The economy of Puerto Rico is in deep trouble.
Nearly half the island is living below the poverty line. Per capita income is $16,400…half that of Mississippi, the poorest state in the US. For this reason, over one million Puerto Ricans have been forced to leave the island over the past fifteen years.
But there is a second economy in Puerto Rico.
It is populated by U.S. billionaires, multi-millionaires, and a few Puerto Ricans who cater to them.
The catering is so deep that two laws – Act 20 and Act 22 – were passed by the government of Puerto Rico, which allows these rich people to pay no interest, dividend, or capital gains taxes for twenty years…if they start a “business” which hires three Puerto Ricans.
Here are some of the luxury mansions that are being offered to these rich US “investors” who hire three Puerto Ricans, in exchange for paying no taxes:
Sky Mansion in Vieques: $7.8 million
Montehiedra Estate Mansion in San Juan: $3 million
J. Lo Castle in Rincón: $5 million
The “J. Lo Castle” comes with its own lookout tower, helipad, and an armored knight in the main library.
For $6 million, you can strut around like Hugh Hefner in this Guaynabo bachelor pad:
Bachelor pad in Guaynabo: $6 million
Sotheby’s even provided a video of this love nest:
Amazingly, these homes can be purchased with “Jumbo Loans” that require no money down.
Rich foreigners can “buy” these properties by merely paying the closing costs, then “flip” them in a favorable market.
In other words, they are buying major pieces of Puerto Rico real estate, all over the island, with no money down.
This is not some late-night TV commercial, selling real-estate DVDs to gullible couch potatoes.
This is the island of Puerto Rico, being sold for pennies on the dollar…to people with the right portfolio.
How widespread is this sale?
The following articles in Realty Today, Wall Street Journal, Barron’s, Forbes, New York Times, Sotheby’s, and Christie’s International Real Estate, will give you an idea:
For a history of the War Against All Puerto Ricans, read the book…
Si prefiere ver la página web en español por favor visite: http://www.guerracontratodoslospuertorriquenos.com