Tax Breaks For the Wealthy

Morayma ReyesPuerto Rico’s economic down fall has been happening for over a decade now, and with minimal to no sign of improvement the government has introduced tax breaks for visiting US citizens in hopes of reaching an economic recovery. In 2012, PR introduced a law that allows U.S  citizens, who live on the island for over six months, to pay close to no taxes on their income and expenses. A recent study conducted by the Department of Economic Development and Commerce found that a little over 200 private equity and hedge fund moguls have made plans or already moved to Puerto Rico in order to take advantage of this law.

Any person who moves to Puerto Rico is exempt from paying a local or federal tax on capital gains, as well as no taxes will be applied to their salaries. In 1917, the US granted US citizenship to all Puerto Ricans, which allows the islanders to leave for the US for better job opportunities. Between 2005 and 2012 close to 280,000 doctors, engineers and other professionals moved to the US to pursue their careers. With this new law in place, the PR government is trying to lure in a wealthy tier of US citizens in order to increase spending and give their economy a boost. 

Many economists hope that personal and corporate spending, such as buying homes and retail space, as well as other materialistic spending will contribute to the development of the economy. However, many are cautious of this new law, and are questioning the the true value of importing hundreds of millionaires and billionaires in an island that has currently the lowest income per capita in the US. Only time will tell if the introduction of this tax exempt law will have any significant influence on the economy, or if will just further divide the country between the have and have nots.

Top Resorts in Puerto Rico

Morayma ReyesPuerto Rico is one of the most traveled to destinations around the world.  And why wouldn’t it be? With it’s exquisite beaches, dense rainforest, and delicious local cuisine, Puerto Rico is the place to be.  But when you’re traveling, it is important to find a safe, comfortable and relaxing resort with great reviews.

First on the list  is the St. Regis Bahia Beach Resort .  Located on the northeastern corridor of Puerto Rico, this resort has been named the top pic three years in a row for Conde Nast Traveler’s Hot & Gold List.  The resort sits right at the tail end of The El Yunque National Rain Forest, the only tropical rainforest in the United States.  In The St. Regis Bahia, you can choose your room to look out at either the ocean, the rainforest gardens, a beautiful golf course, and if you’re really lucky – all three.

Each room of the resort is unbelievably comfortable, with beds that you could rest in for days.  But why would you with all the endless amounts of activities to participate in during your stay at this resort, from golf to exploring the rainforest, to laying out by the beach – this resort has it all.  And, if you do want to leave, Old San Juan is only a thirty-minute drive from the resort, where you can walk along centuries-old streets detailed with 16th and 17th century Spanish colonial buildings. Not only can you admire the beauty of San Juan, but you can go boutique shopping and sit at old cafes, which truly encompasses Spanish colonial aromas.

The next resort on the list is the San Juan Marriott Resort & Stellaris Casino  , situated along Condado Beach in San Juan.  This resort has been rated a 4-diamond when it comes to luxury and entertainment, which means you can have the most peaceful vacation or the most adventurous.  This resort’s rooms and suites have just been upgraded with a combination of upscale and homey decorations to make you feel as comfortable as possible.  Not only does the San Juan Marriott have one of the most beautiful beaches in Puerto Rico, it also has a pool with a water slide and whirlpool; and if swimming isn’t your thing, there’s always the casino.

Last, but certainly not least, on this list is the Waldorf-Astoria’s El Conquistador Resort  .  This resort is home to five unique villages, including the popular tropical getaway: Las Casitas Village.  The Resort includes a plethora of restaurants and bars, has it’s own Spa, and is family-friendly with tons of water-front activities to participate it – you can even visit Palomino Island for some snorkeling.  This resort fully encompasses what it means to relax in soothingness of nature – from the sounds of animals in the rainforest, to the sounds of the waves crashing along the shore, this resort is truly wonderful.

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