Did you ever had the desire to own a home in Puerto Rico? This could be the perfect time to buy. The Governor of Puerto Rico, Luis Fortuño, is extending the home-buying incentives program through the end of 2012. The Governor wants to continue this initiative, that provides the opportunity for families to buy their own home.
Under the Real Estate Incentives Program, those buying new homes get a five-year property tax exemption, a 100% exemption on the capital-gains tax at the time of resale of the new property, and a 100% exemption on fees, stamps and vouchers. In addition, buyers of existing homes get a 50% exemption on fees, stamps and vouchers and a 50% reduction on the capital-gains tax at the time of resale.
Since the program was implemented, 27,000 homes with a value of $3.7 billion have been sold. The program applies to residential and commercial properties worth $3 million or less.
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