The government of Puerto Rico recently launched its new tourism brand identity, Puerto Rico: The All-Star Island.
Through it, the Caribbean island seeks to position itself as a top global investment and vacation destination.
The scope of this new initiative is to strengthen and diversify Puerto Rico’s economic development in the short term, drawing on the inherent competitive advantages this U.S. Commonwealth has to offer.
Puerto Rico: The All-Star Island revolves around the premise that Puerto Rico has produced more world-class talent per square mile that any other country in the world. It’s the birthplace of such remarkable personalities as Gilberto Santa Rosa, Rafael Cepeda, Calle 13 and Marc Anthony.
Six crowned international beauty queens, three Oscar winners, world-renowned ball players, 70 world championship boxers and over 100 Grammy winners are just some of the accolades bestowed upon various Puerto Rican natives.
However, Puerto Rico is not merely a producer of talents that have overtaken the international arena, this Caribbean country is the cradle of an innovative series of incentives and reforms that promote its economic growth.
There is increasing evidence that Puerto Rico as a top investment destination. Key structural reforms, economic programs and a host of lucrative incentives have positioned the island as one of the most competitive jurisdictions in the world.The time to do business, work and have fun in Puerto Rico has come.
The initiative seeks to strengthen its manufacturing, tourism and services sectors.
With a highly-specialized and strong bilingual workforce committed to boosting sustainable economic growth as outlined under its Economic Incentives for the Development of Puerto Rico Act, the country is the ideal business and investment destination for the following reasons and then some:
10 reasons for investing in Puerto Rico’s tourism industry:
Puerto Rico boasts a strategic location bounded by the Caribbean and Atlantic Oceans, right between North and South America. It is the perfect bridge across both continents.
Pro-business tax climate
Puerto Rico offers the benefits of operating within a United States jurisdiction while providing the tax benefits of a foreign tax structure.
Strategic industries in manufacturing activities and services as well as in export services enjoy a 4% fixed income tax rate. Pioneer activities receive a preferential tax rate of 0% to 1%.
Several incentive acts have been approved to stimulate economic development and attract Foreign Direct Investment (FDI) in the following sectors: manufacturing, tourism, export services, insurance, financial services, agriculture, hospitality and hotel development, and renewable energy.
Legal system and political stability
Puerto Rico is part of the US free trade zones and customs system.
Puerto Rico is under the US legal framework and intellectual property protection.
Puerto Rico is under the protection of the Homeland Security Act
Puerto Rico’s banking system is regulated under US laws (FDIC).
Puerto Rico has access to US federal programs and funds.
Strong business ecosystem
The U.S. Dollar is the official currency.
No passport is required for United States citizens.
The official languages are English and Spanish.
There is full presence of international banks.
Key suppliers provide support to life science, electronics, technology, and others.
Sophisticated logistics capabilities and major couriers including UPS, FedEx, Crowley, and Horizon.
24,000 miles of highways and mass-transit system recognized by the U.S. Federal Transit Administration as the safest and most efficient in the United States.
Busiest airport in the Caribbean and state-of-the-art port facilities, including the 8th busiest port in the United States
Most technologically advanced convention center in the Caribbean and Latin America
Island-wide broadband service, undersea fiber optic cable, and a robust satellite system.
The World Economic Forum’s (WEF) 2012-2013 Competitiveness Report ranked Puerto Rico 30 out of 142 countries in the world, first in Latin America and third in all of the Americas.
The WEF’s 2012 Global Information Technology Report ranked Puerto Rico 36 out of 142 countries.
Low cost of doing business
Hourly earnings in manufacturing average 65% to 80% of the U.S. average.
It also has the lowest labor costs of any region under United States jurisdiction.
San Juan has the lowest cost of doing business among the largest cities in the United States.
Highly-educated, productive, and bilingual workforce
The World Economic Forum’s (WEF) 2012-2013 Competitiveness Report ranked Puerto 3 out of 142 countries in the world in terms of Availability of Scientists and Engineers.
The University of Puerto Rico at Mayagüez, the premier engineering and science institution of the Caribbean and Latin America, ranks 1st in graduating Hispanic engineers and 2nd in graduating female engineers.
Average year-round temperature is 82ºF (28º)
San Juan’s quality of life and visitor experience was ranked 3 among 35 top U.S. cities by Travel & Leisure magazine, ahead of Miami, New York City, Los Angeles, San Diego, and Honolulu.
Culebra was ranked among the 25 best secret islands on Earth by Travel & Leisure magazine.
Over 23 golf courses designed by legendary architects like Robert Trent Jones, Greg Norman, and Tom Kite.
Small and medium-sized businesses constitute 60% of all of its jobs and 85% of all companies.
The labor force which underpins these enterprises is an essential element that supports the economic development plan fostering the creation of a diverse and well-connected entrepreneurial ecosystem.
With regard to the specific demands of the tourism and hospitality industry, the sector enjoys the following benefits:
Vieques probably safeguards the most bioluminescent and bright bay in the planet, one of three in Puerto Rico and among five around the world.
Old San Juan is a World Heritage Site (UNESCO). This is San Juan’s historic district. The city is characterized by its cobblestone streets and whimsical pastel buildings going back to the XVI and XVII centuries, at a time the island was still a Spanish colony.
El Yunque National Forest is the only rain forest in the U.S. National Forest System. The site is known to be one of the rainiest spots on the planet.
Its vegetation is enormously varied, housing approximately 240 tree species, and four different types of forests, each determined by its altitude.
“The time has come to demonstrate to ourselves and to the world what we’re made of. The hour has come to believe in the capacity ingrained in the people of Puerto Rico to get the country back on the road of progress.”, emphasized Puerto Rican Governor Alejandro Garcia Padilla.