We have the ingredients to achieve it.
For decades Puerto Rico has been the cradle and model of economic development in the region. Today, as part of Puerto Rico’s transformation, the Department of Economic Development is redoubling efforts to strengthen the Island with a world-class business ecosystem. We have the ingredients to achieve it.
Highly educated, skilled and bilingual workforce
Incentives and resources to promote entrepreneurship
Unsurpassed quality of life
Ponce, Mayagüez, Bayamón, Caguas & Guaynabo.
3,725,789 (2010 Federal Census)
Puerto Rico is located in the eastern Caribbean and is the smallest of the Greater Antilles. It is an almost rectangular shaped island, with an area measuring around 3,435 square miles (about 9,000 square kilometers).
Atlantic Standard Time. For most of the year, due to Daylight Savings Time, March through November is the same time as the US East Coast.
Representative democracy with division of powers or functions. The Governor and his Cabinet make up the Executive Branch, the Legislative Branch is bicameral composed of the Senate and the House of Representatives; the Supreme Court, the Court of Appeals and the courts of first instance make up the Judicial Branch.
Aggressive tax incentives to attract business
Puerto Rico offers a very attractive incentive package that includes a fixed corporate income tax rate, one of the lowest compared to any jurisdiction in the US.
Act 73 of May 28, 2008, known as the “Puerto Rico Economic Incentives for Development Act,” makes industrial operations in Puerto Rico highly profitable while stimulating further economic development. Key provisions include:
- 4% or 8% fixed income tax rate
- 2% or 12% withholding tax on royalty payments
- “Pioneer” industries are subject to an income tax rate of 1% or 0% in cases where intangible property was created or developed in Puerto Rico
- Combined minimum tax rate of 3% if at least 50% of exempt business shareholders are residents of Puerto Rico
- Minimum 1% combined tax rate for small or medium businesses (average gross income of $ 10 million or less over the past three years)
Tax incentives: Act 73 also allows companies to take a tax credit on their corporation tax return. Tax credits allow: $ 1,000, $ 2,500 or $ 5,000 job creation tax credit depending on the physical location of business operations 50% income tax credit from qualified R&D expenses 50% income tax credit for investment in machinery and equipment for energy production using renewable resources 25% income tax credit for the purchase of locally manufactured products Up to 10% credit to reduce the cost of electrical energy of the industrial exempt business.
Municipal and property tax incentives
- 90% exemption from personal and real estate taxes
- 60% municipal license tax exemption (75% for small and medium businesses)
- 100% exemption from state and local tax on sales and use of raw materials
A comfortable and affordable lifestyle
Famous for its white sand beaches and lush tropical forests, Puerto Rico offers a lifestyle consistent with all the modern conveniences of major international venues. The constant trade winds create a warm, almost perfect climate throughout the year. Average temperature is 82 ° F with moderate humidity and an average annual rainfall of 63 inches.
There are 3.7 million US citizens living in Puerto Rico. The population is mainly urban and suburban, with almost 2 million people living in cities. As one of the most densely populated islands in the world, Puerto Rico offers a vibrant cultural and racial mix of modern European, African, and Caribbean influences.
Puerto Rico has a standard of living that is much more affordable than most comparable places in the United States. Although the cost of living in San Juan parallels that of other major metropolitan areas, housing is abundant in Puerto Rico and property taxes are low. There is a wide range of housing options available, priced for all income levels.
In Puerto Rico, you will find the same exclusive supermarket chains, shopping malls, luxury boutiques, restaurants, and nightclubs as on the US mainland.
World class air service
Puerto Rico has eleven airports that serve residents and visitors. The central Caribbean, San Juan Luis Muñoz Marín International Airport (SJU) handles around 5,000 cargo flights per month and more than 2,200 weekly flights from more than 20 airlines, according to the Puerto Rico Ports Authority. The typical flight time from Miami to San Juan is approximately two and a half hours, while it takes approximately four hours to fly directly to and from New York City.
The other two international airports in Puerto Rico are the Mercedita Airport (PSE), located on the south side of the island in Ponce, and the Rafael Hernández Airport (BQN), which is located on the west side of the island in Aguadilla and serves as air cargo. Cube.
Other regional airports are in Arecibo, Isla Grande, Mayagüez (Eugenio María de Hostos), Fajardo, Humacao, Vieques, Culebra and Ceiba. Ceiba Regional Airport has an 11,000-foot runway.
Abundant electricity and water
With abundant and reliable electricity to meet the demands of the industry, Puerto Rico has the service of the Puerto Rico Electric Power Authority (PREPA). The island has a diversified generation capacity of 5,539 megawatts using oil, natural gas, and coal, with an emphasis on transitioning to sustainable resources with a 2,444-mile network of 230KV, 115KV, and 38KV main power transmission lines. It has 51 distribution centers throughout the island. Secondary distribution power lines amount to around 31,446 overhead lines and 1,723 underground lines. This system has a backup copy of 239 energy substations and 27 technical office centers.
The companies that participate in the Economic Incentives for Development Act of Puerto Rico (Act 73 of May 28, 2008) and the clients of the Puerto Rico Electric Power Authority are entitled to a credit from 3% to 10% of payments made to PREPA for net consumption of electrical energy during the corresponding fiscal year.
Puerto Rico also has abundant water for industry and modern wastewater treatment plants. Additionally, water quality meets the rigorous standards of the US Environmental Protection Agency, The Puerto Rico Water and Sewer Authority (PRWSA) is the island’s water services company.
A hub for transshipment between the Americas and Europe, Puerto Rico has nine modern seaports. The main port is in San Juan and another important port is in Ponce. There are also industrial sea ports in Guánica, Guayama, Guayanilla and Yabucoa.
- The Port of the Americas in Ponce is a maritime transshipment port for added value cargo with post-Panamax vessel capacity.
- The Port of San Juan ranks 9th in container movement in the US with 40 shipping lines and service to 80 national and international ports.
The port of Mayagüez is expected to become a major cruise and tourism hub on the island as more than 1 million passengers visit the island on cruises each year. The sea ports located in the east (Fajardo, Vieques and Culebra) are mainly for tourists and passengers who move from the main island to Vieques, Culebra and other Caribbean islands.
Connected to the world
Puerto Rico has a state-of-the-art telecommunications infrastructure to ensure that both businesses and residents remain well connected to the world. Key attributes include:
- Island-wide broadband service: Puerto Rico’s fiber optic telecommunications network provides all the necessary infrastructures for VoIP and broadband data connectivity to meet the needs of the landline, wireless and Ethernet service industry. . Almost two dozen Internet service providers on the island keep costs competitive.
- Fiber optic submarine cable: Puerto Rico has worldwide access to the Internet as part of Puerto Rico’s fiber optic submarine cable of the Caribbean Optical Ring System (ARCO) of the Americas Region.
- Robust satellite system: Some 92 communication satellites also connect Puerto Rico to the world.
A modern transport network
More than 24,000 miles of highway mean that all points in Puerto Rico do not exceed two hours from an airport or seaport. In addition, an efficient public transport system, known as «Tren Urbano», interconnects the San Juan metropolitan area.
Puerto Rico has an extensive road system with a main highway that crosses the north side from San Juan to Arecibo, and another that connects San Juan to Ponce that crosses the central east side of the north to south coasts. Another major highway runs from San Juan to Canóvanas in the northeast.
Puerto Rico is dedicated to providing quality educational opportunities that enable students to achieve higher standards of excellence. The Mayagüez Campus of the University of Puerto Rico (UPR), for example, ranks first in graduating from Hispanic engineers, second in graduating from female engineers, first in the number of chemical engineer graduates, and 11th in granting graduate degrees. Master in chemical engineering among American institutions.
- Six out of 10 university degrees awarded in science and engineering programs are awarded to women.
- The UPR Mayagüez Campus, which ranks 17th among the top 20 undergraduate engineering schools awarded to women for undergraduate enrollment in the U.S.
- In chemical engineering, the UPR Mayagüez Campus is ranked 15th among the top 20 best chemical engineering schools in the United States.
- In civil engineering, the Polytechnic University of Puerto Rico is ranked 16 among the 20 best schools of civil engineering. The UPR Mayagüez campus is ranked 23.
- In electrical engineering, the Polytechnic University of Puerto Rico also ranks 23rd and 27th in computer engineering degrees awarded.
- In Industrial Engineering / Manufacturing he obtained degrees, the UPR Mayagüez Campus, occupies the 11th position, 25 in electrical engineering and 43 in mechanical engineering, 14 in degrees in computer engineering.
- Approximately 25,000 bachelor’s degrees and 5,000 science graduate degrees are awarded annually.
- The UPR Mayagüez campus is ranked 17th in the undergraduate enrollment of schools and the Polytechnic University of Puerto Rico is ranked 33rd.
K-12 school system
There are 1,319 schools in the Puerto Rico public school system with another 500 private primary and secondary schools also located on the island.
K-12 school system enrollment
REGISTRATION TO THE SCHOOL SYSTEM
Elementary (1st-4th grade) 227,011
Middle school (5th-8th grade) 244,163
High School (9th to 12th grade) 252,223
With more than 50 postsecondary educational institutions, including universities, colleges, community colleges, and technical institutes, Puerto Rico offers a wide range of higher education opportunities. The largest public university in Puerto Rico is the University of Puerto Rico with multiple campuses.
Higher Education Enrollment
REGISTRATION TO THE SCHOOL SYSTEM
College, Bachelor 204,418
Graduate School, Professional 45,774
A reliable health system
Puerto Rico has a total of 63 hospitals managed by public and private sectors with almost 12,000 authorized beds, according to the Association of Hospitals of Puerto Rico. The largest concentration of hospitals is in the San Juan metropolitan region, the Ponce region, and the Mayagüez metropolitan region. The San Juan metropolitan region has a total of 26 hospitals in total distributed in 10 public and 16 private hospitals with a total of 4,900 authorized beds.
In the Ponce region, the hospital distribution is: 1 public hospital and 9 hospitals managed by the private sector. This region has a total of 1,797 authorized beds. The Mayagüez region, which includes Aguadilla, has more than 1,480 authorized beds distributed in 10 private hospitals.
Medical and Research Centers of Puerto Rico
- With a rich history in the pharmaceutical industry, spanning over 50 years, Puerto Rico naturally hosts a number of respected medical research centers.
- A comprehensive medical center located on the University of Puerto Rico Medical Sciences campus serves the public interest by providing quality health care, research programs, and public education that meet the health needs of Puerto Rico.
- The Cardiovascular Center of Puerto Rico and the Caribbean is a hospital dedicated to the investigation of cardiovascular diseases with 146 beds for the treatment of the patient.
- In association with M.D. Anderson, the Comprehensive Cancer Center (CCC) at the University of Puerto Rico is the first of its kind in the United States to focus on developing cancer treatments for the Hispanic population.
Never a dull moment in Puerto Rico
Blessed with near perfect weather and lush exotic beauty, Puerto Rico is a tropical paradise that offers all the comforts of home and more. These are just some of the recreational opportunities available on the island:
Beautiful Beaches: With 227 miles of pristine beaches, the island offers everything from white sand and calm waters to world champion surf spots. Boating, diving, snorkeling, windsurfing, fishing and other water sports are also available.
Natural Wonders: From a mountainous rain forest to underground caves and bioluminescent bays, Puerto Rico is home to a multitude of spectacular natural settings to explore.
Golf and Tennis: Puerto Rico has 16 golf courses designed by the biggest names in the game and more than 100 tennis courts.
Art and culture: Puerto Rico has a vibrant artistic and cultural scene. The San Juan Performing Arts Center, Luis A. Ferré, offers symphonic concerts, operas, ballets, theater, and popular music concerts, while the Museum of Art of Puerto Rico is considered the best museum in the Caribbean.
Restaurants and Nightlife: As an international destination, Puerto Rico offers a wealth of dining options ranging from upscale restaurants serving cuisine from around the world to local cafes serving traditional island dishes. Casinos, lounges, discotheques and nightclubs also abound in the metropolitan area.
Shopping: Shopping is considered the unofficial sport of Puerto Rico. The island offers an excellent selection of major retailers, local stores, and chain stores, as well as the third largest shopping center in Latin America, Plaza Las Américas.