Home > The Property Registry > Lower Closing Costs Possible – Puerto Rico

Lower Closing Costs Possible – Puerto Rico

September 13, 2010 Leave a comment Go to comments

On September 2, 2010, a new law was approved reducing the costs of stamps and filing rights for closings in Puerto Rico held on or before June 30, 2011.   Also, the  same law provides some capital gains tax benefits for certain properties.

There are certain requirements for the law to apply, and also certain limitations, but the law is ultra-inclusive (please do not spell check this!) as to properties which qualify for the benefits.

Though the application of the law is still under review and the requirements being scrutinized, we have already seen noteworthy reductions in the computation of closing costs for transactions in the pipeline.

Categories: The Property Registry
  1. September 14, 2010 at 10:30 am

    Can you tell me if the exemption of all income taxes for rental properties for the next ten years was passed? I was opposed to this change.

    Kathy

    • September 14, 2010 at 4:06 pm

      Dear K:

      I am not aware of this proposed change. I will try to find out.

      Yours,

      Santiago

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