- A $20 million six-bedroom seaside mansion sold in Puerto Rico this month.
- The 14,000-square-foot home is the most expensive property sold in Puerto Rico this year.
- It’s located in Dorado, an upmarket neighborhood that the who’s who of the island calls home.
A sprawling six-bedroom mansion has become the most expensive property sold in Puerto Rico this year.
The 14,000-square-foot villa is located in the Ritz Carlton Reserve in Dorado, a luxury five-star resort community about 30 minutes from the capital, San Juan.
Since 2019, Puerto Rico — a US territory — 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%.
Intended to help boost Puerto Rico’s economy, the legislation angered some locals who don’t qualify for the tax break. A group of Democrats has called for its abolition, saying that it encourages tax evasion and the displacement of local communities, Reuters reported.
Not everyone is a fan of Act 60, but it might explain why the island has been on the up since it was introduced.
Blanca Hebe Lopez Pierluisi, boss of Corcoran Puerto Rico, the real estate agency that represented the buyer of the $20 million mansion, told Business Insider via email that Puerto Rico has “seen an incredible boom in real estate during these last five years as well as numerous new development projects that speak to the healthy demand across the island.”
“This record-breaking sale is a strong indicator that the real estate market in Puerto Rico is thriving and resilient,” she added.
Take a look inside.
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