Puerto Rico
Puerto Rico is a US Commonwealth which straddles the Atlantic Ocean and the Caribbean Sea. It is 110 miles long and 35 miles wide (the smallest of the Greater Antilles) and is populated by 4 million people who predominantly speak only Spanish, though a significant number of Puertorriquenos have come to speak English in recent decades, particularly the younger generation and nearer San Juan. Population is around 4 million and the official currency is the US dollar. Poverty is high at over 45% and unemployment is historically at or above 12% (realistically MUCH higher as an alarming portion of the population lives on government assistance rather than work).
Access to the island is excellent, particularly from North America. San Juan airport (SJU) is the Caribbean's most heavily trafficked airport and also a great point for traveling around the region as American Airlines (American Eagle) and JetBlue use SJU as a hub for the Caribbean. There are at least six other decent airports for getting to other areas of Puerto Rico. These include several on the islands of Culebra and Vieques, which have seen a significant uptick in tourist and real estate interest in recent years and Mayaguez on the West coast. The US dollar is the offical currency and electricity is US standard, 110 volts. Access to electricity, satellite tv, internet and the like are better than average for the Caribbean and - due to its Commonwealth status with the US - availability to health care and the like are quite good, overall, though again, centered around San Juan.
The process of acquisition is virtually the same as in the United States and there are few restrictions on ownership. A deed is prepared and recorded by a notario (notary) who is also an attorney. Title insurance is available and recommended. Property taxes are about 1.5% of the value of the property. There are roughly $300 in fees to check status of the property, obtain a tax certificate, check the title records for encumbrances, record the deed and register the property. The notario will receive about 1% of the transaction cost, less if the amount is over $500,000 - this is negotiable with your notary. All of the above can be handled in short order - two weeks or less if time is of the essence. Time and expense for acquisition are considerably lower than most areas of the Caribbean basin.
Areas vary widely, though the bulk of the population, infrastructure, amenities, and the like are centered on the San Juan area. Old San Juan is the focal point for most religious, cultural or music festivals and for most modern restaurants, lodging and tourist draws. On the West coast, the Rincon area is well-known as a surfing destination and has a significant number of expatriate residents. Similarly, the island of Vieques has drawn many visitors and retirees - subsequent to the US Navy abandoning it as a gunnery range - as it has a much more laid-back and resorty 'vibe' than the rest of Puerto Rico. Be mindful that getting to any parts of mainland Puerto Rico other than the San Juan area will generally involve long car rides on a mediocre roadway system (the highway to El Yunque nearby is not too bad, but the rest of the island will usually require at least an hour and a half of travel each way).
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