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GOBankingRates talked to experts to get their insights on why some millionaires are relocating to Puerto Rico.
The tropical climate and Caribbean lifestyle are nice perks.
However,the real draw may be saving their millions.
Lokenauth said he moved his consulting business there in March 2024 and described the tax savings as incredible.
Erik Wright, founder ofNew Horizon Home Buyers, explained that this incentive is beneficial for millionaires.
And he has seen hishigh-net-worth investor clientsbenefit.
Back in Chicago, I was paying 20% federal plus 5% state tax on my investment gains.
The Perfect Package
But Lokenauth said there is more to the island than saving money.
The lifestyle upgrade combined with the tax benefits makes it a compelling package.
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