How is the economy in Puerto Rico recovering after Hurricane Maria?


Puerto Rico is a paradise-like island with rainforest mountains, dazzling beaches, and clear blue ocean. Like so many tropical islands, hurricanes and their devastating consequences are part of the Caribbean reality. For centuries, Puerto Rican’s have joined efforts to rebuilt and redevelop their island – better and more beautiful every time. Hurricane Maria is no exception.

The economy is recovering fast. Since my first visit in December 2017 – two month after hurricane Maria – water and power sources are stabilized, hotels and restaurants are back up and running, and small businesses take advantage of tax opportunities. There is no doubt that the tourist industry is an important factor driving the redevelopment. Over 2 million visitors – mostly cruise ship tourists from the North American mainland – are expected to set foot on the island in 2018 alone. That is more than 5000 people per day. With an average stay of 2-5 days, tourists usually stay in local hotels or Airbnb apartments, to enjoy the culture of old San Juan, the Vatican-worthy coffee, the juicy pork dishes, and live salsa music. Other than the U.S. mainland, where government regulations restrict Airbnb businesses and development through private investors, Puerto Rico’s government has massively changed tax and business laws in 2012 to promote the tourism industry and real estate development. And it’s working!

The Act 20 and Act 22 guarantee a 20-year 4% tax rate for businesses and investors. All it takes is a local residence, a driver’s license, a bank account, and 183 days on the island per year, which accumulate rather quickly.

I’m not the only one who thinks that Puerto Rico is a true paradise. Whether it is Green Energy engineers, cryptocurrency enthusiasts or medical marijuana start-ups, people who move their businesses to the island are pioneers and freedom-seekers. People who share the vision of a
better future, who believe that everyday groundwork is necessary to make a difference, who appreciate an opportunity, and who know that freedom is fun.

A great example is Pete, who is more than 70 years old and recently moved his business from California to Puerto Rico. He builds and develops wind turbines for homes and small hotels. For him, coming to the island was the next logical step in his career and a much better alternative to retirement. The tropical winds work perfectly for his turbines, which generate lots of green energy for the community. He is making a huge difference for the local community and people love him for that.

Green Energy in Puerto Rico

Pete is over 70 years old and has moved his business from California to Puerto Rico. The wind turbines are truly amazing and generate lots of green energy for homes and small hotels.

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