Puerto Rico is a fantastic option for people looking to buy investment property. It is already a US territory, which makes the process of buying property a little easier. Nonetheless, Puerto Rico is a separate nation and has laws governing the buying and selling of real estate that you need to understand for an effective buy.

The office that governs property taxes in Puerto Rico is called CRIM (Centro de Recaudacion de Ingresos Municipales). This is a centralized board that has offices in each region. When you buy a property here, you have to contact the local CRIM office for information on how to properly pay real estate taxes.

Currently the tax rate in Puerto Rico is a flat levy of 1.03 percent. Additionally you wll pay 1 percent more for the value of all personal property within the home, and three percent for the land value. CRIM is well within its rights to reassess values at any time and will sometimes backdate adjusted taxes. Needless to say, this makes things a little confusing, which is why depending on the local CRIM department is nothing less than essential if you want to own property here.

On the upside, Puerto Rico is only 1,000 miles away from Florida, making it easily accessible by plane. The island’s Latin flavor, warm beaches, championship golf courses, coral reefs and surfing – well, there’s really something for everyone. If you buy a home here specifically for renting to vacationers you should have no trouble keeping it booked. Just remember to leave a week for yourself in the winter!