Requirements for Residency by Investment in Hospitality in Puerto Rico

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Requirements for Residency by Investment in Hospitality in Puerto Rico

Puerto Rico’s Residency by Investment (RBI) program offers a pathway to residency for individuals who invest in the island’s hospitality sector. This program provides a range of benefits, including tax incentives, access to healthcare, and the ability to live and work in Puerto Rico.

To qualify for the RBI program, investors must meet the following requirements:

Investment Requirements

  • Minimum Investment: Invest a minimum of $1.5 million in an approved hospitality project.
  • Project Types: Eligible projects include hotels, resorts, vacation rentals, and other tourism-related businesses.
  • Job Creation: The project must create at least 10 full-time jobs for Puerto Rican residents.

Eligibility Criteria

  • Age: Be at least 18 years of age.
  • Character: Have a good moral character and no criminal convictions.
  • Financial Status: Provide evidence of sufficient financial resources to support the investment and residency application.
  • Source of Funds: The investment funds must be derived from legitimate sources.

Application Process

The RBI application process involves the following steps:

  1. Pre-Approval: Submit a pre-approval application to the Puerto Rico Economic Development Bank (EDB).
  2. Due Diligence: The EDB will conduct due diligence on the applicant’s background and investment project.
  3. Application: Submit a formal application to the EDB, including all required documentation.
  4. Review and Approval: The EDB will review the application and make a decision within 90 days.

Benefits of Residency

Upon approval, RBI participants will receive the following benefits:

  • Residency Permit: A two-year residency permit that can be renewed indefinitely.
  • Tax Incentives: Reduced income tax rates, property tax exemptions, and other tax benefits.
  • Healthcare Access: Access to Puerto Rico’s public healthcare system.
  • Education: Access to public and private educational institutions.
  • Work Authorization: The ability to live and work in Puerto Rico.

Additional Considerations

  • Expiration of Residency Permit: The residency permit will expire after two years unless the investor maintains the investment and meets the job creation requirements.
  • Revocation of Residency: The residency permit may be revoked if the investor fails to meet the program requirements or engages in illegal activities.
  • Due Diligence Fees: The EDB charges due diligence fees to cover the cost of background checks and project evaluation.

Conclusion

Puerto Rico’s Residency by Investment in Hospitality program provides a unique opportunity for individuals to invest in the island’s economy and gain residency status. By meeting the program requirements and investing in eligible hospitality projects, investors can benefit from a range of advantages, including tax incentives, access to healthcare, and the ability to live and work in Puerto Rico.