (BQN), which is located on the west side of the Island in Aguadilla and serves as an air cargo hub.
Also, the Island is connected through a modern transportation network of more than 24,000 miles of highway that make all points on Puerto Rico no more than two hours from an airport or seaport. In addition, an efficient mass transit system, known as "Tren Urbano", interconnects the San Juan metro area.
Puerto Rico has an extensive road system with a main freeway crossing the north side from San Juan to Arecibo, and another one linking San Juan to Ponce that crosses the central east side from the north to the south coasts. Another important freeway goes from San Juan to Canóvanas in the northeast.
A hub for transshipment between the Americas and Europe, Puerto Rico has nine modern maritime ports. The main seaport is located in San Juan and another major seaport is located in Ponce. The Port of the Americas in Ponce is a transshipment seaport for value-added cargo with post-Panamax vessel capability.
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About Puerto Rico