When you think about thriving business, do you think about Puerto Rico? Puerto Rico is a fantastic place to do business!
The workforce is educated and hungry for decent jobs. And when they get them they are tremendously hardworking and loyal. More importantly there are currently incredible tax savings being afforded to businesses that relocate to Puerto Rico, including a law commonly referred to as Act 20. There is also Act 22 which can reduce a new Puerto Rican resident's effective tax rate to only 4%.
Another great perk is that Congress can afford Puerto Rico the same bankruptcy protection afforded to a US State. Therefore it can seek some relief in getting the protection it needs from its creditors. Another default by the PR Government on it's debt is imminent and Congress must act to help PR avoid economic collapse, just as it would do to bailout a large corporation like General Motors or a major US city like Detroit. Both are thriving now and with a little help Puerto Rico can recover and thrive.
By opening an office in Puerto RIcan and employing over fifty (50) Puerto Rican residents, our Firm is doing it's part to help spark the economy. Our firm is also helping Puerto Rican citizens bring claims where they were defrauded by UBS into buying Puerto Rico bonds which have lost almost half of their value. People both in Puerto Rico and outside Puerto Rico who bought Puerto Rican bonds should speak to an attorney to protect their rights to bring a claim.
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