Destinations

Puerto Rico’s latest tourism pitch: Tax haven for fellow Americans

Excerpt from DealBook/NYTimes.com

Mar 26, 2013 9:51 am

Skift Take

For those with the means to live 183 days a year in Puerto Rico, it’s hard to argue that sun, sand, and low-as-heck taxes doesn’t sound at least a little attractive.

— Jason Clampet

Free Report: The Changing Business of Extended-Stay Hotels

Known for its white-sand beaches and killer rums, Puerto Rico hopes to stake a new claim: tax haven for the wealthy.

Since the beginning of the year, the island has gone on a campaign to promote tax incentives that took effect last year, marketing its beautiful beaches, private schools and bargain costs in an effort to lure well-heeled hedge fund managers and business executives to its shores.

So far, Puerto Rico’s pitch has attracted a handful of under-the-radar millionaires. Several American executives of mostly smaller financial firms say they have already relocated to the island, and Puerto Rican officials say another 40 persons, mostly from the United States, have applied.

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