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Act 20/22 Conference

Juan Carlos Stolberg will be speaking about Puerto Rico tax incentives Act 20 and Act 22 this Friday, August 19th at the Sheraton Puerto Rico Hotel and Casino.
SL Blog post Act 20:22 Conference

Acts 20 and 22 could generate more than 56,000 jobs in 10 years

A new study realized by Estudios Tecnicos Inc. has concluded the combined effects of Act 20 companies and Act 22 investors could lead to the creation of more than 56,000 jobs in 10 years. Thus far, Puerto Rico Act 20 companies have reported gross income of approximately $1.2 billion, leaving 34 million for the Treasury Department. http://sincomillas.com/las-leyes-20-y-22-podrian-generar-mas-de-56000-empleos-en-10-anos/

PR Revises Plan to Reduce Debt

The government of Puerto Rico has just stated that they need to revise the 5-year plan to reduce the debt. Will congressional help come along or will more austerity be the answer? Hopefully Acts 20 and 22 will not be affected as the government scrambles to come up with funds. http://nyti.ms/1OtjPbS

Puerto Rico Act 22 Woos Home Buyers

Financial incentives are luring home buyers to Puerto Rico, where some jumbo loans have lower down-payment requirements than those in the states.

Winter-weary Americans seeking a faraway getaway in the tropics can buy a place right on U.S. soil.

Puerto Rico, unlike most other tropical locales, is a U.S. territory, so the same mortgage-financing rules apply there as in the 50 states. Jumbo loans start at $417,001 in Puerto Rico, like most U.S. locations. In two other territories, Guam and the U.S. Virgin Islands, jumbos start at $625,501, the same as other high-cost areas, such as New York, San Francisco and Hawaii.

Borrowers can choose among a variety of national banks and independent mortgage companies, as well as those based in Puerto Rico, such as Banco Popular, First Bancorp and RF Mortgage.

http://www.wsj.com/articles/puerto-rico-woos-home-buyers-1447947744

Ilustration by Chris Gash