Paradise Performs: Opportunities of an Economic Transformation

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1 Paradise Performs: Opportunities of an Economic Transformation

2 DID YOU KNOW? 1 2 PUERTO RICO IS A U.S. JURISDICTION IN THE CARIBBEAN U.S. dollar U.S. citizenship NO U.S. FEDERAL TAXES Puerto Rico residents and corporations don t pay U.S. federal taxes Attractive tax incentives 3 MADE IN U.S.A. All services and goods produced in Puerto Rico are Made in U.S.A.

3 About Us Privileged geographical location: Easy access to U.S., Latin America and Europe. Population: 3.4 million (as of July 2016) Languages: Spanish & English Direct flights to major cities (Miami 2.5 hrs., New York 3.5 hrs., Spain 8 hrs.) Puerto Rico residents and businesses are subject to the legal protection and mandates of both the U.S. and the Puerto Rico Constitutions.

4 Our Economy GNP $70.1 billion GDP $105.0 billion GDP PER CAPITA $30,516 EXPORTS VALUE $71.9 billion MANUFACTURING SECTOR GDP 42.8% Bio-Pharma 22.7% Basic Chemicals 19.1% Computer and Electronics 5.3% Medical Devices 2.8% Beverages & Tobacco 2.4% Food 1.6% Electrical Equipment Appliances and Component 3.3% Others IMPORTS VALUE $43.3 billion

5 Who s Doing Business in Puerto Rico? out of the top 20 pharmaceutical and biotech companies have manufacturing sites in PR 12 out of the top 20 medical devices companies have manufacturing sites in PR 56 tech companies have chosen Puerto Rico as home in the last 5 years. Since 2012, at least 804 companies under Act 20 (export services) and 1,404 individual investors under Act Amgen 8 Most of Microsoft software updates downloaded in the Americas is validated and distributed from Puerto Rico Honeywell operates business support operations such as engineering design, supply chain, finance, and IT among other, for the Company s defense programs has its largest manufacturing facility located in Juncos, PR. More than 90% of its products are either formulated, finished or packaged at this site. TOP COUNTRIES WITH COMPANIES IN PUERTO RICO

6 OUR COMPETITIVE ADVANTAGES

7 Our Workforce: Key Competitive Advantage Educated, bilingual, with vast knowledge in U.S. and global regulations. Top Public and Private university system. The University of Puerto Rico Mayagüez Campus is a top engineering school in the U.S.¹. Women making up more than 55% of all students¹. Highly competitive wage rate. 30% to 50% lower labor cost than the mainland U.S.² Average Wage Rate Source: PRMA Miami ¹ Bureau of Labor Statistics 2016² $28,740 $49,630

8 Puerto Rico s Legal Framework All U.S. legal protections Access to Federal funds & government contracts Intellectual property protected by U.S. laws Ability to use Made in U.S.A. label Benefits of a U.S. Jurisdiction U.S. trade agreements A regulated financial sector (FINRA & SEC, FDIC )

9 Puerto Rico Coliseum Cruise Port, Old San Juan Arecibo Observatory Port of Ponce Bahia Urbana, San Juan Puerto Rico Convention Center Luis Muñoz Marin, International Airport Fortaleza Luis Muñoz Marin, International Airport Comprehensive Cancer Center Roosevelt Roads, Ceiba Urban Train

10 Attractive Tax Structure TAX BENEFITS REQUIREMENTS ACT 22: Individual Investors Act Passive Income Exemption New residents will enjoy a 100% tax exemption from Puerto Rico income taxes on all dividend and interest income. Capital Gain Exemptions All capital gains accrued after becoming a new resident will be 100% exempt from Puerto Rico taxes. These gains will not be subject to federal taxes. Available to new residents who have not lived in Puerto Rico over the 6 years preceding the effective date of Act 22 (January 16th, 2006 to January 16th, 2012). Residency requirement: 183 days in Puerto Rico In addition, the individual investors shall comply with the requirement of Section 937 of the U.S. Internal Revenue Code Expedite process on Act 22 (for new cases) average 30 days Tax exemptions under Act 22 are valid through December 31, 2035.

11 Attractive Tax Structure ACT 20: Tax Incentives to Promote Export Services in Puerto Rico ACT 73: ACT 74: ACT 273: ACT 399: Economic Incentives for the Development of Puerto Rico Tourism Development Act International Financial Center Act (Int. Financial and Banking Entities) ACT 399: International Insurance International Center Act Insurance Center Act 4% maximum corporate tax rate Dividends and distributions from earnings and profits are tax exempt Certain investment income also qualifies for 4% tax rate 60% exemption on municipal gross receipts tax No job creation requirement 4% Corporate income tax rate for manufacturing, technology, software development and other qualified activities 50% tax credit for eligible R&D activities; applies to Federal Funded Programs. 90% exemption for 15 years on real/personal property taxes 60% exemption municipal license tax 100% exemption on dividends distribution 12% tax withholding for royalties paid to foreign entities. Tax credit equal to 10% of the total project costs, or 50% of the cash investment made by investors (whichever is less) 100% exemption on municipal construction excise tax 100% exemption on taxes on imported goods and sales tax 100% exemption on municipal licenses 90% exemption on income tax (or 100% exemption if project located in Vieques/Culebra) 90% exemption on property tax 4% Corporate income tax rate eligible activities 100% exclusion on interests, financing charges or participation in partnership benefits 100% exemption on real and personal property taxes if property belongs to IFE 100% exemption on municipal license tax 100% exemption on dividends distribution $1.2 million tax exemption on net income. 4% over $1.2 million Exemption from premium taxes. Exemption on dividends and other profit distributions made by the International Insurer and International Insurer Holding Company. Exemption on municipal franchise, real and personal property taxes.

12 Attractive Tax Structure Eligible Activities ACT 20: Tax Incentives to Promote Export Services in Puerto Rico R&D Advertising & public relations Consulting services Advice services on matters related to any trade or business Creative industries Centralized managerial services Electronic data processing center Development of licensable computer software Call centers Shared services centers Telecommunications & data between persons located outside Puerto Rico Hospital & Laboratories services, including telemedicine facilities & medical tourism services Investment banking & other financial services Commercial & mercantile distribution of products manufactured in P.R. for jurisdiction outside P.R. Trading companies Any other services designated by Secretary of DEDC Productions of blueprints, engineering & architectural services & project management Storage & distribution centers (hubs) Educational & training services Assembly, bottling and packaging operations of products for export

13 LIVE AND WORK IN TROPICAL PARADISE

14 Live and Work in a Tropical Paradise Average year-round temperature is 82ºF (28ºC) Puerto Rico ranked #1 among the 25 best Caribbean islands, thanks to the affordable hotel rates and amazing 1,056 activities travelers can enjoy (Business Insider, 2016) Flamenco Beach in Culebra, Puerto Rico ranked #6 among 25 World s Best Beaches (CNN-Traveler s Choice World s Best Beaches, 2016) Puerto Rico ranked 15 among the 25 happiest countries in the world (United Nation s Quality of Life Rankings, 2016) Over 23 golf courses designed by the likes of Robert Trent Jones, Greg Norman and Tom Kite

15 Flamenco Beach, Culebra El Yunque, Rainforest Golf Bio Bay Ritz Carlton Reserve, Dorado Beach Culinary Royal Isabela, Golf Course Jobos, Isabela Old San Juan Casino Rum Capital of the World Snorkeling La Casita de Rones, Old San Juan Old San Juan

16 MOVING FORWARD

17 We are committed to improve our ease of doing business, and competitiveness in order to be an optimal investment destination LEGISLATION IMPLEMENTATION CLIMATE OF DOING BUSINESS Labor Reform Permit Reform Tax Reform Regulatory Reform Incentives Code APPROVED APPROVED COMPLETED In Progress INFRASTRUCTURE Infrastructure Reform Public-Private Partnerships Critical Projects Post Hurricane Reconstruction "Build Back Better" Post Hurricane Reconstruction "Insurance Claims" Energy Reform APPROVED APPROVED APPROVED APPROVED N/A In Progress In Progress In Progress In Progress HUMAN CAPITAL Welfare Reform Workforce Development - WIOA N/A In Progress PROMOTION/ ECONOMIC DEVELOPMENT Invest Puerto Rico Destination Marketing Organization APPROVED APPROVED In Progress In Progress ALLIANCE WITH THE FEDERAL GOVERNMENT GOVERNMENT TRANSFORMATION PROMESA Task Force Congress In Progress New DDEC Digital Services Reform Transparency Reform

18 Investment opportunities Energy Real Estate Technology startups Hospitality and Tourism Manufacture Sharing Economy (pending legislation) Life Sciences Aerospace Health and Wellness Medical Cannabis Telecommunications Industrial Hemp (pending state legislation) Food and Beverages And more

19 Innovation and technology are fundamental to continue growing and diversifying our economy Mobile Internet Autonomous and nearautonomous vehicles Advanced materials Automation of knowledge work Next-generation genomics Renewable energy The Internet of Things Energy storage Cryptocurrency Cloud Technology 3D printing Blockchain Advanced robotics Aerospace/Aeronautics Smart City

20 Puerto Rico is an island of opportunities where any company can establish, relocate or expand their operations while enjoying the benefits of doing business in a U.S. jurisdiction. Take Advantage. Puerto is Open for Business! 20

21 Thank you!

The U.S. Commercial Service

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