6th Edition of the Puerto Rico Investment Summit Set for February

SAN JUAN – The sixth edition of Puerto Rico’s largest investment conference, the Puerto Rico Investment Summit (PRIS), will take place Feb. 1415, at the newly renovated El San Juan Hotel in Isla Verde.

Since 2013, the summit has been a platform to present potential investors and business owners, 400 of which gather yearly for the event, with the unique tax incentives and competitive advantages the island provides. In turn job creation is spurred, boosting the local economy.

Summit organizers said this year’s program will delve into new topics, such as Opportunity Zones, Gilti tax and, “for the first time, a half day Financial Services Forum, focused on financial and insurance specific content including International Insurance Center and IFEs,” a summit release reads.

Investors, CPAs and lawyers who work with these programs, as well as investors and entrepreneurs who have established themselves on the island, were picked to share their experience and knowledge with attendees.

The conference format will include panels, power talks, workshops and “campfires,” as well as two networking events to provide an opportunity to meet industry players and government officials.

The speakers invited include officials such as Economic Development Secretary Manuel Laboy and Ella Woger, chief operating officer of Invest Puerto Rico. Early tax incentive adopter Nicholas Prouty, CEO of Putnam Bridge, who has invested more than $150 million on the island and owns the largest marina in the Caribbean, will be speaking as well.

Among the area experts who are also slated to speak are Margaret Anadu, partner at Goldman Sachs; Edgar Ríos from PMA Law, one of the leading local tax law firms; Gaby Hernández of BDO Puerto Rico; Jeff Carmichael, CEO for the Yingke Caribbean Center; Walter Keenan from Advantage Insurance; and Manuel López-Zambrana of DLA Piper.

“Puerto Rico is a great option for business, export services or new investments. It not only has the most attractive tax structure under the U.S., but also provides other benefits that include a highly skilled workforce, a privileged location, and it is under the U.S. legal and financial systems,” said Brenda González-Santini, organizer and owner of the event. “PRIS provides the best platform to learn, meet and network with top level professionals.”




Puerto Rico may someday have a cryptocurrency bank

SAN JUAN – Real estate developer Nicholas Prouty said a cryptocurrency bank backed by sovereign wealth funds may someday operate in Puerto Rico.

An institution of the sort could take care of the cash reserve needed to back tether, for instance, a “stablecoin” claimed to be pegged to the U.S. dollar. Tether is used by crypto-to-crypto exchanges as it allows them to price crypto-assets in U.S. dollars without having to maintain or own U.S. bank accounts.

While there are about $2.3 billion held in tether, potentially driving the price of bitcoin, there was speculation the cash reserve to back issued tether coins may not exist.

Puerto Rico to launch its own cryptocurrency

During the annual Puerto Rico Investment Summit, Prouty spoke of “capital infusion from a sovereign wealth fund to create the initial reserve,” adding. “It will begin banking crypto soon. After speaking with these guys, it should take about a year before this bank can replace some lenders as a large financing entity for the Puerto Rican market.”

He added he believes the bank would make it interesting to participate in “targeted aspects of real-estate acquisitions and development,” and cause real-estate prices to rise.

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Editor’s note: This report has been corrected to clarify that Nicholas Prouty’s remarks do not suggest any position with respect to the Tether currency.




New Ciudadela development announced for select population

SAN JUAN – A new residential complex for older adults developed by investor Nicholas Prouty and his company, Putnam Bridge, was announced Tuesday in San Juan’s Santurce area during a ribbon-cutting ceremony, in which Gov. Ricardo Rosselló was the guest of honor.

The “La Casa” project will be built at the Ciudadela mixed use real estate development in historic Santurce with a $65 million investment by Putnam Bridge, a national developer of residential and commercial sites.

Saying the development is the first aimed exclusively at people 55 years or older, he reiterated his commitment to Puerto Rico’s economic development. The project won’t be financed, everything will be paid for in cash, Prouty said.

The investor said it is imperative that economic activity be fostered with ideas that allow the island to recover, and that everyone must join forces to boost economic development.

Developer Nicholas Prouty assured that ‘La Casa,’ aimed at adults 55 and older, is a perfect complement to Ciudadela, whose community primarily comprises younger residents. (Juan J. Rodríguez/CB)

The new complex will have 151 apartments for rent, 13,273 square feet of commercial space, and 484 parking spaces. La Casa expects to become an activity hub for that population.

However, 114 of the development’s units will be exclusively for those over  55, with a monthly rent starting at $950, while the other units will be rented at the current market rate.

In addition, the building will be completely integrated to the Ciudadela community via plazas, ramps and covered exterior corridors.

La Casa, Prouty explained, complements Ciudadela, whose community mostly comprises a younger population. Diverse, inclusive neighborhoods, he said, are the best ones, where people of all social classes treat one another with dignity and respect.

(Courtesy)

He further said that when he conceived this investment, he  was surprised by seemingly unrelated problems that kept him awake at night. First, what to do with all the abandoned buildings in San Juan? Although they might seem hopeless at first glance, many of them could be easily restored with some capital and care, he said about his motivating principle to continue investing in Puerto Rico despite the island’s economic crisis.

Prouty also expressed concern over the security of elderly people in Puerto Rico and the lack of available housing and services for this age group.

He explained that there aren’t many developments designed with many in that age population in mind. On one hand, they don’t qualify for housing under the Section 8 program, and on the other hand, luxury retirement installations are out of reach, he explained. To make matters worse, he said, some are alone because their kids have left and they often live in places “where cultural and social connections are difficult to make,” referring to the new development’s open atmosphere.

The New York developer also offered more insight into his plans to transform the lot between the Museum of Art of Puerto Rico (MAPR) and Ciudadela into a passive park with an additional $7.5 million investment.

Courtesy

Prouty was one of the first investors to relocate to Puerto Rico and benefit from its tax incentives. Besides Ciudadela, the New Yorker acquired Fajardo’s Puerto del Rey, the largest marina in the Caribbean, and his local investments are estimated to exceed $500 million.

The event was attended by the governor and several business and political figures, including former Gov. Carlos Romero Barceló, San Juan Mayor Carmen Yulín Cruz, and Senate Minority Leader Eduardo Bhatia.

For his part, Rosselló praised Prouty’s initiative, assuring that the development is evidence of a resurgence of an investment-worthy climate.

“This project is evidence there is an environment for doing business in Puerto Rico and that investor confidence is improving. This project benefits a vulnerable population while diversifying the community of Santurce. I thank Nicholas Prouty for believing in Puerto Rico,” the governor said during the event.

Prouty said he expects construction to be finished in two years.




Puerto Rico Investment Summit confers grants to outstanding students

SAN JUAN – The Puerto Rico Investment Summit (PRIS) announced it will confer grants to seven outstanding students in science, engineering, financing and mobile application development so they can attend this year’s conferences.

The summit will take place Oct. 9-10 in the Puerto Rico Conventions Center from 8 a.m. to  5 p.m.

“This is the fifth year we hold the Puerto Rico Investment Summit to highlight the benefits of Acts 20 and 22 and other business incentives in Puerto Rico. We have selected a group of students who stand out for their merits, achievements and acknowledgements. Offering this grant to outstanding students is recognizing our talent and supporting it. These young people will be our future professionals, business owners and investors,” PRIS President Brenda González said.

5th Edition of Puerto Rico Investment Summit Scheduled for October

The $10,500 in grants will be shared by the seven students to cover access to both days of the event.

Among the recipients is Sergio Mattei, a local winner of “Imagine Cup,” who developed Taleship, an app that enables people worldwide to write stories in a game-like collaborate manner.

Rocío del Mar Avilés, winner of the Special Award for Skills and Creativity in Scientific Research granted by the Chinese Association for Science and Technology, as well as other university students, will receive the grant.
 
González also said Monday that among the confirmed speakers for this year’s event are international author Johnny Wimbrey, who recently chose the island as his business destination; former Puerto Rico Gov. Luis Fortuño, under whose administration Acts 20 and 22 were created; Putnam Bridge CEO Nicholas Prouty; and the president of Lufthansa Technik in Puerto Rico, Pat Foley.

The PRIS is a private event organized by Adworks Corp., a local communications firm that has offered services on the island for more than 20 years. The purpose of the conference is to present Puerto Rico’s competitive advantages to business owners and potential investors, with the added benefit of creating jobs the island currently needs.

For more information, call 787-787-8850 or visit http://prinvestmentsummit.com/. Production is organized by Prestige Productions.
 




Puerto del Rey Receives First Tourist Marina Certification

From left: José Terrasa, PRTC director of tourism operations; Carolina Corral, Puerto Del Rey Marina general manager; Nicholas Prouty, Puerto Del Rey Marina owner; and Ingrid I. Rivera Rocafort, PRTC executive director

From left: José Terrasa, PRTC director of tourism operations; Carolina Corral, Puerto Del Rey Marina general manager; Nicholas Prouty, Puerto Del Rey Marina owner; and Ingrid I. Rivera Rocafort, PRTC executive director

SAN JUAN — The Puerto Rico Tourism Company (PRTC) granted its first tourist marina certification to the Puerto del Rey Marina in Fajardo during an event Friday. Ingrid Rivera Rocafort, executive director of the PRTC, gave the certification to Puerto del Rey owner Nicholas Prouty and marina executive director Carolina Corral.

The marina generates around 200 direct and 800 indirect jobs, while around 90% of contractors providing goods and services to Puerto del Rey are local, in keeping with the marina’s policy of giving priority to Puerto Rican businesses.

“In the PRTC, we work very hard to continue diversifying our tourism offer for visitors. To this end, we established the certification of various attractions [in different categories such as] agritourism, ecotourism and bed & breakfast, among others. This diversification strengthens us as a tourist destination and drives our economy forward,” said Rivera Rocafort. “Today we are pleased to do the same in the niche of nautical tourism with the delivery of the first Tourist Marina certification to Marina Puerto Del Rey,” she added.

“For us in Puerto Del Rey Marina, it is an honor to have the support of the PRTC,” said Puerto del Rey’s Corral. “This certification confirms the commitment that the whole Puerto del Rey team puts in every day. We will continue working to improve the experience of everyone who passes by the marina and become a global destination in nautical tourism.”

The tourist marina certification is valid for five years as established by Act 241 of December 2010, better known as the Nautical Tourism Act, which empowers the PRTC to certify all facilities dedicated to nautical tourism.

The criteria used to award this certification include complying with a code of environmental conduct, safety and social responsibility in compliance with the Blue Flag program for marinas; provide dock space to companies engaged in nautical tourism activities, as well as foreign-flag vessels and/or non-resident nautical tourists; and provide within their facilities essential services to both local and foreign tourists, such as concierge service, bathrooms with shower facilities, internal transportation service, restaurant, deli, and laundry facilities, among other amenities.

 As part of the benefits of the certification, the Puerto Del Rey Marina will be able to participate in the promotion and marketing programs established by the PRTC through its seepuertorico.com website, through social networks pasts and Que Pasa magazine, among other promotional channels.foto-2




Puerto Rico Investment Summit Features New Expert Panel

SAN JUAN – The powerhouse tax-incentive information, investment opportunity and networking event, the Puerto Rico Investment Summit, has assembled a new panel of experts for its attending executives, attorneys, CPAs, institutional investors, investment bankers and private equity professionals.

The Feb. 11 and 12 symposium will be bringing together such high-profile figures as Nader Tavakoli, president, CEO and executive chairman of Ambac Assurance; Lisa J. Donahue, AlixPartners’ managing director and chief restructuring officer for the Puerto Rico Electric Power Authority; and Jim Millstein, founder and CEO of Millstein & Co., and restructuring adviser to Puerto Rico. The discussion will be moderated by Philipe Schoene Roura, executive editor of Caribbean Business.

PR Investment Summit LogoThe two-day investor conference’s lineup of presenters and panelists includes John Paulson, president and portfolio manager of Paulson & Co., whose acquisitions and renovations include the St. Regis Bahía Beach Resort, the Condado Vanderbilt and La Concha hotels in San Juan, and other properties under development. Joining him will be Michael Tennenbaum, co-founder and senior managing partner emeritus of Tennenbaum Capital Partners, who has chosen Puerto Rico as a business destination.

Also scheduled to speak is Putnam Bridge’s Nicholas Prouty, who purchased one of the largest marinas in the Caribbean as well as several apartment complexes in San Juan. Miguel Ferrer, chairman of Ferrer Faas & Co. and Latin Media House and former chairman of UBS-Puerto Rico, will be speaking about Act 185, the private equity fund law, and how it, along with Act 20, can generate capital and help create jobs in Puerto Rico. He will be part of a panel discussion that includes CPA Gabriel Hernández of the BDO Puerto Rico accounting firm.

The summit’s second day will open with a keynote by businessman, attorney and former New York City Mayor Rudolph Giuliani, followed by breakout sessions on such topics as science, technology, R&D, aerospace, infrastructure projects, real estate, entertainment events, and legal and CPA services for export.

Previous iterations of the platform for investors, executives, government and private companies have been attended by more than 1,000 people, featuring presentations by more than 100 public and private companies.

Online: Puerto Rico Investment Summit




Puerto Rico Investment Summit Reveals Top Speaker Lineup

SAN JUAN – The Puerto Rico Investment Summit revealed new additions to its two-day event, which include John Paulson, Michael Tennenbaum, Rudolph Giuliani, Nicholas Prouty and Jim Millstein.

Among the presenters and panelists is John Paulson, one of the first investors to choose Puerto Rico, who has made a big commitment to the island with acquisitions and renovations including the St. Regis Bahía Beach Resort, the Condado Vanderbilt and La Concha hotels in San Juan, and other properties currently under development. Joining him for the first time is Michael Tennenbaum, who recently chose Puerto Rico as a destination for business. Also scheduled to speak is Nicholas Prouty, one of the pioneers in Puerto Rico’s new economic era, with the purchase of the largest marina in the Caribbean and several apartment complexes in the heart of San Juan. The second day of conference will open with keynote by former New York City Mayor Rudolph Giuliani and be followed by a full day of breakout sessions.

Taking place Feb. 11 and 12 in San Juan, the conference is a forum for investors featuring a full day of presentations and panels with tax attorneys and CPAs, investors, and a federal judge, among others. The second day will provide specific breakout sessions on topics of interest such as science, technology, R&D, aerospace, infrastructure projects, real estate and entertainment, and legal & CPA services for export.

The event provides a forum for executives, tax experts, institutional investors, investment bankers and private equity professionals.

The Puerto Rico Investment Summit is a private event that provides a platform where investors, executives, government and private companies meet. Over 1,000 people have already attended prior events, featuring presentations by more than 100 public and private companies.

Online: www.prinvestmentsummit.com