puerto rico tax incentives 2021
2 Paseo La Princesa San Juan PR 00902. Puerto Rico is Spanish for rich port.
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Puerto Ricans often call the island Borinquén a derivation of Borikén its indigenous Taíno name which means Land of the Valiant Lord.
. The tax breaks fall under a law known as Act 60 a version of which was initially enacted by the Puerto Rico government under another name in 2012 as the island faced a looming economic collapse. The incentive drew more interest after 2017 when Hurricane Maria decimated the island. The terms boricua and borincano are commonly used to identify someone of Puerto Rican heritage and derive from Borikén and Borinquen respectively.
Though the Act 60 tax incentives have existed in Puerto Rico since 2012 then known as Act 2022 the rise of cryptocurrency as well as the ongoing debt crisis has made the island attractive to wealthy foreign investors eager to reap the benefits of these tax exemptions and turn Puerto Rico into a crypto hub. The Puerto Rico Tourism Company PRTC founded in 1970 is a public corporation responsible for stimulating promoting and regulating the development of Puerto Ricos tourism industry. The island is also popularly known in.
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