Relocating to Puerto Rico: A Strategic Guide for High-Net-Worth Individuals

An executive guide to residency planning, Act 60, luxury real estate, wealth considerations, and establishing a long-term presence in Puerto Rico.

For high-net-worth individuals and families, relocating to Puerto Rico is rarely a decision about geography alone. It is a decision that can influence how a family lives, how a business operates, how wealth is managed, and where the next chapter takes shape.

The island offers a distinctive combination of U.S. territorial status, Caribbean living, established luxury residential communities, access to U.S. markets, and a tax-incentive framework that may be relevant to qualifying individuals. Yet the opportunity requires a comprehensive evaluation that extends well beyond purchasing a home or reviewing a headline tax rate.

A successful relocation involves coordinating multiple decisions: the timing of the move, the treatment of existing assets, the structure of business and investment interests, the acquisition of a principal residence, and the practical transition of family and professional life.

For prospective residents considering Puerto Rico in 2026 and beyond, understanding the requirements of Act 60 is particularly important. Legislative amendments enacted in 2026 establish different rules for Resident Individual Investor applications filed before and after January 1, 2027.

This guide outlines the process, from initial feasibility and professional planning to property acquisition and establishing a lasting presence on the island.

01. Determine Whether Puerto Rico Aligns With Your Long-Term Objectives

Before evaluating properties or initiating a residency application, define the purpose of the relocation.

For some individuals, the primary consideration is lifestyle: privacy, access to the ocean, a residence designed for entertaining, and a community that supports family life. Others are evaluating business operations, investment income, a potential liquidity event, or the long-term management of family wealth.

These objectives can overlap, but they should not be treated as interchangeable.

Begin by evaluating five areas:

• Wealth and investment strategy: Your existing portfolio, anticipated liquidity events, unrealized gains, and the types of income you receive.
• Business interests: The location of your operations, management responsibilities, ownership structure, and the source of business income.
• Family and lifestyle: Your preferred community, family members' needs, schools, healthcare, privacy, and travel requirements.
• Residency feasibility: Whether you can genuinely establish Puerto Rico as your principal home and satisfy the applicable residency requirements.
• Long-term plans: Your intended duration of residence, estate-planning objectives, succession considerations, and potential future relocation.

The objective is to determine whether Puerto Rico fits your broader circumstances before making decisions that may be difficult or costly to reverse.

02. Assemble Your Advisory Team Before Making Structural Decisions

A relocation involving substantial assets should begin with professional coordination, not a property closing.

Your existing advisors may understand your wealth and business interests, but Puerto Rico introduces jurisdiction-specific considerations that require appropriate local expertise.

Your advisory team may include:

Puerto Rico tax counsel

To assess eligibility for relevant incentive programs, income sourcing, local tax treatment, and compliance obligations.

U.S. federal tax counsel

To evaluate the interaction between Puerto Rico residency and federal tax law, including the treatment of income from different sources.

CPA or tax advisor

To coordinate filings, reporting, documentation, and ongoing compliance across applicable jurisdictions.

Estate-planning counsel

To review trusts, succession plans, ownership arrangements, and potential implications of changing domicile.

Private banker or wealth manager

To assess banking access, liquidity requirements, investment-account considerations, and the operational aspects of maintaining a Puerto Rico-centered financial life.

Luxury real estate advisor

To identify appropriate residential communities, evaluate property options, coordinate the acquisition process, and align the property decision with your intended lifestyle and relocation timeline.

Insurance and risk advisors

To review property, liability, health, and other coverage needs associated with the move.

These professionals should coordinate before major transactions occur. A decision that appears straightforward from a real estate perspective may have implications for tax planning, ownership, financing, or estate administration.

03. Evaluate the Act 60 Framework Before Establishing a Move Date

Puerto Rico's Act 60, formally known as the Puerto Rico Incentives Code, consolidates several economic development incentive programs. For qualifying individuals, the Resident Individual Investor program may warrant consideration.

Eligibility is not automatic, and a decree does not eliminate the need to comply with residency rules, reporting obligations, and the conditions applicable to the program.

Understand the 2026–2027 transition

Act 38-2026 amended the Resident Individual Investor provisions and established different tax treatments for applications filed before and after January 1, 2027.

Under the framework clarified by Puerto Rico's Department of Economic Development and Commerce (DDEC):

• Applications filed no later than December 31, 2026, may qualify for the existing framework, including the specified 0% Puerto Rico tax treatment on qualifying post-residency investment income and appreciation, subject to the applicable rules.
• Applications filed on or after January 1, 2027, are subject to a new framework that generally applies a preferential 4% Puerto Rico tax rate to specified qualifying investment income and net capital gains, subject to the law.
• Applicants under the post-2026 framework must demonstrate that they were not Puerto Rico residents for the six years immediately preceding their move to the island.
• The program's statutory horizon has been extended through December 31, 2055, subject to the governing provisions.

These are material differences, not merely administrative changes. The applicable treatment depends on the application date, the decree, the type and source of income, and the individual's circumstances.

The 4% rate is not a blanket rate for every form of income, nor does a 0% Puerto Rico rate necessarily mean that no U.S. federal tax applies. Employment income, business income, U.S.-source income, pre-move appreciation, and other categories require separate analysis.

Before relying on any projected tax outcome, have your advisors establish:

• Which incentive provisions, if any, may apply.
• Whether you satisfy the applicable eligibility and prior-residency requirements.
• How your existing and anticipated income would be classified and sourced.
• How the timing of a move may affect your position.
• What property, contribution, reporting, and continuing compliance obligations apply.
• How Puerto Rico rules interact with your U.S. federal tax obligations.

The objective is not to select a headline rate. It is to understand the legal and financial consequences of relocating based on your actual circumstances.

04. Understand the Act 60 Resident Individual Investor Requirements

For prospective applicants, the requirements should be considered part of the relocation plan from the outset. They can influence the move date, residential purchase, annual budget, documentation process, and ongoing administrative responsibilities.

The following summarizes key requirements generally associated with the Resident Individual Investor program. The applicable decree, current law, and official guidance determine the obligations in each case.

1. Establish bona fide Puerto Rico residency

Applicants must establish genuine residency in Puerto Rico and satisfy the applicable requirements for bona fide residence under U.S. federal tax rules.

The analysis generally includes the applicable presence test, whether the individual's tax home is in Puerto Rico, and whether the individual maintains a closer connection to Puerto Rico than to the United States or another foreign country.

Spending 183 days on the island is not the only consideration, and the applicable presence test can depend on the facts. A decree alone does not establish bona fide residency.

2. Meet the applicable prior-residency criteria

The eligibility rules differ according to the application date.

For applications filed by December 31, 2026, applicants generally must not have been Puerto Rico residents during the period from January 17, 2006, through January 17, 2012.

For applications filed on or after January 1, 2027, applicants must demonstrate that they were not Puerto Rico residents for the six-year period immediately preceding their move to Puerto Rico.

Applicants should have qualified counsel verify their residency history before relying on eligibility assumptions.

3. Purchase and maintain a qualifying principal residence

Resident Individual Investors generally must purchase residential real estate in Puerto Rico to serve as their principal residence within two years of obtaining the decree. The property must be acquired from an unrelated seller, and the applicable ownership and continued-residence requirements must be met.

The rules for applications filed on or after January 1, 2027, specifically address qualifying ownership in the individual's name, jointly with a spouse, or through an eligible grantor trust. Applications filed before that date may be subject to different ownership rules.

For a buyer considering a luxury estate, condominium, or property held through an entity, the proposed ownership structure should be reviewed with legal and tax counsel before a purchase agreement is executed.

4. Make the required annual charitable contribution

The program generally requires an annual contribution of at least $10,000 to qualifying nonprofit organizations operating in Puerto Rico.

Under the allocation requirements clarified by DDEC in 2026, the annual contribution is generally allocated as follows:

• $5,000 to qualifying nonprofit organizations on the official list for programs addressing child poverty in Puerto Rico.
• $2,500 to Puerto Rico's Special Fund for Social Equality.
• $2,500 to another eligible nonprofit organization operating in Puerto Rico and satisfying the applicable requirements.

The allocation and eligible recipients must be verified against the current official guidance. The requirements include restrictions on organizations controlled by the decree holder and certain related persons. DDEC's guidance also addresses documentation and certification of the contributions.

This is an ongoing annual obligation, not a one-time donation made when applying for a decree. Applicants should account for it in their annual compliance budget and retain the required proof of payment.

5. File the required annual reports and maintain compliance

Decree holders must satisfy applicable annual reporting and documentation requirements, including evidence of qualifying charitable contributions and compliance with the principal-residence commitment.

Annual reporting fees are separate from the charitable contribution. The commonly applicable annual report fee is $5,000, but applicants should confirm the current fee, filing procedure, deadline, and any additional charges with DDEC and their advisors.

Depending on the circumstances, other tax filings, records, and documentation may also be required.

6. Confirm application requirements and approval

Applicants should review the current application process, required supporting documents, fees, eligibility standards, and any background-check requirements with qualified counsel and DDEC.

Filing an application does not guarantee approval. Nor does a decree guarantee a particular tax outcome if the individual fails to meet the applicable requirements.

A practical Act 60 planning checklist

Before making a move, confirm that your advisory team has addressed the following:

• Reviewed the applicable application-date rules and eligibility criteria.
• Evaluated the relevant residency and tax requirements.
• Reviewed investment assets, business interests, and anticipated transactions.
• Established a plan for the qualifying principal residence.
• Confirmed the applicable ownership structure before signing a property contract.
• Budgeted for the annual charitable contribution and allocation requirements.
• Budgeted separately for annual reporting fees and professional services.
• Established a system for maintaining travel, residency, and compliance records.
• Confirmed annual filing requirements and deadlines.
• Reviewed ongoing obligations with Puerto Rico and U.S. tax counsel.

The checklist is a planning tool, not a substitute for reviewing the statute, official guidance, and the terms of the individual's decree.

05. Review Your Portfolio Before the Move

One of the most consequential stages of a high-net-worth relocation is the pre-move review of assets and anticipated transactions.

The timing of a change in residency relative to a sale, distribution, liquidity event, or other realization of income may matter. The outcome depends on the relevant asset, the type of income or gain, the applicable source rules, and your individual facts.

Your advisors should review the portfolio before you establish a residency date or execute significant transactions.

Assets and structures to evaluate

Public investments

Review equities, exchange-traded funds, concentrated positions, and other securities with significant unrealized appreciation.

Private equity and venture capital

Consider fund interests, carried interest, partnership distributions, and anticipated exits.

Closely held businesses

Review ownership structures, management activities, compensation, distributions, and the source of income generated by operations.

Digital assets

Evaluate cryptocurrency and other digital assets under the rules applicable to your circumstances. Do not assume their treatment based solely on the location of an exchange or wallet.

Real estate holdings

Review U.S. and international properties, potential dispositions, rental income, and the distinction between personal and investment use.

Trusts and estate structures

Evaluate ownership, beneficiaries, grantor status, administration, and the potential consequences of a change in domicile.

Deferred compensation and equity awards

Review stock options, restricted stock, carried interest, deferred compensation, and other arrangements with potentially complex timing or sourcing considerations.

This review should result in a coordinated plan identifying which decisions need to occur before the move, which can occur afterward, and which require further legal analysis.

06. Select the Right Residential Community

Puerto Rico's luxury market encompasses a range of residential environments. The right location depends on how you want to spend your time, how often you travel, and which services and amenities matter most.

Dorado and the Northern Coast

Dorado is an important consideration for buyers seeking established luxury residential communities, resort-oriented amenities, golf, coastal living, and a private residential environment.

For individuals who entertain frequently, travel between Puerto Rico and the mainland, or want a residence within an established luxury community, the area offers a range of property types and lifestyles to evaluate.

Community access, memberships, amenities, and property rights vary. Confirm the details associated with each residence rather than assuming all homes provide the same privileges.

Bahía Beach and the Northeast Coast

The Río Grande area offers a different balance of resort amenities, natural surroundings, golf, and coastal access. Bahía Beach may appeal to buyers who prioritize a more nature-oriented residential setting and access to resort services.

Evaluate travel requirements, property management, insurance, and the practicalities of maintaining the residence throughout the year.

San Juan and Condado

For individuals who prioritize metropolitan convenience, international connectivity, dining, healthcare, cultural amenities, and proximity to business services, San Juan and Condado deserve consideration.

Luxury condominiums may offer a more streamlined ownership experience than a large estate, although building management, association finances, insurance, and applicable restrictions remain important due-diligence considerations.

Rincón and the West Coast

Rincón may be attractive to buyers seeking a more relaxed coastal lifestyle, privacy, ocean views, and proximity to outdoor recreation.

The trade-off is practical access: frequent travel to San Juan or other metropolitan destinations can require significant planning. Buyers should evaluate transportation, healthcare access, and the services they expect to use regularly.

How to approach the search

Rather than beginning with a broad property inventory, define a residential brief covering:

• Preferred location and community.
• Privacy and security requirements.
• Architecture, acreage, and views.
• Bedrooms, entertaining areas, and guest accommodation.
• Access to golf, boating, beaches, or other amenities.
• Proximity to airports, healthcare, and business destinations.
• Household staffing and property-management needs.
• Intended use as a primary residence or additional home.

A focused brief allows your real estate advisor to narrow the market to properties and communities that genuinely fit your priorities, including suitable opportunities that may not be publicly advertised.

07. Coordinate the Principal Residence With Your Relocation Plan

For an ultra-high-net-worth individual, real estate is both a lifestyle decision and a major financial commitment. The property should be evaluated in the context of how you intend to live, the applicable residency requirements, your ownership structure, and your longer-term plans.

Before entering into a purchase agreement, coordinate with your tax and legal advisors on:

• The appropriate legal owner of the property.
• Whether the intended residence satisfies applicable program requirements.
• The timing of acquisition in relation to your residency plan.
• Financing and liquidity considerations.
• Estate-planning and succession implications.
• The property's future use, maintenance, and disposition.

Do not assume that an LLC, trust, or other ownership arrangement is interchangeable for every purpose. Confirm the appropriate structure before executing a contract.

Evaluate the property beyond its purchase price

For luxury and ultra-luxury homes, the acquisition decision should include a detailed review of:

• Property condition, title, and permitted use.
• Insurance availability, coverage, and exclusions.
• Flood exposure, drainage, coastal conditions, and storm preparedness.
• Power reliability and backup systems.
• Water supply and storage.
• Community fees, assessments, and maintenance obligations.
• Access to private amenities, where applicable.
• Privacy, security, and property-management requirements.
• Liquidity, resale considerations, and long-term suitability.

The strongest choice is not necessarily the most expensive property. It is the residence that aligns with the owner's lifestyle, family needs, and long-term objectives.

08. Assess the Infrastructure Around Your Residence

A luxury property should be evaluated as an operating residence, not simply as an architectural asset.

For a buyer accustomed to multiple homes or a staffed household, the practical details can significantly influence the experience of living on the island.

Power and water

Confirm the property's power supply, backup generator, solar and battery systems, water storage, and maintenance arrangements. Review equipment condition, capacity, service history, and expected operating costs.

Security and privacy

Evaluate controlled access, security systems, staffing arrangements, privacy from neighboring properties, and the practical management of deliveries, guests, and service providers.

Property management

If the residence will be unoccupied for part of the year, establish arrangements for inspections, maintenance, storm preparation, utilities, landscaping, pools, and emergency response.

Insurance and risk

Obtain property-specific insurance guidance before closing. Coverage and availability can differ according to location, construction, exposure, and the nature of the residence.

Connectivity and travel

Test internet and mobile coverage at the property. Consider drive times to the airport, medical facilities, business destinations, and the places you expect to visit regularly.

These are not minor details. They are part of determining whether a property will support the intended standard of living year-round.

09. Establish the Financial and Administrative Infrastructure

Relocation requires more than a residential address. Individuals with complex financial lives should plan for the day-to-day administration of their affairs after the move.

In coordination with qualified advisors, review:

• Banking relationships and access to financial services.
• Investment account arrangements and institution-specific requirements.
• Tax filings and reporting obligations across relevant jurisdictions.
• Insurance and lending arrangements.
• Business registrations and applicable local obligations.
• Trust and estate administration.
• Mail, recordkeeping, and document management.
• Household staffing and property management, where applicable.

Do not assume that every financial institution will treat a Puerto Rico address in the same way. Contact the institutions involved to confirm their policies, documentation requirements, and any implications for your accounts.

The objective is continuity: a relocation that works operationally, not just on paper.

10. Account for Family, Education, Healthcare, and Daily Life

The quality of a relocation depends on whether the island supports the needs of the entire household.

For families, school selection can influence both the residential search and the timing of the move. Research admissions, language of instruction, curriculum, transportation, and extracurricular activities well in advance.

Healthcare planning should include primary care, relevant specialists, hospital access, pharmacy arrangements, and insurance coverage. Confirm that the providers you intend to use accept your plan and can accommodate your needs.

For frequent travelers, evaluate flight schedules, airport access, and the practicalities of maintaining business and family commitments across time zones and jurisdictions.

Also consider how you want to participate in local life. Dining, recreation, cultural activities, boating, golf, wellness, and community involvement may all influence the choice of neighborhood.

A move is more likely to be sustainable when the lifestyle works for the family in ordinary weeks—not only during visits.

11. Build a 12-Month Relocation Roadmap

For a complex relocation, a phased timeline can help align tax analysis, property acquisition, family logistics, and administrative requirements. The appropriate schedule will vary, and legal or application deadlines may require earlier action.

Phase One: Strategic assessment | 12–18 months before the move

• Define the objectives and intended duration of the relocation.
• Engage Puerto Rico and U.S. tax counsel.
• Review the investment portfolio, business interests, and anticipated liquidity events.
• Assess eligibility for relevant incentive provisions.
• Review estate-planning and ownership structures.
• Establish preliminary residency and transaction timelines.
• Develop a residential brief and identify priority communities.

Phase Two: Planning and due diligence | 6–12 months before the move

• Finalize the tax and legal analysis with your advisors.
• Determine the appropriate application strategy, if applicable.
• Begin a targeted property search.
• Evaluate financing, insurance, and ownership considerations.
• Review schools, healthcare, travel, and household requirements.
• Confirm banking and financial-institution policies.
• Plan the transition of business and family arrangements.

Phase Three: Execution | 3–6 months before the move

• Complete the applicable application and documentation steps in accordance with professional advice.
• Negotiate and conduct due diligence on the selected property.
• Finalize the acquisition structure before signing.
• Coordinate relocation, household logistics, and property management.
• Establish a system for travel records and other relevant documentation.
• Confirm upcoming filing, registration, and administrative obligations.

Phase Four: Establishing residence | First 90 days

• Occupy and establish the intended principal residence.
• Complete applicable administrative and licensing requirements.
• Activate local professional and service relationships.
• Implement the residency-recordkeeping plan recommended by counsel.
• Confirm household, security, and property-management operations.
• Review the transition with your advisory team.

Phase Five: Ongoing management | First year and beyond

• Maintain appropriate residency and compliance documentation.
• Meet applicable filing, reporting, contribution, and other continuing obligations.
• Review changes in income, business activity, and personal circumstances with your advisors.
• Maintain the residence and local arrangements in accordance with your plans.
• Reassess the effectiveness of the relocation as family and business needs evolve.

A timeline should be tailored to the individual's circumstances. It should never be interpreted as a guarantee of eligibility, approval, or a particular tax outcome.

12. Avoid the Most Common Relocation Mistakes

For high-net-worth individuals, the most consequential errors often arise from treating separate decisions as though they were interchangeable.

Moving before reviewing the portfolio. Significant transactions may have consequences that depend on timing, source, and the applicable tax rules.

Treating a tax decree as proof of residency. The applicable federal residency analysis remains a separate question.

Assuming all income receives the same treatment. Income source, asset type, timing, and individual circumstances matter.

Purchasing a property before confirming the ownership structure. The selected structure should be reviewed before contractual commitments are made.

Overlooking the annual compliance budget. Charitable contributions, reporting fees, professional services, property costs, and other obligations should be planned for separately.

Choosing a residence based on prestige alone. The property must support the intended lifestyle, family needs, operational requirements, and long-term plans.

Leaving compliance until the end of the year. Documentation and reporting systems should be established at the beginning and maintained consistently.

The most effective approach is to coordinate the decisions rather than address each one in isolation.

13. Consider the Long-Term Role of Real Estate

For an ultra-high-net-worth family, a Puerto Rico residence may serve several purposes: a principal home, a family gathering place, a base for business activities, or a property held as part of a broader wealth strategy.

Those roles should be evaluated separately.

A residence acquired primarily for lifestyle may be judged by privacy, design, location, and convenience. A property held with a longer-term investment objective requires additional analysis of acquisition basis, operating costs, liquidity, market conditions, and potential disposition.

No property should be assumed to appreciate or produce a particular return. Real estate values, carrying costs, insurance, and market liquidity can change.

The relevant question is whether the property remains appropriate under a range of possible future circumstances—not only whether it meets today's preferences.

14. Work With a Real Estate Advisor Who Understands the Broader Move

Luxury real estate is a central component of many relocations, but the right advisory relationship extends beyond identifying attractive listings.

The Colectivo Group works within Puerto Rico's luxury residential market, helping clients evaluate properties and communities in the context of their location preferences, lifestyle requirements, and intended use.

For prospective residents, that process can include:

• Defining a focused property search.
• Comparing residential communities and property types.
• Coordinating private showings and property due diligence.
• Evaluating property-management and ownership considerations.
• Exploring suitable on-market and off-market opportunities where available.
• Coordinating the real estate timeline with the client's legal, tax, and financial advisors.

The Colectivo Group's role is the real estate component of the relocation. Tax eligibility, legal structuring, and financial advice should remain with the appropriately qualified professionals.

Frequently Asked Questions

Does moving to Puerto Rico automatically qualify someone for Act 60?

No. Eligibility for an incentive program, the applicable decree requirements, bona fide residency, and ongoing compliance must be evaluated separately. A property purchase or local address alone does not establish eligibility.

Is the $10,000 charitable contribution a one-time payment?

No. The Resident Individual Investor program generally requires an annual contribution of at least $10,000 to eligible nonprofit organizations in Puerto Rico. Current allocation rules generally direct $5,000 toward qualifying child-poverty organizations, $2,500 to the Special Fund for Social Equality, and $2,500 to another eligible nonprofit. Applicants should verify the current requirements and documentation with DDEC and their advisors.

Is the annual charitable contribution the only recurring Act 60 expense?

No. Annual reporting fees, tax preparation, legal and accounting services, property ownership, insurance, maintenance, and other expenses should be considered separately. Confirm current filing fees and deadlines with the relevant authorities.

Does the 4% rate apply to all income for applicants in 2027?

No. Under the amended framework, the 4% preferential rate applies to specified qualifying categories, subject to the applicable requirements. Other income can receive different treatment, and U.S. federal tax considerations may remain relevant.

Should I sell investments before relocating?

There is no universal answer. The tax consequences depend on the asset, the transaction, income sourcing, timing, and your circumstances. Have your advisors model relevant scenarios before making a sale or other significant transaction.

Do I need to purchase a property?

Property ownership requirements depend on the program and applicable rules. For individuals pursuing the Resident Individual Investor program, qualifying principal-residence acquisition and ownership provisions are relevant. Confirm the requirements applicable to your application date and ownership structure before purchasing.

Can I maintain residences in other jurisdictions?

Potentially, but maintaining homes elsewhere can affect the overall facts relevant to residency and tax analysis. Your advisors should review travel patterns, family ties, business activities, and the use of each residence.

How long should I plan for the relocation?

A complex move may require a 12–18-month planning horizon, particularly when significant investments, businesses, estate structures, or a luxury property acquisition are involved. The actual timeline depends on the individual's circumstances and any applicable deadlines.

A Considered Approach to Relocating to Puerto Rico

Relocating to Puerto Rico is a consequential personal and financial decision. The strongest outcomes begin with a clear understanding of the individual's objectives, a coordinated advisory team, and a disciplined process for evaluating residency, investments, real estate, and everyday life.

For those considering the island as a primary residence or a long-term family base, the opportunity is not defined by a single incentive or a particular property. It is defined by how effectively the move supports the life and objectives the individual intends to build.

The Colectivo Group

Puerto Rico luxury real estate. Local expertise. A global perspective.

The Colectivo Group assists buyers exploring Puerto Rico's luxury residential market, from established coastal communities to metropolitan residences and select private opportunities.

For individuals and families considering a relocation, the first conversation begins with your preferred lifestyle, residential requirements, timing, and the type of property that best supports your plans.

Explore Puerto Rico's luxury real estate market with The Colectivo Group.

Disclaimer: This guide is for general informational purposes only and does not constitute tax, legal, accounting, immigration, financial, or investment advice. Act 60, Puerto Rico tax rules, and U.S. federal laws may change, and their application depends on individual circumstances. Consult qualified Puerto Rico and U.S. professionals before relocating, applying for an incentive, structuring an asset, or purchasing property.