Incentive Giveaways in Puerto Rico

Puerto Rico Act 22 Tax Incentive Fails

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A company owned by Hamed R. Wardak was investigated by the U.S. Congress in 2010 for allegedly paying Taliban insurgents with money from a contract with the U.S. Department of Defense. The contractor denied the allegation made in an investigative report. In 2015, Wardak moved to Dorado and took advantage of Act 22. The incentive exempts foreigners from paying capital gains taxes — the law calls them “resident investors” — who move their main residence to the island. That is, 0% taxes on these people’s wealth.

Incentivos a ciegas

Fracasa la exención contributiva de la Ley 22

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Una compañía de Hamed R. Wardak fue investigada por el Congreso en el 2010 por presuntamente pagar a insurgentes del Talibán con dinero de un contrato con el Departamento de Defensa de Estados Unidos. El contratista negó la imputación en un reportaje periodístico. En el 2015, Wardak se mudó a Puerto Rico y se acogió a la Ley 22. El incentivo exime del pago de contribuciones sobre ganancias de capital a extranjeros — la ley los llama “inversionistas residentes” — que mueven su vivienda principal a la Isla. Es decir, permite un 0% de impuestos a la riqueza de estas personas.

An Airbnb boutique hotel: Opportunity Zones arrive in Old San Juan

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The walk is led by Adrian Beales, an Australian sales director for Lifeafar, a company that offers real estate investment options for people from abroad. Behind him is a group of 20 investors. They left El Convento hotel on Cristo Street in Old San Juan after the second day of the 2019 Lifeafar Investors Conference: three days of talks — from April 23-25 — about the advantages of investing in Puerto Rico. At 4:30 p.m. they go down Luna Street toward San Francisco Street under a clear sky. Upon reaching Plaza Colón, they form a semicircle, some of them cover their face from the sun and contemplate building 405.