Puerto Rico gets ready to host big economic gathering

Last Updated on Wednesday, 7 January 2015, 21:05 by GxMedia

San Juan, Jan 6 (EFE).- Puerto Rico is preparing to host on Feb. 26-27 its second Puerto Rico Investment Summit, at which more than 300 entrepreneurs and investors from the United States are expected to participate in order to learn about the competitive advantages the island has to offer.

The event, to be held at the Condado Vanderbilt Hotel Convention Center in San Juan, will present Puerto Rico as a more competitive and advantageous place to do business than Singapore or Miami, Economic and Trade Development Secretary Alberto Baco said in a statement Tuesday.

“We have created a solid platform of tax incentives and the foundation companies need: manpower, infrastructure, federal regulations and a unique location in the Caribbean, easily accessible for any company in the United States or Latin America,” Baco said.

The agenda of the event will include the presentation of the Export Services Act, also known as Act 20, which aims to promote the island as an international center for services by reducing income tax and property taxes as incentives for professionals in the services sector to remain on the island.

The act is also applicable to foreign professionals who establish a business on the island to offer services outside of Puerto Rico.

Act 20 offers a 4-percent corporate tax on revenues for local businesses that provide services abroad and a 60-percent exemption from municipal taxes.

Also to be discussed will be the Individual Investors Act, Act 22, which will offer a total exemption from taxes on dividends, interest and capital gains for new investors who become established in Puerto Rico for at least 183 days in the year.

Following this big business meeting, the Caribbean island will organize the Puerto Rico Investment Summit-LATAM Edition next April 17, which will focus on attracting business owners and executives from Latin American countries that wish to expand their businesses on the island as a bridge to the U.S. market.