Learn


Economic Overview

The Most Developed Economy in the Region

Puerto Rico enjoys a highly diversified economy and has become a formidable player in high-value added manufacturing industries that include pharmaceuticals, electronics, processed foods, clothing, and textiles. The service sector is playing an increasingly pivotal role in Puerto Rico’s economic development contributing significantly to job creation and growth, particularly in educational and health services, professional and business services, financial and insurance services, among others. Below are a series of the principal economic indicators of Puerto Rico’s economy. For more economic indicators on Puerto Rico, please click here.

Plan for Economic Development

The new Plan for Economic Development is focused on building upon Puerto Rico's historic strengths, creativity, and innovative spirit to achieve a more diversified, knowledge-driven economy that addresses the challenges of globalization and seizes upon emerging opportunities. It is anchored on three pillars that work together towards sustained, long-term growth.

Here’s an in-depth look at how these measures will position Puerto Rico as a unique location for business and investment:

Manufacturing

Devised as an incentive for companies to establish and expand their island operations, the Economic Development Incentives Act is a series of tax credits for creating jobs and funding research and development.

For more information, click here.

Services

The recently enacted Export Services Act will make good use of Puerto Rico’s highly educated and professional workforce in order to turn the island into an international export services hub. A series of incentives will encourage service providers to expand their offerings to markets outside Puerto Rico and will attract new businesses to Puerto Rico.

For more information, click here.

Tourism

Through the Tourism Development Act, the government offers an attractive package of tax credits and exemptions to promote the construction and operation of world-class tourism projects.

For more information, click here.

Port of the Americas

Taking advantage of Puerto Rico’s privileged geographic position along the Mona Passage, an important shipping route between the Atlantic Ocean and the Panama Canal, the Port of the Americas will have the capacity to serve Post-Panamax and Panamax vessels and will serve as a world-class international transshipment port for carrying out value-added activities. Learn more.

For more information, click here.

Science, Technology and Research Trust

Established under Act 214, this Trust stimulates innovation, technology commercialization, and the creation of high-tech jobs in industry sectors such as life sciences, alternative energy, environmental sciences, agriculture, computer science, information technology, medical devices, and aeronautics. Learn more.

For more information, click here.

Roosevelt Roads Redevelopment Authority

The former Roosevelt Roads Navy base will be transformed into a diverse community featuring residences, schools, hospitals, tourist attractions and a state-of-the-art port that will work together to reignite the economy of Puerto Rico’s eastern region. Learn more.

For more information, click here.

Tax Incentives for Individuals Relocating to Puerto Rico

The Individual Investors Act will attract new residents and new investments to Puerto Rico by providing a total exemption from local income taxes on all passive income realized or accrued after such individuals become bona fide residents. Learn more about incentives for individual investors.

For more information, click here.

Engage with Latin America’s Economic Growth

Expanded diplomatic efforts will work to include Puerto Rico in the region’s current economic boom. A two-way plan will facilitate exports to Latin America and will attract Latin American companies to invest in Puerto Rico.

Film and Media Production Incentives

Building on a proven ten-year track record of one of the earliest and most competitive incentive programs in the industry, Puerto Rico recently solidified its position as one of the leading jurisdictions for the production of film, television and other media with the enactment of the Puerto Rico Film Industry Incentives Act.

For more information, click here.

Jobs Now Act

This landmark act seeks to create 50,000 new jobs through attractive incentives and benefits to eligible employers. By hiring new workers, businesses could be rewarded with a package of tax exemptions and credits, salary subsidies, and loans at reduced interest rates. Learn more about all its benefits.

New Agriculture

A series of reforms will seek to overhaul Puerto Rico’s agricultural industry in order to move the island closer to self-sufficiency, creating new opportunities for investment and job creation. A second phase of the agricultural plan will transform Puerto Rico into a strong agricultural exporter.

For more information, click here.

Competitiveness

Puerto Rico scaled up to the 30st position out of 144 jurisdictions evaluated in the 2013-2014 edition of the World Economic Forum’s (WEF) Global Competitiveness Report. Puerto Rico surpassed Chile in this edition of the WEF’s report, becoming the most competitive economy in Latin America and the Caribbean. This is the highest ranking Puerto Rico has obtained in this report in its history.

Puerto Rico scaled up 2 notches to the 43rd position out of 138 jurisdictions in the 2010-2011 edition of the Global Information Technology Report published by the WEF. Also, the island scaled up 8 notches to the 45th position out of 139 jurisdictions in the Travel and Tourism Competitiveness Report published by the WEF, the highest-ranking Puerto Rico has obtained in this report in its history.