The ultimate guide to expatriate top executive talent to Puerto Rico
May 29 2019
An effective plan can save you time, problems, and money.
Discovering talent has never been easy, specially talent that understands your business, and takes care of its interests. Companies know this, and that’s why they spend a good amount of resources on finding the best talent, although, sometimes that talent is not in the region where the position demands. This has prompted an increase in the expatriation of executives that match the skills desired. We know that the process is not always easy, as it can intricate steps that can make an impact on the business and life of the person being expatriated. Puerto Rico has become a target for this sort of practice, having around 1,400 companies settled on the island since the enactment of Act 20 and Act 22.
How to do this efficiently is the end game, that’s why we have prepared an all-out guide on moving to Puerto Rico.
- VISAS: Puerto Rico, as a commonwealth of the United States, abides by the rules set by the Immigration and Customs Authority. Traditional expatriate assignments find it easier to be approved by immigration customs. We suggest you take a look at the US Bureau of Consular Affairs; their visa wizard tool should answer most frequently asked questions.
- HOUSING: A very important item when moving to Puerto Rico is to start looking at places as soon as possible. Choosing the right neighborhood can make all the difference during your stay on the island. This comes with keeping in mind schools, traffic, and social life. If buying a property is an option, take advantage of low property taxes, which are considerably low.
- DRIVING: As a US Territory, Puerto Rico abides by the rules set by the Department of Motor Vehicles of this country. The process of acquiring a license is relatively easy, you can visit one of the many DMV locations and obtain information of the requirements.
- LANGUAGE: Even though English is the second official language in the country, many local people do not speak it fluently, so investing in Spanish classes should be something to think about. It is also a fun way to meet and interact with locals and other expats living on the island.
- HEALTHCARE: Most expats invest in private insurance when living in Puerto Rico, especially because the system is very adequate and reliable. Some of the biggest private insurance providers are Triple-S Salud, Cigna Global, and Mapfre.
- TAXES: One of the main reasons to move to Puerto Rico is to take advantage of the fiscal opportunities the island has to offer. BDO Puerto Rico can help you with all your fiscal needs, how to properly save money, and how to keep more of your income and investment.