Puerto Rico govt seeks to lure wealthy investors

AP News
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Posted: Apr 24, 2014 10:04 AM
Puerto Rico govt seeks to lure wealthy investors

SAN JUAN, Puerto Rico (AP) — Puerto Rico is launching a two-day summit to lure wealthy investors to the U.S. territory as it struggles to emerge from a nearly eight-year recession.

The summit began Thursday and features speakers including hedge fund billionaire John Paulson. His New York-based firm Paulson & Co. is investing $260 million in two upscale, beachfront hotels in the capital of San Juan.

Paulson's company and Puerto Rico's Department of Economic Development & Commerce helped organize the summit. About 200 business executives are attending, the majority from the U.S.

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The summit highlights reasons why Puerto Rico would be a good place for investors, including a law that allows new residents to avoid taxes on capital gains, the main revenue source for many high-end investors.