Investors Go After Opportunity Zone Tax Breaks
The Puerto Rico Economic Development and Commerce Department (DDEC by its Spanish acronym) has so far received 17 applications from overseas and local entrepreneurs requesting tax incentives for residential and commercial real estate projects involving nearly $600 million in investments under the Opportunity Zones (OZ) program. Carlos Fontán Meléndez, director of DDEC’s Office of Incentives for Businesses in Puerto Rico, told Caribbean Business that the submitted projects involve an initial investment of $505 million and an additional $62 million for future project phases.
The municipalities of San Juan, Bayamón, Guaynabo, Gurabo and Cidra are the sites for these projects, which involve the development of residential and commercial real estate for sale, leasing and rental, said Fontán, who declined to identify the projects or their proponents, citing confidentiality reasons.
To read the full report, check out this week’s edition at newsstands or subscribe to our e-paper at https://caribbeanbusiness.com/epapers/