Alan Taveras had just received an MBA when he decided to leave Buenos Aires, Argentina and move back home in 2012 with one mission in mind: help Puerto Rico. Like millions of Puerto Ricans abroad, his dream was always to give back to the island.
The people taking advantage of Puerto Rico’s disaster crisis are largely entrepreneurs in creative, tech, and real estate industries who seek an escape from the rising tax rates in the mainland . Underlying that is a savior narrative that’s permeated American media in the years following, reinforcing the idea that traveling or moving to Puerto Rico helps create local wealth. “Of course, it’s easy to move to Puerto Rico right now.
While Act 60 encompasses numerous tax breaks for domestic Puerto Rican companies and young entrepreneurs, others like Act 22 are only available to foreign individuals. Passed in 2012, Act 22 is meant to attract new residents to Puerto Rico.
“Their perspective is coming to Puerto Rico to exploit our resources, leaving very little money,” says Toro. “In exchange, they do the minimum, which minimally stimulates the economy of one small region. I think it’s an unbalanced pact.”
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