WHY PUERTO RICO?
The digital nomad lifestyle is one that many young people covet today. The promise of working remotely from an exotic location, taking conference calls from the beach and trading in your cubical for artisanal coffee shops and co-working spaces seems almost too good to be true. Many people associate the concept of being a digital nomad with moving to places like Thailand or Bali, but for first-time entrepreneurs jumping into a remote lifestyle, moving to the other side of the world can be a bit of a culture shock. Things like time zone differences, global taxes, currency conversions and cultural differences are all things that you have to take into consideration before deciding to work from abroad.
These are the reasons that make Puerto Rico, the Caribbean island and United States territory, an excellent place for veteran traveling entrepreneurs and first-time digital nomads alike.
People refer to the island as the first colony. Visiting Fort San Cristóbal feels like a journey through American history, and Old San Juan feels like a lost city in Europe. Before the European colonization, the island was home to the Taíno people, who had their own unique culture. The mixture of this culture and the tropical lifestyle has created an island filled with tons of incredible food, great music and amazing culture.
Insane Tax Incentives
On January 17, 2012 Puerto Rico enacted Act 20 as a way to incentivize new businesses and economic growth on the island. There are a vast amount of personal and business tax incentives that you can take advantage of. That is why digital nomads and Entrepreneurs decided to move to Puerto Rico. Act 20 means you only pay a flat 4% corporate tax rate -- no state, no federal. It is like doubling your income overnight.
Click here for more information about Act 20 of 2012
Click here for more information about Act 22 of 2012
Cryptocurrency developers are migrating to Puerto Rico to create new homes for their blockchain powered businesses. Puerto Rico could well be the next hot place to do business for the cryptocurrency industry.
Manuel Laboy, secretary of Puerto Rico's Department of Economic Development and Commerce, announced that it was forming an advisory council to help blockchain businesses grown.
Laboy, also told CNBC that it's a win-win situation for investors and Puerto Rico is eager to be part of the expanding cryptocurrency market.
Since Puerto Rico is part of the United States, their primary form of currency, other than crypto, is the U.S. dollar. No need to convert; Benjamin Franklin will still be on your money.
New York City Time Zone
Unlike other digital nomad destinations like Bali, Puerto Rico is only a three-hour plane ride from New York City. For half the year, the island is on Eastern Standard Time.
During the second half, Puerto Rico doesn't observe daylight savings time, so you're actually an hour ahead of the east coast, which means your 9 a.m. conference calls now start at 10 a.m.
Cost Of Living
While not quite as affordable as some other places in Asia, Puerto Rico is still significantly cheaper than most other places in the United States. I was able to find a cozy three-bedroom apartment in San Juan with electricity included, within walking distance of the beach and a Starbucks, for only $650!
People Speak English
As of 2008, 34% of the Puerto Rican population spoke English in their homes. Since Puerto Rico is technically the United States, English is taught in all the schools and is also on a majority of the island’s TV channels.
No Passport Required
Traveling to Puerto Rico is just like going to any other U.S. state -- all you need is a valid driver's license or state ID. As a matter of fact, Puerto Rico is one of only two destinations in the Caribbean (the other is the U.S. Virgin Islands) that does not require U.S. citizens to carry a passport, according to TripSavvy.
The most significant reason to move to Puerto Rico is the lifestyle. During my last trip, our tour guide was amazing and really made me feel like a local. The island has phenomenal beaches, a beautiful climate, tropical rainforests, great music and dancing, incredible food and even a magical bay where the water glows in the dark. It is no wonder they call Puerto Rico the island of enchantment.
Whether you are a long-time digital nomad looking for a new home or looking to try remote working for the first time, you should give Puerto Rico a shot.
*** While we continue developing our website, we thought this was rich with information relevant to those considering relocating to Puerto Rico and or those here who'd like to accelerate acclimating to their new surroundings visit www.livinginpuertorico.com