Vieques, Vieques County, PR Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Is it smart to buy a home in Puerto Rico? ›

One of the biggest advantages of buying a house in Puerto Rico is the tax benefits. The island is a U.S. territory, which means that Puerto Rican residents are subject to U.S. federal income tax. However, there are several tax incentives available to people who move to Puerto Rico, including Act 20, Act 22 and Act 60.

Because Puerto Rico is a commonwealth of the United States, there are no restrictions on Americans acquiring property on the island.

Library of Congress Prints and Photographs Division. On April 19, 1999, during a military exercise on Vieques (pronounced vee-EHkus) Island, Navy planes dropped a bomb and accidentally killed David Sanes, a Puerto Rican security guard at the Naval training range.

There are no Ubers and few taxis on Vieques, meaning visitors should plan on renting a car to explore the island properly. Drivers share the road with golf carts and bicycles, also available for rent (but more challenging for navigating the hilly terrain in the center of Vieques).

Popular Mortgage is a division of Banco Popular de Puerto Rico. These offers require the borrower to obtain a minimum credit score of 740 as defined by the Government-Sponsored Enterprises.

The tax benefits under Act 20 and 22 are very attractive for those U.S. citizens willing to become a bona fine resident of Puerto Rico. Although U.S. citizens are subject to worldwide taxation, from whatever source derived, IRC §933 provides an exception for residents of Puerto Rico.

In Puerto Rico, residential property taxes are vital for funding municipal services and community development. However, understanding and complying with these taxes can be challenging for homeowners.

Consequently, while all Puerto Rico residents pay federal taxes, many residents are not required to pay federal income taxes. Aside from income tax, U.S. federal taxes include customs taxes, federal commodity taxes, and federal payroll taxes (Social Security, Medicare, and Unemployment taxes).

Obtaining Funding

Being preapproved for a loan is a requirement to buy a house in Puerto Rico, unless you plan to pay cash, in which case you're required to demonstrate evidence of sufficient funds. To procure a mortgage, you'll need a good credit score and enough liquid funds to make a 20% down payment.

Crime. Vieques has a low crime rate overall, but as with any tourist destination, it's important to take precautions to protect yourself and your belongings. It's best to avoid carrying large amounts of cash or valuables with you, and to be aware of your surroundings at all times.

Is Vieques tap water drinkable? ›

Is it safe to drink water from the public water supply on Vieques? Yes. Most of the residents of Vieques get their drinking water through a pipeline supply system from the mainland of Puerto Rico.

The hospital was destroyed after Hurricane María ravaged Puerto Rico in September 2017. Six years later, construction is set to start but there is still no clarity on who will manage the hospital and how.

Car Rentals in Vieques from $105/day - Search for Rental Cars on KAYAK.

Vieques lies about 8 miles (13 km) east of the Puerto Rican mainland, and measures about 20 miles (32 km) long by 4.5 miles (7 km) wide. Its most populated barrio is the town of Isabel Segunda (or "Isabel the Second", sometimes written "Isabel II"), the administrative center located on the northern side of the island.

In order to experience what the island has to offer having a car rental is a must. There are many beaches only accessible by car, preferably a jeep. Many publicos (public transportation) will not drive to these areas which are truly the most beautiful on the island.

Tax Benefits

Puerto Rico, an American Caribbean island boasting its own tax system, has become a desirable haven for wealthy individuals due to the financial benefits and generous tax incentives it offers.

Summary of cost of living in Puerto Rico: A family of four estimated monthly costs are 3,653.2$ without rent. A single person estimated monthly costs are 1,053.0$ without rent. Cost of living in Puerto Rico is, on average, 11.3% lower than in United States.

In Puerto Rico, residential property taxes are vital for funding municipal services and community development. However, understanding and complying with these taxes can be challenging for homeowners.