Puerto Rico govt seeks to lure wealthy investors

AP News
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.

Hold The Damn Vote Already
Derek Hunter

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.