Department of Economic Development and Commerce

Earlier this year, the Department of Economic Development and Commerce touted the cancellation of 23 tax decrees in 2025 as a major achievement after auditing nearly 2,000 beneficiaries under Puerto Rico’s Incentives Code. But it did not revoke the decree of this resident investor, who had been found guilty of fraud in California last summer.

Act 22 requires resident investors to donate annually to nonprofit organizations in Puerto Rico. The CPI, using 2022 data, investigated multiple violations of this requirement, which is necessary to obtain the tax privilege.

El Gobierno prometió mano dura contra los infractores, una auditoría a cada beneficiario y cambios a la ley para requerir mayor inversión en Puerto Rico para otorgar el incentivo.

Antes del huracán Fiona, el Gobierno no se aseguró de que los suplidores de diésel estuvieran listos para suministrar el combustible.

The showcase was designed to impress. Puerto Rico is up for sale to foreign millionaires. Adworks company, sponsored by the Department of Economic Development and Commerce and UBS, fashioned a display with all the offers of the season: exemption of all taxes and benefits of Laws 20 and 22; exalted the natural charms of the Caribbean and the warmth of its people; that it is a country in full economic recovery; divine weather; offering health services equal to those of the mainland USA; and professional services available at less than half the cost of the United States... that was what was being pushed by the presenters on both days.