Puerto Rico - Why it's a Great Idea

Aligned with Puerto Rico’s economic development plan, the yachting industry is poised to strengthen Puerto Rico’s well-established marina, cruised, and tourism industries. While 20 of the world’s largest mega yachts already visit the island each year, Puerto Rico is planning to grow yachting from a $3.6B to a $100B+ industry in just five years. Investing in local projects, Puerto Rico is ensuring first-class amenities for a booming industry.

Alberto Baco-Bagué from Puerto Rico's Department of Economic Development and Commerce commented “ We are promoting our well-recognized yachting industry as an opportunity to put Puerto Rico on the map in a key growth market.”

Convenient and Accommodating Marinas:

In addition to competitive port fees and berthing costs, Puerto Rico is the only island in the Caribbean with capacity to dock alongside. And because of its unique jurisdiction, there are no passport requirements or custom checks for those traveling from the city United States.

Puerto del Rey: The largest marina in the Caribbean. Located on the east coast of Puerto Rico, between San Juan and St. Thomas. Its facilities compare to any other world class marina in the hemisphere. It can accommodate vessels over 200 feet and offer easy access to Puerto Rico’s pristine beaches and unique flora and fauna. It is notable for its excellent facilities, amenities, and services.

The Yacht Club: Located on the picturesque southeastern coast of the island and offers state-of-the art services for mega yachts in a relaxed, family-oriented ambience. Along with access to a high-end resort community and the renowned Palmas del Mar, offering 2 golf courses, a tennis center, pristine beaches, restaurants and a beautiful pool area.

Marina Port District: Located in Old San Juan, Puerto Rico’s historical district, with cobblestone streets and structures dating back more than five hundred years, this Marina is an experience on its own. Surrounded by luxurious hotel, culture art, fashion and restaurants, the port area attracts both tourists and locals in search of savoring a piece of history. With ongoing plans to position the Marina as a premier destination for vessel’s maintenance, including repair and overhaul services for yachts and mega-yachts. Puerto Rico's Ports Authority has issued a Request for Proposal (RFP) to further strengthen its infrastructure, a business opportunity as unique as the port itself.

Prepared Yachting Maintenance Facilities: Due to the island’s booming cruise industry, which has seen a 16 percent increase in passengers since 2013, marinas are equipped to handle necessary repair, maintenance and inspection operations for yachts of all sizes.

Luxury Attractions: The island’s luxury spas, dining opportunities and extravagant hotels, including a new Ritz Reserve, among just two in the world, offer visitors countless opportunities for relaxation. Just this year Puerto Rico announced over $1 billion dollars in upscale property deals on the island. Gorgeous Islands and Remote Beaches: Vieques is known for having the brightest bioluminescent bay in the world, as well as Culebra, whose Flamenco Beach was named the second best beach in the world by The Discovery Channel.

Natural Wonders: Puerto Rico boasts exquisite thermal hot springs and 14 state forests, including El Yunque, the only tropical rainforest in the United States, and is home to San Juan, the most preserved colonial city in the Americas.

Life in Puerto Rico

Puerto Rico’s unparalleled access to beaches, entertainment, culture, cuisine and nature makes the Island an attractive place to call home. In fact, more than 200 people this year have applied to move to the island under Act 22 because of its unique status as a U.S. jurisdiction and relationship with the United States, which translates to economic, legal and regulatory stability.

Incentives include:

100% tax exemption from Puerto Rico income taxes on all dividends;100% tax exemption from Puerto Rico income taxes on all interest; and 100% tax exemption from Puerto Rico income taxes on all short-term and long-term capital gains accrued after the individual becomes a bona-fide resident of Puerto Rico.

Puerto Rico boasts a diverse and enriching culture, deep historical roots, a prime geographic location with world-class infrastructures and ease of access to many gateway cities in the United States. Business in Puerto Rico Puerto Rico also offers attractive incentives for business.

The benefits of Puerto Rico’s Act 20, which supports service-based industries, are vast, they deliver higher profits and a significant competitive advantage to a wide range of industries that provide services to clients outside of Puerto Rico. Since 2012, more than 400 businesses have applied to open offices in Puerto Rico. Most notably, Act 20 allows for a 4% corporate income tax rate, among other generous tax incentives.

Coined the “Singapore of the Caribbean,” no other place on earth can provide the ease of access to the United States, the convenience of U.S. currency and banking, and all the protections of the U.S. law – while also providing the advantages of a foreign tax structure, beauty and an attractive life.

In addition to Act 20, Act 273 for International Financial Entities provides a 4% corporate income tax rate, a 0% municipal license tax rate and a 0% property tax rate to promote financial services companies to relocate to Puerto Rico. The International Insurance Center, Act 399 provides a 0% tax exemption on net income for the first $1.2 million and a 4% tax rate on any income above $1.2 million and is guaranteed by a decree for a 15 year period.

 Beach image by Ron Reiring/Flickr via Creative Commons license 2.0