Careful with Maligning Investors, We Need Them
I have observed with increasing concern a growing sentiment against Act 22 investors, particularly when it comes to the housing market.
After years in which Puerto Rico’s economy has experienced chronic disinvestment and massive capital loss, it certainly is welcome news that these new residents are willing to invest in our island. Yet, some are arguing that their increased interest in property investments in Puerto Rico may lead to an affordable-housing problem. Before we reach that conclusion and throw the baby out with the bathwater, let us take a closer look at what is happening and what we can do about it.
First, there seems to be more awareness in the U.S. of the benefits Puerto Rico offers investors qualified under Act 22 (now under Act 60). This law, enacted during the administration of former Gov. Luis Fortuño, has been successful in attracting wealthy individuals and their capital.
Lately, some of these investors have purchased mansions in Puerto Rico for $18 million, even $40 million.
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