Rentals of property for tourism purposes is on the uptrend across Puerto Rico and Vieques in Particular. The Puerto Rico Tourism Company has as a key objective promoting Puerto Rico as a tourism destination. In order to achieve this goal, they have as an important goal of helping property owners to successfully promote their rental properties. For this purpose, the Puerto Rico Tourism Company has been entrusted with collecting what is commonly referred to as the “Room Tax” and directing the funds collected thereto towards promoting Puerto Rico as a tourism destination.
On March 13th, 2014 at the W Retreat and Spa Vieques, the Puerto Rico Tourism Company will be delivering an orientation talk on this subject, including ideas on how to successfully promote rental properties. The talk is scheduled to begin at 5:30 PM.
The number to call for reservations is (787) 474-2525 xt 385.
Very truly yours,
Santiago F. Lampón
As a real estate lawyer, I am regularly presented with a scenario that looks somewhat like this: “My grandmother passed away many years ago. She had 6 children, one of which was my father who recently passed away. Of my 5 uncles, only one is alive. Some of my deceased uncles had children. What do I need to do to claim my inheritance?” Another question could be: What do the heirs need to do to sell the property?
The simple answer is: “You are going to sit tight and wait, because we (the lawyers) have to do a lot of work!”
In example above, there are a total of 6 estates which would need to be worked on. This will normally take time for many reasons. First, there are a lot of documents to be gathered. Second, coordinating with a large amount of heirs is usually (not always) difficult. If the heirs reside outside of Puerto Rico and are not in tight communication, further complications would be present. As a final note, money normally becomes an issue since more money would need to be disbursed in a shorter period of time.
Time then is an enemy under such circumstances. Hence, the contrary is also true: Time is an ally when heirs act promptly.
The situation I described above is easily avoidable. Indeed I totally understand that heirs need to care for the family; but all considerations aside, they should act promptly to place all estate matters in order.
Santiago F. Lampón
Lawyer and Notary Public
The workmen’s compensation plan/coverage issued by the Puerto Rico State Insurance Fund is unique in two obvious ways. First, the requirements are stringent but not impossible to meet. Second, once you enjoy the coverage the protection from suits is absolute. Through this video, I describe an area which commonly results in a denial of coverage and how you can protect yourself or your business from such a pitfall.
During the course of dealing with real estate issues, I have learned that many property owners are not aware that this is an area of potential liability which could be easily avoided, There are no grey areas here and through this video I explain why. The protection provided is extraordinary, but the requirements to achieve said protection are quite stringent. As a final note, understand that the coverage is very affordable, What could result being very expensive is not having the coverage.
If you own real estate in Puerto Rico and you rent it, this video is for you. If you conduct any business in Puerto Rico, this video is for you. Please wacth it now and contact your accountant, CPA or tax lawyer promptly. The changes to the sales tax are significant, but there is one area in which the responsibility is levied completely upon the property owner. In this video, lawyer and notary public Santiago F. Lampón discusses this area of concern for subsequent consultation with your accounting/tax professional.