Puerto Rico and the Caribbean
Wednesday, May 1, 2019 // no. 001
www.theweeklyjournal.com
Business
Tourism Continues Making Strides P10 Banking Sector on Upward Trend P8
‘Nest’ of Happenings in Bayamón P20
lifestyle
Opportunity Zones
The New Gold Rush? By investing in economically distressed communities, investors can defer or even avoid capital gains taxes on asset sales
I
Rosario Fajardo
Roselyn Sánchez Reconquers the American Market P18
rfajardo@wjournalpr.com
@RosarioWJournal
n recent years, the hot buzzwords from investors have been Acts 20/22. Today, Opportunity Zones are the new catchwords. And why not? The U.S. Treasury Department anticipates that $100 billion in private capital will be dedicated towards creating jobs and economic development in Opportunity Zone projects in “distressed” communities. Of that, the Puerto Rico government hopes at least $600 million will be directed locally. “We have been putting on a road show [stateside] with different stakeholders, showcasing opportunities
in Puerto Rico: tourism, construction and infrastructure development,” said former Puerto Rico Federal Affairs Administration Executive Director Carlos Mercader. “We want them to understand that Puerto Rico’s offerings won’t be found in other states.” While much attention has been focused on real estate as Opportunity Zone investments, there are a slew of possibilities involving public and privatesector projects. Mercader pointed to the Puerto Rico government’s transformation plan for the island after Hurricane Maria. “Many of the projects described in the plan could qualify as Opportunity GO TO PAGE 4
Photo / AP Carlos Giusti
Acts 20 & 22 Drivers for Investment P14