For many companies looking to move to another country or expand internationally, one of the toughest decisions can be where to go. Patrick Horsman recommends Puerto Rico to U.S. companies looking for a tax advantaged location.
Puerto Rico, the Caribbean island that has been a U.S. territory since 1917, is a top choice for many companies. The country currently has a favorable investment climate. A sturdy legal framework similar to that of the U.S. is a must for modern companies looking to relocate, and Puerto Rico offers that.
For companies looking to move or expand, Puerto RIco offers a skilled bilingual workforce. Very competitive tax incentives and a high quality infrastructure make Puerto Rico a top destination.
Puerto Rico is a U.S. commonwealth. Federal U.S. regulations generally also apply to businesses located in Puerto Rico. According to Patrick Horsman, a 2012 tax incentive package Act's 20 and 22 passed in Puerto Rico encourages investment and gives companies a favorable climate. Companies can enjoy a favorable tax structure on services provided for export. For example, the tax rate for service exporters is a low 4 percent.
The cost of doing business in Puerto Rico? 10 percent lower than in the U.S. mainland.
“I’m excited to be doing business out of Puerto Rico,” says Patrick Horsman. “I highly recommend it.”
While moving or starting a new business during a pandemic can be challenging, it is still very possible. Puerto Rico has one of the lowest Covid-19 death rates, and has a higher vaccination rate than any state in the U.S. (at 74%).
“The people of Puerto RIco are resilient,” says Horsman. “They were hit with Hurricane Maria in 2017, which devastated the island, knocking out almost all public health services. Then during recovery from Maria, a string of strong earthquakes shook the island in 2019.”
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