• A $20 million six-bedroom beachfront mansion sold in Puerto Rico this month.
• The 14,000-square-foot home was the most expensive property sold in Puerto Rico this year.
• It’s located in Dorado, an upscale neighborhood who calls the island home.

A sprawling six-bedroom mansion has become the most expensive property ever sold Puerto Rico this year.

The 14,000-square-foot villa is located on the Ritz Carlton Reserve in Dorado, a five-star luxury resort community about 30 minutes from the capital San Juan.

Puerto Rico, a US territory, has witnessed a major event since 2019. influx of people from the mainlandEspecially the rich are drawn to its shores. tax deductions.

Mainlanders residing in Puerto Rico get 15-year tax break Under Law 60This means they pay a flat rate of just 4% on income and enjoy up to a 75% reduction in property taxes.

The law, which aims to help strengthen Puerto Rico’s economy, has angered some locals who do not qualify for tax breaks. A group of Democrats have called for the practice to be abolished, saying it encourages tax evasion and the displacement of local communities, Reuters reported.

Not everyone may be a fan of Act 60, but it may explain why the island has been on the rise since its introduction.

Blanca Hebe Lopez Pierluisi, boss of real estate agency Corcoran Puerto Rico, which represented the buyer of the $20 million mansion, told Business Insider via email that Puerto Rico “has seen an incredible boom in real estate in the last five years.” “numerous new development projects meeting healthy demand across the island.”

“This record-breaking sale is a strong indication that the real estate market in Puerto Rico is thriving and resilient,” he added.

Take a look inside.