The Puerto Rico government is aiming to persuade wealthy investors to invest in the U.S. territory at a two-day conference. The island has struggled to recover from a recession lasting almost eight years.
Bringing two hotels to Puerto Rico’s capital San Juan is hedge fund billionaire John Paulson. Paulson’s New York-based firm Paulson Co. is investing $260 million this year on the project.
About 200 executives attended the two-day conference that began on Thursday. most of them from the U.S. Paulson’s company, and Puerto Rico’s Department of Economic Development Commerce organized the meeting.
Puerto Rico hoped to attract investmentors with the business summit. One major benefit to investing in Puerto Rico is a law that allows new residents to avoid taxes on capital gains. Capital gains are the main revenue source for many high-end investors.
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Paulson believes Puerto Rico’s economy is getting better and will reach its peak in three to four years.
“We are investing here because we feel we are getting involved in the ground floor,” he said. “I think tomorrow the island will develop into the Singapore of the Caribbean.”
Puerto Rico has been hit hard by the poor economy. The 14.7 percent unemployment rate is worse than any U.S. state, and it holds $70 billion in public debt. Even so, the island was able to sell a record $3.5 billion in bonds in March.
“We proved that Puerto Rico is not Detroit, it’s not Greece,” Gov. Alejandro Garcia Padilla said at the meeting’s opening. “We proved that Puerto Rico is not heading to a default on its obligation, but to a fiscal and economic recovery.”
U.S. investors are awaiting a budget proposal from Garcia on Tuesday. Garcia promises a balanced budget, the first one in more than 20 years. He also pledged to eliminate an $820 million deficit, but his plan to do so is unknown. Garcia believes he will erase that deficit without layoffs; his focus is on big investors bringing new money to the archipelago.
“This is not only about keeping government spending in line, but about generating wealth in Puerto Rico, job investment and trade,” he said. “It’s this economic activity that at the end of the day will make a difference.”
One example of a big investor is Nicholas Prouty of Putnam Bridge Funding. His company invested $450 million on a renovation of a marina complex in Fajardo. Prouty also moved to Puerto Rico from Connecticut, surprising his friends in the U.S.
“People move from Puerto Rico, they don’t move to Puerto Rico,” Prouty recalled one New York hostess telling him.
Prouty was one of the speakers explaining the benefits of investing in Puerto Rico. He and other speakers highlighted tax benefits, private schools and bilingual and skilled workers on the island. Atendees of the conference received brochures bragging of homes with ocean views and cultural events in Puerto Rico.
Recent investment announcements by Lufthansa of Germany and Honeywell Aerospace of Arizona has pleased the Puerto Rican government. Lufthansa is planning a $20 million investment and a new aviation facility while Honeywell will invest $24 million.
But, even with these positive announcements, Richard Carrion of Banco Popular says the government needs to focus on the low labor rate of eligible citizens in Puerto Rico and the over 450,000 who have left the island in the last decade.
“Those are the needles we’ve got to move,” he said. “We need to get growth back in the equation.”
This two-day event was the largest of its kind in Puerto Rico history.
Puerto Rican Government Tries to Seduce Wealthy US Investors
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