Since 1994, Mariela Arrojo has specialized in property sales and has worked on closing deals for residences worth millions of dollars. Having worked as a Sales Manager at the exclusive resort of Dorado Beach, a Ritz-Carlton Reserve & Residences, Mariela gained the knowledge and experience to provide unparalleled service to all buyers and sellers. She aims to help her clients reach their real estate investment goals, going above and beyond to create personalized relocation offerings. In collaboration with Pedro Gonzalez Gorgas, a fellow real estate specialist with 30+ years of experience, Mariela created INCANTO Real Estate & Relocation in 2021, which is now a leading residential boutique brokerage in Puerto Rico. Below, Mariela tells the Haven team about the benefits of relocating to Puerto Rico and how her team can help.
Haven Team: What are the key reasons why a resident on the U.S. mainland should consider relocating to Puerto Rico?
Mariela: The lifestyle in Puerto Rico, with an enticing mix of diversity, accessibility, and infrastructure, promotes a laid-back and community-oriented attitude. Its year-round tropical climate invites residents to indulge in the island’s diverse landscapes, providing abundant opportunities for outdoor activities, from surfing in Rincon to hiking in El Yunque rainforest. Also, individuals and businesses can benefit from Puerto Rico’s promising economy and significant savings from tax incentives available, from 4% income tax to 0% capital gains tax, qualifying under the Puerto Rico Act 60. The U.S. Internal Revenue Code exempts Puerto Rico-sourced income from federal income tax. Furthermore, Puerto Rico has vibrant traditions and a rich arts and food scene stemming from its Taino, African, and Spanish cultural influences. Although Spanish is the island’s primary language, English is widely spoken, and Puerto Rico’s status as a U.S. territory means that no passport is required for U.S. citizens.
Haven Team: Share more about Act 60 and how it distinguishes itself as a major benefit to living in Puerto Rico.
Mariela: In 2019, Puerto Rico’s Department of Economic Development and Commerce enacted Act 60, “Ley 60”, to amend Acts 20 and 22 from 2012 and simplify the requirements and process of obtaining tax benefits by investing in the island’s economy. Since Puerto Rico is a U.S. territory and not a state, its government has additional flexibility when creating innovative laws.
Act 60 provides several tax incentives to attract new residents and businesses to Puerto Rico. Qualified businesses can benefit from a 100% tax exemption on distributions from earnings and profits, a 75% to 100% tax exemption on municipal and state property taxes, a 50% tax exemption on municipal taxes, among others tax benefits. Eligible individuals who relocate to Puerto Rico can benefit from a 4% fixed income tax rate, and businesses can benefit from a 4% corporate tax rate, both of which are much lower than in the U.S.. While Puerto Rico is a U.S. territory, it is generally exempt from U.S. federal income taxes, so eligible individuals and businesses who relocate to Puerto Rico can benefit from low tax rates.
Haven Team: How do you and the INCANTO Real Estate Team help make relocating to Puerto Rico a smoother process?
Mariela: Our INCANTO team has successfully assisted numerous families with their relocation process and real estate needs, ensuring a seamless transition. We are experts in matching available properties with our customers’ residential needs and preferences, and understanding the emotional journey families go through during this time. In addition to our empathetic approach, we provide comprehensive after-sale services, offering support and assistance as families settle into their new homes. With our extensive network of home inspectors, contractors, interior designers, lawyers, accountants, mortgage lenders and others, clients can rely on us to connect them with trusted professionals. We pride ourselves on our unwavering commitment to delivering tailored services that prioritize professionalism and transparency. Above all, we ensure that we prioritize our clients’ interests, working diligently to safeguard their needs throughout the entire process.
To learn more, contact Mariela at mariela.arrojo@incantopr.com or visit incantopr.com.
