Why many people fro New York are moving in to Puerto Rico?

 Puerto Rico has always offered beautiful weather, cheap local labor, sun, sand and surf. Now, in a move to bolster the island's suffering economy, the island is looking to woo wealthy U.S. business owners with tax breaks that provide generous dividend and capital gains tax breaks for those willing to relocate their businesses to the tropical paradise.

John Paulson, founder of Paulson & Co., is looking to expand his investment in Puerto Rico to $1 billion by the end 2015. Paulson with an estimated worth of $11 billion already invested $260 million earlier this year to create two luxury resorts San Juan's Condado district. This investment comes on the heels of his investment in the St. Regis Bahia Beach Resort and the Bahia Beach Resort & Gold Club last year.

While the company has yet to comment, Paulson is headlining an invitation-only summit in San Juan, Puerto Rico later this week to explain the tax breaks available to companies willing to make the move.

Despite a declining population, unemployment is rising on the island whose $70 billion debt burden has found it in the news quite often but for the wrong reasons.

 

  • June 01 - San Juan
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