Digital nomads: A gift to Puerto Rico’s economic future
Raúl Burgos explains how these remote workers can bring innovation to the island.
Imagine being able to work from anywhere in the world, choosing your next “office” based on stunning views, great weather and a vibrant local culture. That’s the life of a digital nomad — a new kind of worker popping up all over the globe. And guess what? Puerto Rico is perfectly poised to become a top destination for these remote professionals. But why should we care? Because digital nomads could be a game-changer for our economy.
Digital who?
Digital nomads are essentially people who work remotely while traveling the world. They might be freelancers, entrepreneurs or employees who don’t need to be tied to an office. Equipped with a laptop and an internet connection, they work from a beach in Thailand one month and a café in Barcelona the next. Their freedom and flexibility are what define them.
For digital nomads, the only requirements are a strong Wi-Fi connection and a lifestyle that fits their personal and professional goals. They may work in tech, marketing, consulting or even running an online business. They’re not stuck in one place, and they often choose where they live based on a combination of affordability, climate and quality of life.
Dream spot for digital nomads?
Here’s where Puerto Rico comes in. We have everything a digital nomad could want: tropical weather, a rich cultural scene and the infrastructure needed for remote work. But that’s not all — we offer something most other paradises don’t: access to U.S. benefits, no visa requirements for Americans, use of the U.S. dollar, and tax incentives.
That’s right, thanks to Acts 22 and 60, qualifying individuals can enjoy tax breaks, including zero capital gains tax and reduced income taxes. This alone makes us an attractive place for digital nomads looking to keep more of their wealth while living in a beautiful setting.
Combined with our natural beauty, beaches and urban perks offering modern conveniences and fast internet, we have a formula that’s hard to resist.
Boost to our economy?
Now, why should we care about digital nomads? What do they bring to our economy?
For starters, digital nomads spend money. Whether they’re renting apartments, eating at restaurants or buying groceries, they contribute to the local economy. They’re not just tourists; they’re semi-long-term residents who often stay for months or years at a time. This is a huge boost to businesses, as digital nomads help keep money circulating on the island, benefiting a wide range of sectors.
But it doesn’t stop there. They also tend to be involved in knowledge-based work like technology, design and consulting. They can share new ideas, skills and innovation. Local professionals and entrepreneurs can benefit from this exchange of knowledge, helping to foster a more dynamic and globally connected economy. Who knows? These interactions could spark the next big startup or business idea that takes our island or the world by storm.
Reversing population decline?
Puerto Rico has been dealing with a population decline for years, especially among its younger, working-age residents, an exodus in search of better opportunities, leaving behind a shrinking labor force and an aging population.
While digital nomads aren’t necessarily a permanent fix to this issue, they can play a role in revitalizing communities. Their presence adds vibrancy to neighborhoods, boosts demand for services and brings a fresh perspective to the local workforce. More importantly, they share their experiences online, promoting us to a global audience of remote workers and travelers who may eventually decide to make our island their home.
Puerto Rico can become a hub for professionals who want the best of both worlds: the ability to work remotely while living in a place that offers a fantastic quality of life. This could encourage Puerto Ricans who’ve moved away to consider coming back, reversing some of the population loss we’ve seen in recent years.
More digital nomads?
The good news is that we already have many of the key ingredients to attract digital nomads. But there’s room for improvement. More coworking spaces island-wide could give nomads a place to connect, collaborate and interact with a wider network of others in their fields.
Stepping up marketing efforts to highlight our unique advantages for remote workers is a must. While digital nomads are increasingly aware of the island, many might not realize just how easy and beneficial it is to live and work here. A targeted campaign emphasizing our tax incentives, lifestyle and proximity to the U.S. could go a long way in attracting more nomads.
The island could also begin offering specific programs or incentives for digital nomads. Think of long-term stay discounts, partnerships with local businesses, or even special events and retreats aimed at the nomad community. These kinds of initiatives could help establish us as a top-tier destination for remote professionals.
Bottom line
Digital nomads aren’t just globetrotting workers with laptops; they can be an essential piece to Puerto Rico’s economic puzzle. Their presence brings money, innovation and vibrancy to the island, and with the right policies in place, we can fully tap into this growing global trend. As the world continues to embrace remote work, we have a golden opportunity to position ourselves as the destination for digital nomads — and in doing so, take a big step toward a more diverse, resilient and thriving economy.
Author Raúl Burgos is president and managing partner at Global 1080 Business Solutions and G1080 Consulting. For more information, send an email to [email protected].
Suggesting that these “nomads” could take advantage of Acts 22/60 is a contradiction. The first requisite to take advantage of this statutes is to become a permanent resident of PR. That is a direct contradiction to the term “nomad”. Plus, most of these nomads don’t have the wealth necessary to take advantage of capital gains tax savings, the basic premise of the statutes. These people are hopers, they will not stay for long in PR.
Please, think this through before making ridiculous suggestions.
HI Rafael,
Thanks for commenting.
As the writer of the article and a “Digital Nomad” myself, I wanted to provide you with the appropriate perspective. The 20/22/60 acts are just one of the many tools in the bag, it is not the driver of the activity or topic at hand.
I have been a Digital Nomad” myself since 2009 and can vouch for a segment of professionals that spend more than 6 month a year in some locations and in some cases have made their locations semi-permanent. I spend great part of my year in Brazil and became a permanent resident of that country.
The article’s purpose is to open the conversation about a business segment that is available and open for investment, in this case traveling professionals that are spending money and positively impacting local economies in places like Costa Rica, Panama, Peru, Italy, Greece and Portugal amongst others. Puerto Rico can tap into that segment.
I hope this provides a better perspective to your understanding of the article.
Regards,
Raul
Hi there,
For everyone considering being a digital nomad, please reconsider how Puerto Rico’s electric grid is degrading and the oil prices are skyrocketing utility bills. The island goes through MAJOR hurricanes every year, constant power outages due to a VERY fragile, FEMA doesn’t cover a lot of homes due to severe flooding and tsunami areas…. It is constantly very hot, this is a remote island with only 4 flavored Cheez-its and the primary language spoken is Spanish. Public schools are bad, school lunches are poor, there are very little and underpaid police force, the politics are trash…. the lost goes on. This colony will be collapsing sometime and I HIIIIGHLY recommend to stay in the motherland with your money, or travel the world… this place is a trap. Save yourself the hassle and don’t romanticize being a “digital nomad” on this island. There’s so much more, much better than here. Good luck.