This is all just theoretical. With the economy of Puerto Rico falling apart. If I were able to live on my retirement income (I’m a US citizen), not have a job, etc. Would it be a advantageous in any way to live there? Would I be able to live like a king, or would it be much more costly for me to live there than it normally would with a healthy economy.
Having read that story myself this morning about their impending financial doom and people leaving for greener pastures, I would say the “live like a king” part would be more accurate with a few caveats. The main one being that with high unemployment and an already high crime rate in San Juan, you will definitely want to live outside the big city as desperate people will do desperate things to survive.
Several years ago, my wife and I went to stay in a town on the far East end of the island by the Navy base called Fajardo and loved it. I’d be inclined to say you’d want to head out that way. It was by the rain forest, so lots of great hiking and the cost of living even then was dirt cheap. I’m sure you could buy land there for peanuts now.
My only recommendation is to get something NOT right on the beach and up a hill a ways both because you will get far more for your money while still getting a view, and you’ll be able to get something more resistant to the inevitable hurricanes you’ll be forced to weather over the years. At least being by the Navy base, I’d like to think you’d be close to emergency resources if things really got ugly due to civil unrest or natural disasters in the future.
I am basing my logic on the fact that 1) as a protectorate of the U.S. that uses U.S. dollars, you won’t be at risk of the money suddenly being devalued as you would in a non-protectorate country and 2) when I went on my honeymoon in 1998 and we went to New Zealand, they were suffering from the Asian financial crisis at the time since they rely heavily on exports to Asia of wool, timber, and other natural products. When we got off the plane, it was like everyone was having a 75% off sale. We lived like kings on that trip and had a great time. A steak dinner at a nice steakhouse was the equivalent of U.S. fast food prices even with the tip included.