Latest news with #USterritory
Yahoo
27-07-2025
- Business
- Yahoo
Inside The Puerto Rico Land Grab: Millionaires Race To Beat Tax Deadline, Locals Sound Alarm
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Puerto Rico has become one of the most coveted destinations for high-net-worth individuals seeking aggressive tax breaks — and the effects are reshaping the island's real estate market and affordability landscape, according to the New York Post. The legislation, signed into law in 2019 and extended through 2055, offers qualified residents a 4% corporate tax rate and exempts them from U.S. federal capital gains tax, provided they spend at least 183 days a year on the island. "Ninety-nine percent of my clients are coming here for the tax advantages," San Juan-based Luxury Realtor Christian Kleiner told the Post. Don't Miss: Be part of the breakthrough that could replace plastic as we know it— $100k+ in investable assets? – no cost, no obligation. According to Kleiner, more than 3,500 wealthy individuals — many in finance, cryptocurrency, and tech — have moved to the U.S. territory to take advantage of Act 60. A Race for Tax Relief Hedge fund billionaire John Paulson and cryptocurrency investor Michael Terpin were among the earliest adopters of the program, the Post reported. For others, Puerto Rico has become a full-time business base. TransPerfect CEO Phil Shawe moved to San Juan in 2018 after a bitter legal battle in Delaware. He now resides in the Condado area, just minutes from his company's Hato Rey headquarters. "The infrastructure reminded me more of Florida than I expected," Shawe told the Post, citing Puerto Rico's U.S. legal protections and executive-friendly climate as major draws. Trending: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — Real Estate Booms, Locals Priced Out Home values in Puerto Rico rose 11.6% year-over-year in Q1 2025, the highest rate in the nation, according to data from the Federal Housing Finance Agency. The spike in home values follows a 22% surge in the final quarter of 2024, the largest annual gain recorded by the FHFA since its inception in 1995. Short-Term Rentals Surge Short-term vacation rentals have boomed, with listings on platforms such as Airbnb (NASDAQ:ABNB) and Expedia Group (NASDAQ:EXPE) Vrbo growing from 1,000 in 2014 to over 25,000 in 2023, according to a 2024 report by the Hispanic Federation. A 2024 report from the Center for a New Economy found that a 10 percentage-point increase in short-term rentals as a share of housing units in a census tract is linked to a 23% rise in home prices and a 7% increase in median rents — even after accounting for local factors. "With so much to offer visitors, tourism will always be an important part of Puerto Rico's economy. However, it cannot come at the expense of Puerto Rico's residents and communities. Lawmakers in Puerto Rico are responsible for balancing the opportunities created by short-term rentals with their primary duty to protect the rights and needs of communities," said Frankie Miranda, president and CEO of the Hispanic group has recommended that vacation rentals register as businesses and that the current 7% room tax be raised to between 9% and 11%. A Global Shift in Wealth Migration Puerto Rico's transformation is part of a broader trend. According to the Henley Private Wealth Migration Report 2025, a record-breaking 142,000 millionaires are expected to relocate internationally this year — the largest movement of high-net-worth individuals since tracking began. The United Arab Emirates, U.S., and Singapore are the top destinations for these individuals, while the UK and China are expected to see the largest outflows. Within the U.S., Scottsdale, Arizona, has emerged as a surprise frontrunner. The Phoenix suburb saw a 125% surge in millionaire residents between 2014 and 2024, overtaking Austin as the country's fastest-growing wealth hub, according to the firm. Read Next: With Point, you can Image: Shutterstock This article Inside The Puerto Rico Land Grab: Millionaires Race To Beat Tax Deadline, Locals Sound Alarm originally appeared on Sign in to access your portfolio
Yahoo
22-07-2025
- Business
- Yahoo
Puerto Rico's government sues private power company as chronic outages damage appliances
SAN JUAN, Puerto Rico (AP) — Puerto Rico's government filed a lawsuit Tuesday against a private power company, claiming it is responsible for damages to customers' appliances caused by chronic power outages in the U.S. territory. The civil lawsuit by the consumer affairs department says the Luma company, which oversees power transmission and distribution in Puerto Rico, was 'negligent' and is responsible for damages caused to consumer appliances by outages and power fluctuations. It said the department has the authority to take cases to court to protect those affected by the company's 'inefficiency and lack of adequate service.' The action was filed against the company as a whole since the law exempts Luma's employees and contractors from claims filed by customers under an immunity granted in 2021 by Puerto Rico's Energy Bureau. The suit cited a recent Luma statement at a public hearing that the company has rejected 1,828 claims. 'It's time for Luma to be fully accountable to Puerto Rican consumers,' it said. Luma said in a brief statement that it would treat the lawsuit with the seriousness and responsibility it deserves. 'Our commitment is to continue working for the benefit of our customers, despite the significant challenges we face in operating a fragile and deteriorating electrical system, which for years has lacked the necessary maintenance and investment,' it said. The outages have damaged thousands of appliances ranging from air conditioners to refrigerators on the island of 3.2 million people with a 40% poverty rate. The lawsuit comes months after Puerto Rico's governor promised to cancel Luma's contract, warning it would be a long and complex process. Anger against Luma has been growing ever since it signed a contract with Puerto Rico's government in 2020. Outages remain common after Hurricane Maria razed Puerto Rico's electric grid when it hit the island as a powerful Category 4 storm in September 2017. But the grid was already frail following a lack of investment and maintenance for decades by Puerto Rico's Electric Power Authority, which is struggling to restructure $9 billion in debt. Two island-wide blackouts hit the island in recent months, including on New Year's Eve and during Easter Week. The Associated Press
The Independent
22-07-2025
- Business
- The Independent
Puerto Rico's government sues private power company as chronic outages damage appliances
Puerto Rico's government filed a lawsuit Tuesday against a private power company, claiming it is responsible for damages to customers' appliances caused by chronic power outages in the U.S. territory. The civil lawsuit by the consumer affairs department says the Luma company, which oversees power transmission and distribution in Puerto Rico, was 'negligent' and is responsible for damages caused to consumer appliances by outages and power fluctuations. It said the department has the authority to take cases to court to protect those affected by the company's 'inefficiency and lack of adequate service.' The action was filed against the company as a whole since the law exempts Luma's employees and contractors from claims filed by customers under an immunity granted in 2021 by Puerto Rico's Energy Bureau. The suit cited a recent Luma statement at a public hearing that the company has rejected 1,828 claims. 'It's time for Luma to be fully accountable to Puerto Rican consumers,' it said. Luma said in a brief statement that it would treat the lawsuit with the seriousness and responsibility it deserves. 'Our commitment is to continue working for the benefit of our customers, despite the significant challenges we face in operating a fragile and deteriorating electrical system, which for years has lacked the necessary maintenance and investment,' it said. The outages have damaged thousands of appliances ranging from air conditioners to refrigerators on the island of 3.2 million people with a 40% poverty rate. The lawsuit comes months after Puerto Rico's governor promised to cancel Luma's contract, warning it would be a long and complex process. Anger against Luma has been growing ever since it signed a contract with Puerto Rico's government in 2020. Outages remain common after Hurricane Maria razed Puerto Rico's electric grid when it hit the island as a powerful Category 4 storm in September 2017. But the grid was already frail following a lack of investment and maintenance for decades by Puerto Rico's Electric Power Authority, which is struggling to restructure $9 billion in debt. Two island-wide blackouts hit the island in recent months, including on New Year's Eve and during Easter Week.
Associated Press
22-07-2025
- Business
- Associated Press
Puerto Rico's government sues private power company as chronic outages damage appliances
SAN JUAN, Puerto Rico (AP) — Puerto Rico's government filed a lawsuit Tuesday against a private power company, claiming it is responsible for damages to customers' appliances caused by chronic power outages in the U.S. territory. The civil lawsuit by the consumer affairs department says the Luma company, which oversees power transmission and distribution in Puerto Rico, was 'negligent' and is responsible for damages caused to consumer appliances by outages and power fluctuations. It said the department has the authority to take cases to court to protect those affected by the company's 'inefficiency and lack of adequate service.' The action was filed against the company as a whole since the law exempts Luma's employees and contractors from claims filed by customers under an immunity granted in 2021 by Puerto Rico's Energy Bureau. The suit cited a recent Luma statement at a public hearing that the company has rejected 1,828 claims. 'It's time for Luma to be fully accountable to Puerto Rican consumers,' it said. Luma said in a brief statement that it would treat the lawsuit with the seriousness and responsibility it deserves. 'Our commitment is to continue working for the benefit of our customers, despite the significant challenges we face in operating a fragile and deteriorating electrical system, which for years has lacked the necessary maintenance and investment,' it said. The outages have damaged thousands of appliances ranging from air conditioners to refrigerators on the island of 3.2 million people with a 40% poverty rate. The lawsuit comes months after Puerto Rico's governor promised to cancel Luma's contract, warning it would be a long and complex process. Anger against Luma has been growing ever since it signed a contract with Puerto Rico's government in 2020. Outages remain common after Hurricane Maria razed Puerto Rico's electric grid when it hit the island as a powerful Category 4 storm in September 2017. But the grid was already frail following a lack of investment and maintenance for decades by Puerto Rico's Electric Power Authority, which is struggling to restructure $9 billion in debt. Two island-wide blackouts hit the island in recent months, including on New Year's Eve and during Easter Week.
Associated Press
17-07-2025
- Health
- Associated Press
Puerto Rico bans hormone therapy and gender surgery for transgender youth
SAN JUAN, Puerto Rico (AP) — Puerto Rico's governor has signed a bill that prohibits hormone therapy or gender-affirming surgeries for transgender youth, a move that has drawn sharp criticism from activists in the largely conservative U.S. territory. The law approved late Wednesday applies to those younger than 21 and calls for 15 years in prison for any violators, as well as a $50,000 penalty and the revocation of all licenses and permits of medical staff. 'Minors, having not yet reached the necessary emotional, cognitive, and physical maturity, are particularly vulnerable to making decisions that can have irreversible consequences,' the law reads. 'Therefore, it is the State's duty to ensure their comprehensive well-being.' It also states that public funds cannot be used for such purposes. Puerto Rico's LGBTQ+ Federation criticized the law in a statement Thursday. 'Let there be no doubt: We will go to court to challenge the constitutionality of the governor's cruel and inhumane signing of a law that criminalizes health professionals for caring for trans minors,' said Justin Jesús Santiago, the federation's director. Puerto Rico associations that represent physicians, surgeons, psychologists, social workers, lawyers and other professionals had urged the governor to veto the bill. Roughly two dozen U.S. states have similar laws.
