Hi all. A few things I didn’t mention in the story: I reached out to The 20/22 Act Society as well as PRelocate (both groups represent and work with tax incentive beneficiaries) multiple times requesting an interview and didn’t hear back. Also, Act 20 & 22 now exist under Act 60. And Puerto Ricans can benefit from Act 20 if they set up a business that exports services.
The same things should be afforded to Puerto Rican entrepreneurs regardless. Is very unlikely to start a business that starts exporting anything out of the island right of the bat. But a start up business can grow to the point it exists or even franchises outside.
Non-Puerto Ricans can only benefit under Act 20 and the Act 20 section of Act 60 if they set up a business that exports services as well. It’s not like Joe Schmoe can come to PR and set up a restaurant and pay 4% tax versus the neighboring restaurant run by Juan Boricua paying 30%. The whole idea is to pull a Singapore and attract exporters to increase PR’s balance of trade and promote economic development. Someone buying a multimillion dollar house and actually living in it ends up paying many multiples of tax to the PR government than the average Boricua. There is a net loser, and its the colonial master the US Federal Government... You also failed to mention the “Californian who bought the most expensive home on the island which is in Dorado and is a $30 MM home” is actually a Boricua born-and raised billionaire (the first) returning to the island, in part because of the Act, to promote Boricua entrepreneurship and business, Orlando Bravo: www.bravofamilyfoundation.org. Are billionaire Boricuas expected to live in lesser accomodations than other billionaires? A lot of very convenient things left out of the video. If you want to get details speak to Annie Mustafa at the PR Science and Technology trust. The Act 20/22 Society and Relocate do not trust reporters after being subject to multiple hit pieces. I don’t think they really talk to anyone except maybe El Vocero.
@@genegene8686 Interesting tidbit. Still there is too many regulations, permits and licences that choke local entrepreneurs to death. The heavy toll of permits and licenses should be lifted of all entrepreneurs that's the way of promoting business on the island.
@@RoyCyberPunk They are. Anyone who lives in Puerto Rico can start an Act 20 company, export services, and pay 4% corporate tax and get tax free dividends. Also, any Puerto Rican who works for an act 20 company can receive tax free dividends. Also, some of the biggest beneficiaries of tax incentives are Puerto Rican born doctors. Since moving to PR i started two business and employ over 30 people. Even though my tax rate is low, I have paid a lot of taxes here. Had I not moved here I would have paid zero taxes to Puerto Rico, and not employed anyone here. Those employees also pay taxes that would not have been paid had i not created those jobs. Local lawyers, accountants, realtors, contractors, landscapers, gardeners, personal trainers, hair stylists, waiters, event planners, retailers, etc have all benefitted from having my family as customers, as have local charities we have supported.
Puerto Rico 🇵🇷 will be another Mississippi, if it becomes a state. Worst than now, very poor. Think and research before voting for statehood. Not a good idea.
Sorry to ask but I wanted to know if u know a Ruben Rosado better known as (Papo) he's my dad I haven't seen him in years he from MOCA I live in Rio Grande
@clot shots interesting 🤔. The people they vote in to represent them haven't done much cuz money talks louder then the voice of the people. (In my opinion)
You are the reason I started to really pay attention to the issues in PR. I lived in Hawaii, and the same thing will happen to PR. People always say that "this is so cheap compared to where I came from". They should wonder why itis so expensive to live in those places before coming to take over our island. Please keep up the great work.
I’m a Puerto Rican business owner who has benefitted from the economic influx. The problems in Puerto Rico were not caused by these wealthy residents but by years of corrupt and negligent government. These people have hired many business owners who were suffering for years of a depressed local economy. Restaurants, car dealers, private schools, event planning hotels etc... the list goes on and on of businesses who have flourished die to this influx. Don’t knock it if you are not one that has survived because of these new residents.
@@kingtech7174 considering half the island doesn’t pay any taxes!! I’m shock that ppl are complaining. 4% tax on millions collected is a lot more than locals pay!
People just don't get it they are angry and they want to lash out with emotional rationalization instead of logical reasoning. It's a combination of racism against a group that they envy and are covetous of even though they've done nothing to harm them, (in the private sector you get rich and successful by providing value to others) and spend large amounts of money in the area and create jobs. The problem is the government!
While there are legitimate problems with this Law and how it affects locals, the bigger more complex issue is that Puerto Ricans have an inferiority complex created by hundreds of years of Colonialism. We have “lower-casted” ourselves, believing we’re incapable of succeeding, naturally poor, and blame our problems on others instead of using our inner brilliance, resilience, and resourcefulness to create a new economic/ political situation that doesn’t always look to a corrupt local government to solve all of our problems. The problem is the victim narrative is low hanging fruit- especially when it comes to social media. What s harder is taking a long look in the mirror.
This is exactly what happened in California. I was born and raised in LA and it became Impossible to live there. I moved out of CA in 2012 as taxes and home prices skyrocketed. True Californians are forced to move away as new rich people move to the state!
Yes, the Californisns were being screwed on their state so they moved and invested in PR to screw another people. They didn't appreciate how CA was milking them, so they go do the same to others in PR. Shameful and hypocritical.
@@Emy53 the problem is those same Californias vote for the same democratic party that keeps fucking them in the ass and then when they leave they bring in the same disastrous tax polices with them.
Yes. It is exactly what happened there. I'm from the Bay Area and have seen it first hand in San Francisco, Oakland, and now many other parts of the state.
I’m not pissed. Speak for yourself. Many local businesses have flourished because of this influx of money. No juegues con el arroz y habichuelas nuestros!
As a Texan, I know the feeling. Homelessness has increased in the cities from housing prices going up. And the people moving here do not respect traditions. They try to change it to the same place they left. And if there’s a historical sight or building they wanna tear it down to make a Starbucks or In-n-out. I hope they don’t California your Puerto Rico.
Yeah this is talking about a few 1000s of people total that applied for acr 60 not tens and tens and hundreds of thousands from California and Central and south America
@@alexchavez3244 lolol mass illegal immigration would prove other wise... yes legal latin immigrants know the dangers of collectivism. Thats why the left is pushing for open boarders.
@@stevemasterson7776 it’s all about money and the California people know if they can move to Texas they can hustle Hispanics to work for chump change it’s capitalism man that’s why you see many Hispanics work but they don’t use they’re money to build a business to now work like the Jews who get all they’re money together and buy businesses.
Don't worry. Most of those people in California are from the East Coast who brought their leftist ideals to CA and ruined it. You're not getting CA in Texas as much as you think. You're getting New England.
I’m mexican and I used to live in guaynabo, I left after maria because I was still in high school but i can’t wait to go back after I graduate from college, life is just so much more slow paced and relaxed on the island and I truly miss it.
I’m Mexican and lived in PR too it’s paradise compared to the crappy as town I lived in Mexico I took my girlfriend there once she never complained about PR anymore lol
My wife (originally from PR) and I are thinking of moving permanently to PR this year (we have family in Arecibo), and we both work in tech (from Brooklyn NY). I have a goal of teaching code, and hopefully, make that happen in the Arecibo community first.
You're deeply regret that decision. Trust me. I actually lived in Arecibo many years. Its a dump just like the rest of the country. Don't be swindled by your wife and the pretty beaches.
Bitcoin is thehe highest paying investment with the lowest barriers of entry is option trading If you know how to trade, you can make a ton of money no matter where you find yourself.
Dude they are RICH HUH you stupid they can't even taxes them how they want they will still stay in Puerto Rico even if they tax them high If they do tax them high they will change area and go live somewhere else in Puerto Rico you stupid or what 😂😂😂😂😂😂😂😂😂🙄 Tax them high 😂😂😂😂😂😂😂😂😂😂 they Rich Rich they god money child 🤑🤑🤑🤑🤑💰
@@godofthisshit Because it's a good option. There's other options outside of the US too. It makes sense for them to reap these low tax and benefits and stay in the country at the same time.
What happened to PR is the plan to do in the U.S. too I was born and raised in PR and 30 years ago there was a mixed society with a strong middle class. Today the middle class has been pushed down and it is starting to look more like a two class society. All about who has lots of $$$. The real priviledge.
It's the same everywhere you need leaders that have a vision and you have to have leaders that understand that you need to create jobs/industries for your people to be able to live a good life. Until you get a handle on the corruption and the lack of major companies relocating/being created it will continue to be bad. It's always easy to blame the Gringo's, but sometimes you got to look in the mirror and ask "am I part of the problem or am I part of the solution"?
Bianca!!!! Sooooo Boricua of you to grow that plant out of the Export Sodas can. Love it!!! Thank you for bringing some of Puerto Rico's issues to light for the world to see. The work you are doing is priceless! God bless!
Tyrus warwick Why are u hating on us Puerto Ricans? What did we ever do to u?! Can u stop being so xenophobic?! I hate how many ppl just hate on other ppl from other countries without even knowing what’s happening in that place
On these last elections we massively learned there is no democracy. The votes were manipulated and stolen. PNP party celebrated victory when the numbers hadn’t even been counted.
@@prdeacon974 I own Crypto currencies and if i can find a safe haven to sell and not pay taxes there is where i'm going to.. Taxing the people is only done by the most corrupt people in the world... ..also many of these rich people are Puerto Ricans.. do you live in the island ??? who do you think owns all those businesses... You have rich P.R. dime a dozen... the very girl that posted this video wants to be rich...
@@davidvasquezcalero1053 i would do the same. I believe in a Flat tax. No need to ever file taxes. Just a flat tax. Eliminates the IRS. No need to fund their jobs, and pensions.
Loving your in depth research and exposing what’s really going on. I hope one day Puerto Rico can be free from all of its corruption and start becoming the strong country that we all know it can be!
It's time the world should appreciate the development of crypto currency, coz the way it makes good returns within a short period of time to, makes it so much lucrative and profitable
Did you reach out to the Mayor of Dorado for a reaction? He’s been in office for well over 20 years and has made sure rich people in that town are protected.
@@ramonburgos6351 I know 1st hand I worked at the ritz as a driver (independently small business) made many connections. My grandparents sold one of the only houses in mameyal with beach acces for a nice profit. They had the property for 30 years, tore down the tiny house and built a new house 4 years ago. And they just sold their house in paseos de las olas that they bought 2 years ago for a 200k profit. The guy paid cash.
@@JulianoVitiello good for them! The video fails to point out that these tax exemptions were put in place by local politicians over 8 years ago. This is not Logan Paul’s fault or any of the other main landers moving there.
I moved here in 2019, because I was given a vision and now that I am here, the vision is clear for work I have to do in Aguadilla. I am so sorry that this is how the natives experience foreigners and hope I do not add to that negative experience. I don’t have two pennies to rub but I know the work will get done
They're not natives, the natives were all killed off by the Spaniards they were called Taiños, the people that live in Puerto Rico are just the ones that inherited island by the original colonialists, Puerto Ricans are the same as how every white person got to America 🤷🏿♂️
@@___Truth___ The natives actually hid in the mountains, they weren't killed off. Most Puerto Ricans have 3% - 30% Indigenous Puerto Rican DNA, which is Taino.
@@___Truth___ that’s the biggest bullshit ever told by Spaniards, that taínos were dead. I love how some people go and say “If Taínos didn’t die why there aren’t any out there?” and it’s the same answer as to why there aren’t any Spaniards or any Africans here anyone, they mixed up with the rest of society eventually.
@@___Truth___ PEACE ....... what an ignorant world view to have, however what is obvious is the fact that you feed into divisional propaganda that separates you from other human families that you might have common cause and struggles with.... I truly hope u do the knowledge to the things you say cause that statement is beyond ignorant PEACE !!
What we need is to educate the people, let them know that they have the power to make changes thru exercising their right to vote. Politicians need to understand that "WE THE PEOPLE" is who elected them and if they are not doing their job, we have the right to fired them!! We need to stand together in order to make changes!! God Bless Puerto Rico!
We didn’t put Pierluisi up there, PNP stole the elections. The movement against them way way too big for them to have won. The numbers were different before the system crashed “mysteriously”, and we all know what happened when the votes were counted by hand.
Let’s start with this. Washington needs to do a plebiscite with only 2 options: independence or statehood. Part of the issue is the colonial government. How can PR come up with solutions when they are still paying a debt and they have NO sovereignty? History has taught us that you need sovereignty for progress. No sovereignty brings corruption and lack of options to exercise power.
Having friends in higher places in Puerto Rico, I can say that it is corrupt from within. Those in charge are canibilizing all of Puerto Rico to the detriment of the people. Independence would only make this worse. Statehood would likely burden the island nation in ways that are not easily seen beforehand. I think the answer is in learning to use the money that is being put into the economy by those rich who are there to lift the natives of the island up instead of handing out things to keep them down.
Y lo malo es que el puertoruqueno esta saliendo en masa dejandole el camino libre para que sigan entrando todo el que quiera.Dandole la Isla a todos los que llegan en vez de pelear de quedarse esa es su tierra su casa.Alli hay gente de todas partes del mundo yo creo comprando casas y propiedades como si estuvieran VENDIENDO A PUERTORICO.Como yo sufro cuando veo los videos, todo el mundo quedandose con PR y los verdaderos boricuas vendiendo sus casa y abandonandonla Isla.
La gente se esta saliendo de la isla POR. QUE ESE ES EL PLAN DEL GOBIERNO LOCAL Y DE ESTADOS UNIDOS, esto no es nuevo esto a estado pasando desde 1898 cuando estados Unidos invadio la isla, 80% de las tierras que pueden ser utilizadas para la Agricultura estan en MANOS EXTRANJERAS companieas como MONSANTO las an robado
Pero en que momento ustedes fueron los dueños de la isla? Ustedes llegaron a la isla de Europa. Ahora hay nuevas personas migrando a la isla. Puerto Rico no es un pais, siempre fue colonia de españa y ahora de los Estados Unidos. Que pretenden que la isla se quede vacia mientras ustedes se largan para los Estados Unidos?
deep state - Los puertorriqueños no llegamos de ningún sitio como puertorriqueños, somos una mezcla local, resultado de la unión de españoles, africanos, indios y algún otro país europeo. Nos llegamos, somos de aqui desde siempre, fuimos creados aqui. No llegamos a esta tierra ayer, somos de esta tierra, no vinimos de ningún país buscando Nada, nacimos aquí y de aquí somos y tenemos nuestra cultura, costumbres, y en nosotros reconocemos una identidad propia. No hay un puertorriqueño que niegue que es puertorriqueño y los que se han tenido que ir, emigrar, es buscando alguna oportunidad para ganar más y poder hacer más por su familia, sino no se irían. Esto no es un ghetto para el que lo crea, es un país colonia de otro pero país al fin y al cabo. Ahora mismo con lo del virus la medidas tomadas no son impuestas desde fuera, son nuestras, reclamadas por el pueblo así como las medidas para controlar la mala conducta de los que llegan de fuera. No nos gustan los desórdenes callejeros, ni los abusos a los comerciantes, ni los escándalos en las calles ni nada de eso y menos que, porque no se pueda cerrar el aeropuerto, nos llegue virus de fuera. Por tanto, se tomaron nuevas medidas locales para insistir en el control de ese tipo de cosas. Las medidas no llegaron de fuera, tampoco, son reclamos locales y toma de decisiones locales también. Ahora deberá llegar la persona con una prueba de 72 horas antes y sino, deberá hacérsela aquí y se arriesga a , que de no cumplir, pueda tener que pasar cuarentena en vez de venir a disfrutar su vacación. Por esas mismas incomodidades creadas por visitantes que exhibieron una conducta inadecuada, hay dos personas presas porque no pudieron pagar la fianza que se les impuso. Y es lo que va a seguir pasando porque nosotros vivimos como vivimos y nos cuesta mucho mantener el orden y un buen entendimiento entre todos. Y es lo que queremos. Por otra parte, el tema es que está llegando gente millonaria a vivir en la isla y lo hacen porque tendrán o tienen ventajas económicas. No es que llegue cualquiera - que también puede llegar, de toda la vida PR ha recibido gente de fuera - Es que para dar vivienda a esos millonarios se construyen viviendas de lujo en lugares aventajados de costa sobretodo y hay que ver como afecta eso a una isla limitada en terreno para construir y en áreas de playa la mayoría de las veces y las playas en PR deben poder ser visitadas por los locales y más ahora que la marea está destrozando mucho de las costas. De eso se trata. No de que no vengan! Sino de que no se trate de un negocio para dos o tres nada más a costa del único espacio que tenemo s y o de nuestro medioambiente. Se trata de hacer las cosas bien para ser felices todos al máximo posible. No se que piensas tú que es PR y que son los puertorriqueños. No te hagas ideas basadas en Dios sabe que, si piensas en tu propio país y en tu gente, también sentirás que les quieres ver siempre bien y mantener un país tranquilo, seguro, limpio, con un medioambiente protegido, viviendo en paz para siempre. Que haya un buen futuro para las generaciones venidas, el mejor bienestar posible. Pero la gente no sabe que eso estamos intentando, el mejor bienestar posible si es que nos dejan. Pero desde ya te digo: con sueldos de $7.00 la hora en trabajos que no ofrecen.40 horas semanales, la persona ni tendrá empleo fijo ni las ventajas que ofrece tenerlo. Es más, hay personas trabajando en barras que básicamente ganan $3.00 y se buscan la diferencia en propina. Imagínate! Piensa ahora con los cierres y los espacios limitados en ocupación en negocios que atienden público. - veremos a ver que pasa después pero el futuro no luce bien ahora mismo. Si no hay trabajo bien remunerado y apoyo del gob, no hay forma. - Entonces vamos a los retos: Empiezo por la salud que es el más importante. Si ganas x cantidad no cualificas para el plan de salud del gob, pero si no ganas bien, tampoco puedes pagar un seguro médico privado yen ese limbo de la salud hay miles y miles de personas y la medicina en PR es carísima. En PR la educación pública es floja, todo el que puede paga educación privada para sus hijos y me incluyo, y eso cuesta y cuánto mas aventajada, mas cara. Y oye, en general, todos buscan educación privada para sus hijos. La Luz y el agua son muy caros, caros de verdad. La comida que también es una necesidad mayor es carísima también. - ahí los millonarios estarán bien porque con las ventajas económicas que tendrán ya bien pueden comprar comida- PR es un lugar caro para vivir. Muy caro comparado con el propio EEUU continental. Por eso defender el punto de que la emigracion anda por todos lados es un argumento que no siempre va a sostenerse como válido cuando piensas lo que le puede costar a una familia que emigra venir aquí. En EEUU continental tienen de hecho mucha más ayuda. Sino las personas en apuro de aquí no se irían para alla. Y ahora que tantos negocios se están yendo a quiebra, menos empleo habra. Es un hecho que además muchos empleadores se plantean trabajar desde casa en el futuro porque además ahorrarían dinero. Se sabe que eso mo incentiva la economía ni genera empleos prescisamente. Las personas en PR han recibido ayuda local y o federal y ganan más mientras reciban esa ayuda que trabajando y no quieren volver por $7.00 la hora porque es que no se puede vivir con tan poquísimo dinero! No se puede y menos con los aumentos que llegan de agua y luz que es continuarán a lo largo de un buen número de años. No es si habrá aumentos, es que si están llegando y continuarán por años porque hay que recaudar dinero para la propia infraestructura de esas empresas y porque hay que pagar contratos millonarios a empresas contratadas. Así es que todas esas ideas de venirse para aquí pueden a la larga resultar en un mal momento. No que no puedan venir, pero si no se es millonario o se cuenta con un fondito para sostenerse en lo que quizá se puede tirar para adelante, o se cuenta con un empleo bien remunerado *garantizado, es más mala idea que buena. PR siempre recibió a los que llegaban con los brazos abiertos. No nos creemos nada, estamos viviendo un tiempo muy difícil y es bueno que la gente vea lo que vemos y vivimos los demás para que tomen las mejores decisiones posibles. Es muy difícil comprar casa, pagar acceso controlado, mantenimiento, pagar por uno o dos carros porque la transportación publica es horrible porque nadie asegura que va a pasar el autobús y no hay trenes ni tranvías, hay un tren que da una vuelta por un area muy limitada en la capital y ya está. Aquí si no tienes carro no te mueves, básicamente. Hay que pagar por comida extra cara, colegios caros, agua y luz carísima impuestos / los impuestos locales existen y no perdonan. Pagar seguros de Salud privados ( otro boquete grande al bolsillo) , gasolina , *muchisimos extra si viene un huracán o una tormenta - El Paso del huracán Maria nos costó a mi hija y a mi $5,000 dólares entre gasolina y gastos forzosos y sin contar los daños sufridos, recogido de escombros que volaron, de ramas de árboles y todo eso. Comer fuera se hizo necesario porque no había nada de luz, nada, ni agua por mucho tiempo. El agua de beber se compraba. ( y todavía la compramos y compraremos) Y ya sabes que estás listas siguen porque se mejora poco y todo cuesta cada vez más. Ahora a ver cómo viajas, vas al cine, te pagas alguna alegria o cosas así. Y agradezcamos lo que tenemos la ventaja de tener la casa ya pagada. Que claro, nos costó mucho trabajo lograr las cosas pagando impuestos muy altos para que ahora que las cosas están difíciles no nos ayuden. Como decimos por aquí, “ te lo vendo al costo” lo que ves es lo que hay. No se diga que no fueron avisados. Los puertorriqueños somos los mismos desde que nos crearon y solemos ser gente buena y amigable. Lo que cambian son las circunstancias y no las imponemos nosotros prescisamente. Nosotros como los demás, las sufrimos.
How is he paying their taxes? The CRIM on a $30 MM home is $200,000 per year. That kind of person probably eats out all the time or hired a cook. They also pay 11% sales tax on anything they buy. Their company, if they can afford a $30 MM home, probably has revenues in the $40 MM+ range and pays patente of another $200,000 per year and $500,000 of income tax. So each of those gringos is paying $900k a year straight to the PR Treasury. That pays the UPR tuition for like 100 students. For 1 gringo. How much is Fernando paying, when he claims he is paying for their school (not true, they send kids to private school), roads (not true they pay for their own roads), etc..?
@@romeoju7672 Yes, I didn’t even bring up jobs, no one can run a $40 MM revenue company without hiring people to work. Also, why do people think Act 20/22ers support la junta? They came here to escape the federal government, they don’t want PR to have fewer services or less reconstruction dollars. They don’t want UPR to produce fewer engineers, if anything they want more engineers. They like to eat local farm to table food, they buy organic local farm to table and support local farmers as much as they can (through PRoduce especially). etc etc...
“Gentrification is unavoidable” Gentrification can be avoided in most instances if people just lived sustainably and didn’t have to be so extravagant and over the top smh 🤦🏾♀️
It’s better to have a gentrified area that is 925 one. I mean objectively look at all the gentrified ones and they have a much stronger economy and much less crime than previously before meanwhile ones that don’t well often collapse economically. I mean there are dozens of cities that were straight up abanded in the United States that don’t get talked about. Just look at all of the towns that have houses that sold for one dollar why do you think that is? Because they were completely founded because of the lack of economy. People moving to another place is A part of history and it’s usually for the positive just like with the amount of illegal immigrants that come into the United States they are by far a net positive. Despite what any Trump supporter will tell you they help the country way more than they harm it. I can understand why you hate people moving into your area that you don’t know it’s how tribal humans are we are xenophobic in nature because we fear things we don’t know.
I lived in Puerto Rico 25 years ago, it has always been this way. One moment, you will walk by 500k house and around the block you can buy guns and Coke.
This video should get more attention. I wish the media in Puerto Rico wasn’t as corrupt as it is so that we could get this to more people. Still it won’t happen cause ignorance is what keeps them in power
“Stimulate economy”, what a joke. Bringing capital to make capital for foreign investment actually does zero benefit for Puerto Rico, at the contrary, Small LOCAL businesses go broke. We don’t want you here and please stay out
@@joseenrique6491 Well stop taking money from the U.S when you have natural disasters.Tell your people to stop joining the U.S military forces to have a better life...Print and use your own money, and see how far that will get you. I am all about the good of man and woman, most of those who protest never have solutions, just anger....FOR WHAT!!!!
@@dodgechargerrt1873 Hot Shot do your research before you start talking bullshit..Are you even Puerto Rican..Im guessing your not..Do you know how much money in taxes Puerto Rico pay the U.S. Look up the Jones Act..The U.S isn't giving shit to PR ..They pay every penny back in taxes..Do your research..
@@edgardoconcepcion2720 Well I am sure it is dollar cost average, my research tells me that from the last disaster they are finding countless warehouses of goods that the U.S sent there that was hidden from your country men by your own goverment worth millions... So if you say you pay taxes to the U.S then that is Great!! But am I wrong, or should I send you links to prove it about all the goodies that was found not handed out .And yes I am a Hot Shot, a 24 year American Combat Veteran and lives in PR...So let's just all get along.
@@dodgechargerrt1873 its Corruption they keep electing the same people over and over ..And these same politicians keep pumping lies to the people..The problem Puerto Rico has is what wall street did with banks in PR..100 billion in debt..U.S not going to bail them out..its a joke and I've had enough with the corruption and everything else...The rich moving to PR and not paying taxes..when our own people can't even open up business because the taxes are to much.
Insightful video 👍 great research and editing. I also feel gov wants the rich to move there. 37% vs 0% do you blame investors. 10% nationwide is fair not 37% that's absurd. Most people wouldn't move if tax was 10% nationwide.
@@MarkConway73 you can still pay 10 percent if you want. I think rich crypto traders should make a 10 percent fund for their local areas and spend the money. Instead of the corrupt government. It would help the local people. Who are the neighbors and everyone would benefit. Road improvement, water, sewer, storm drains, education, hospitals, and many more benefits.
Yo me pongo a pensar que hay sobre 5 millones de boricuas en los Estados Unidos y nadie les puede decir nada. Ahoraaaaa hay menos de 1000 gringos en la maldita colonia y lloran, dejen la maldita lloraera caramba
@@stevemasterson7776 yes, sadly politics and religion are treated as sports over here. even if the people themselves don't notice it. thankfully the younger generations are more aware.
@@godofthisshit Centralized long term goverment focused in economic development and the capacity to attract foreign investment and foment the creation of local enterprises through sovereign wealth funds depending on the tangible needs of the nation based on economic predictions + becoming part of global supply lines on industrial parts also they have their own money and most land is administraded through a citizens fund basically making land ownership a civil right by facilitating its aquisition. Also they do business with anyone and dont care about ideological bullshit as long as the deals usefull they didnt get super indebted through miss use of bonds/stockmarkets. Singapores acts like an International corporation with its Hq in a nation state and citizens act as the shareholders. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-WSKLrGJyELE.html Basically they did business with neighbors and expiremented with manufacturing Puerto Rico abandoned it thinking a true total service economy is possible but that bet failed and potential was lost the Jones Act is a curse on Puerto Rico
Jeez, it's the same here where I live in the US. High rent is pushing lower income out. It's kind of messed up they're taking advantage of Puerto Rico like that.
This video is full of obfuscations, conflations, and deceptive purposefully omitted facts. I love how she says “the most expensive home in Dorado was bought by a family moving from California.” It was bought by self-made PR-born-and-raised Boricua Billionaire, Orlando Bravo, and bought from a gringo. Do Puerto Ricans have no pride? A large percentage of the buyers are PR-born or the next generation who have done well in the mainland. www.bravofamilyfoundation.org/
You hit the nail in the head. They don’t realize that this is a blessing for anyone who wants to do business in PR. Mississippi should be so lucky. Most of these people commenting negatively are of a slave mentality.
So funny that some of these Puerto Ricans don't want US citizens moving to PR but they gladly take our tax dollars from us US Citizens and our govt. According to the Consolidated Federal Funds Report compiled by the U.S. Census Bureau, Puerto Rico has received more than $21 billion annually in federal expenditures from the United States. Also, I am considering relocating my financial services company to PR and hiring Puerto Ricans as employees, Act 20/22. Tell me how that is bad thing for PR development? You can't have it both ways.
Extremely sad for the brothers and sisters on the island. Scratching my head after the guy said, gentrification has to happen and he needs a place to live. And that made a lot of sense to him 😡. From a former New Yorker that has seen my family affected by gentrification. They can never go back
@Killer Miser Supporting the local community. When gentrifiers move somewhere, they have no interest in supporting the locals. They will support the expensive $5 coffee places and trendy restaurants instead of the locally owned. Also, using that money to invest in existing local businesses. The other issue is the quality of living will be focussed on where they live and not where the locals live - they need to join the fight for that also and raise awareness. Not just sit in their expensive homes and saying "oh well, nothing I can do about it, it's gonna happen anyway". That attitude is not helpful.
The solution is to make the tax breaks a little less good. Corporate to 6% and capital gains to 5% maybe. It probably won't be worth it for people making $500k a year to move there anymore. Would only get $1M or more earners and PR would collect some more taxes.
@@ciagretteskills Importing things to PR is expensive and they have to eat. I would assume organic farmers would do well and can easily undercut the prices at a Whole Foods.
So you get to live in one of the most expensive places in the country? Some poor white communities in the country you've never even passed though would LOVE some gentrification in their neighborhoods....
Wait, you have to live six year outside the island to qualify, that’s not ok. It should be for everyone including in the locals in island who want to start a business and benefit from the tax brake.
@@rigom926 Should preface by saying that I respect Puerto Rican culture and understand the colonial nature of the island. However, I do have a question: Hypothetically, if Puerto Rico became a state would you be ok with English becoming mandatory in school? Personally, I would very much be ok with it considering every other state does. But considering Puerto Rico is still a territory I think it’s fine that they still have their own cultural values (language, for instance).
Escriban cartas a la prensa, programas de tv y al gob, la misma carta a todos para que puedan hablar de lo mismo exactamente cuando vayan a comentar. El que no se queja, imposible que lo esuchen.
I got to live in Puerto Rico for a month last summer, aiding in teaching English in Bible school summer camps. I also got to visit culebra. Being immersed in the culture, the people I met, natural wonders I saw, I go back often in my mind. Hoping to have the chance to go back this summer. So Much love for Puerto Rico🤍
I stumbled on your video because I wanted to get more content from Puerto Ricans on RU-vid. I'm very impressed and will keep following along. Thanks for doing all this research.
My tia lives there still, I left in 2007 & moved to FL. I am looking at buying property there before PR turns into Hawaii. She is trying to get as much of our family back to the island & owning property as possible. 4 of my 10 aunts have moved back so far.
It’s so sad that this is happening to Puerto Rico. They will price you out. We’ve seen it happen to Black and brown communities across the US. It’s happening in my city now. Historical neighborhoods are being destroyed, working class people are displaced through property tax, over priced real estate, increased cost of living, higher rent.
In the US all the cities being gentrified were built and owned by white people before brown people moved in and white people left. The US was a majority white nation until the last 50 years so it is completely different theN PR....
@@glitterandglueforyou Actually you might want to take a history class and look up demographics from the last few hundred years. Yes white people built all the cities in the US, Germans, French, Italians, Irish were the primary immigrants to the US. The whites numbered into the millions and the other races such as Africans were a small minority. LOL you can try to rewrite history but facts are facts....
This is true, I saw a house on Zillow for 6 million also in Dorado. Unbelievable that they will not make them pay taxes, meanwhile people who live there cannot afford food or normal living. Including my dad who is 82 and retired and still struggling after working over 30 years.
Well, they won’t pay any income taxes on their stock investments that is true, but the rest is false. The newcomer buying a $6 MM home in Dorado will will pay approximately $300,000 a year in taxes to PR. Specifically to PR: $75,000 per year to CRIM that goes to the local municipality, ~$30,000 per year in sales taxes, ~$30,000 for each luxury vehicle they bring in or buy each time, most of these people have Act 20 businesses which will pay about 0.2% of revenue each year to the municipality in patente, to afford to buy a $6 million home that is another $50,000 per year in patente to the municipio and $160,000 per year to the central government for the 4% tax. They also have to donate $10,000 per year to local charities and pay $5,000 for the privilege of filling out an annual survey. I’m sorry to hear about your dad, but each of these people’s taxes could support quite a few Boricuas who need help.
@@genegene8686 thanks that is what I thought. My only concern that real estate will go up like is happening in Costa Rica and only the rich can afford it. In addition that prices will go up, may result on an inflation.
@@lucycruz5933 The newcomers are not buying wooden houses with tin roofs they are buying boricua and american absentee owned properties in Dorado or new steel and concrete construction (which don’t build themselves mind you) but actually living in it and starting export services companies to export investment management, legal services, technology consulting, etc. There is a ton of housing available for locals because the total population is 3,000,000 and because of the poor economic situation and better situation in Florida and New York about 3,000-7,000 Puerto Ricans leave Puerto Rico each month for the last 15 years, while there are only 3,000 tax decree holders in total! So unless somehow these 3,000 people are buying 200 houses each, this is just sensationalist journalism. 🤔 Where there is a problem is certain developers, who don’t live on the island, don’t have a decree, are buying up very large beachfront lots. In the 1800s Queen Isabella and Queen Regent Maria Christina (the same one who surrendered PR to the US) gave royal land grants of Puerto Rican land to her supporters and supporters of the Spanish monarchy. Many of those landowners are now selling off that land to stateside developers and since it hasn’t really been used for 150 years, people living nearby and understandably shocked and angry, including Bianca Graulau. But her ire is misdirected. If she really wanted to do some good reporting she’d go through the registry and find out about the royal land grants and what is going down there, instead she is being a puppet of the powers that be and blaming either act 20ers who are mostly talented professionals like Orlando Bravo coming to PR to set up export businesses or Act 22 random crypto gr-gos who generally don’t own or want to own land (save for a couple crazy ones).
@@genegene8686 my friend you wrote a dissertation 😂. Thanks for the information. I welcome everything that helps our people and the economy. Like I said I hope it won’t affect us.
Who do you think sold those houses the people and what your love for taxes... Do you like paying taxes ???? Prior to the 1930's no one in America paid INCOME TAX.. yet Schools, Universities, Bridges, Railroads, etc were built... and you want to penalize people for making money or having money... that sounds very socialist... Don't fall for this Karl Marx B.S.
@@Caim6311 I’ve lived in Puerto Rico with my family there. Only in some places will that happen, not the whole island, and it’s not even guaranteed to happen. It’s not that likely. Most of the island is very peaceful. You should go there sometime.
Thanks for sharing this video. I visited Puerto Rico many years ago and it was one of the most beautiful islands I have ever visited. I think with better leadership that country could truly be "Una Perla".
PAC MON What an ignorant statement to make...tourists have nothing to do with this..subject..why arent you Angry at forner governors..who put the island in massive debt??or the protestors..from last year who left graffiti in old San juan
@@CarlosRodriguez-pt3hq Looking at it from the outside, it is just not one thing....The politicians are corrupt, but so are the people....As an example, the Labor participation rate in the island is around 40 percent.
Bianca - I just saw your video for the first time and I’m really impressed by your quality of video and depth on you journalism. You can be the next Jonny Harris, or more... stay on your path and thanks for your spotlight on such an important topic. Well done!
Hi Bianca, I wondered if perhaps a petition could be started so that for every property that sells there can be a tax meant and allotted to repair roads and homes in area's more effected by poverty. The citizens should be able to share in the benefits of these property sales..
As a Gringo raised in Nicaragua I've seen and heard the same grumbling's before. Nicaragua went from the 2nd most prosperous nation in Latin America to second in poverty in one year. July 19th 1979 to July 19th 1980. "El día del Trump de la revolución ". I repeat 2nd only to Haiti in one year, it was awful. My beautiful Nicaragua has never fully recovered. A Narco state. Don't be fooled my beautiful Boriqua brothers and sisters by the lying rhetoric. BENDICIONES Puerto Rico. We love you and don't want to loose you. You have brought and contributed so much to this country.
Excellent video Bianca. In my humble opinion this was planned since the 90's or maybe before and is one of the reasons Puerto Rico is not a state. Is extremely convinient for all this entrepreneurs, "politicians" and rich people move to the island and don't pay the federal taxes of the mainland. The Congress is not gonna do anything because there's a lot of money running to keep Puerto Rico as a commonwealth so they can enjoy the tax-free living. Maybe one day I'll do the same move my operations to the island and not pay federal taxes... "it just make sense"...
When you don't have locals to risk their money in the local economy you have to import the investors to avoid a total catastrophe. That's the big picture. Nothing to do with colonialism.
Yo soy Dominicano, todo comienza con el gobierno... nosotros tenemos que reclamar nuestra tierra. La tierra Taina es la tierra más bella del mundo y no las quieren terminar te quitar. Si RD/Haití, PR y Cuba estubieran acuerdo, sería una nación insuperable
Facts man as a Haitian and Cuban born and growing up in those countries for a few years, I despise what HT and CU presidents and governments has allowed and giving the U.S. permission to take advantage of its land and their citizens of the islands. Same for JM and DR governments for allowing the Chinese to come and start beginning to run and build their foundation on these lands too. And now currently finding PR governments are in the same position also, its really sad, because I don't ever want to see these islands become something that they are not naturally. Some people will accept and do anything for a dollar, even if it means screwing over their own native citizens of the islands.
No when rich people move anywhere cheap they bring higher coast of living, higher prices of food and just everything . Going to a local pub will be very expensive.
3 года назад
Is that their fault, or the business owners catering to the rich.
We could never know the financial information of these people because they are bringing private companies and not public ones, public companies being big corporations that are legally forced to publish their income statements and other financial details. Walmart for example. We will simply rely on the data private companies/investors are willing to share if they want to...
Bianca please include suggestions for what we can do to help for those who live on the continent. It is frustrating to see all the shenanigans that keep happening!
The colonization and slavery of our people is a big reason why we don't like people moving here ! Regardless of what help has been given , our heritage and homeland has been effected in many ways .
This is also happening to many other Caribbean islands, including the USVI. It's frustrating seeing natives or a certain group of people being oppressed and pushed out of their own island/countries to make a playground for others. I'm also seeing comments from people on the mainland blaming leftism (really?). No matter how you look at it, conservatives and liberals are all the same when it comes to gentrification, discrimination and entitlement against others, just on different ends of the spectrum.
This is happening around the world unfortunately,, for example my daughter lives in NZ she has been there for about 20 years and the incredible rise in prices of property in this time is incredible specially around the area of Auckland . The main problem out of the country buyers paying cash for real state , and out bidding locals for homes . In a few more years it be the same in our island.
As a half Puerto Rican myself (my mom is Boricua) I can attest to the fact that for many years Puerto Ricans have been fleeing the island and going to NY and FL as well as TX. We’ve declared war on ourselves long ago and that’s what’s hurting us all the most. Those who are left behind are mostly the sick, the poor and the elderly. Look up the stats: most people are on government welfare or work for the government in PR. Most entrepreneurs are from other islands. Most construction workers are from DR. Most professionals are leaving. Most home owners want to sell. The only way to attract anyone with money is to offer tax incentives. And only zero tax will even make them consider being there part time as a minimum requirement to qualify. If we do anything here locally to mess with that we would be doomed for yet another 2 decades if not more!
Your assertion that "mostly the sick, the poor and the elderly" currently populate Puerto Rico is an egregious exaggeration. Certainly there is now and has been a steady exodus of Puertorriquenos from Puerto Rico and the colonizers, the US, bear the blame. The Climate Crisis has hastened relocation as well. But it is not quite the apocalyptic scene you describe.
No todos los que nos mudamos a PR vamos para aprovecharnos, algunos vamos a dar trabajo a locales, eso si Dorado no está en mi radar.. yo no quiero vivir en una urbanización de $$$ solo vivir en paz y ayudar en lo que pueda a mi gente hispana... I’m in love with PR and their people in the island!!
Lo apreciamos, pero esto lo vas a hacer en nuestros propios términos y en igualdad de condiciones. Si no eres una beneficiaria de una ley que nos ha convertido en un paraíso fiscal para extranjeros, no tienes por qué darte por aludida. Si no te aplica, no te aplica. Eres una beneficiaria de un decreto? Te has preguntado por qué los puertorriqueños no podemos beneficiarnos de los mismos beneficios fiscales (salvo los que exportan servicios)? Te has preguntado si tan siquiera nosotros queremos que haya un sistema fiscal de este tipo? Algunos SI queremos pagar impuestos para poder sufragar la inversión en infra-estructura que necesitamos, para atajar el problema de la mala educación pública, de la pobreza, de las grandes desigualdades. Yo no conozco NINGUNA sociedad que haya conseguido esto y funcione bien, convirtiéndose en un paraíso fiscal.
Get rid of all those tax breaks act 20,act 22 and in the same trip get rid of The Jones act. The same thing is happening with the island of Mallorca in Spain. Locals are being displaced by all the tourist buying real estate for dirt cheap.
My grandparents left Puerto Rico when they were young adults long ago to find new opportunities. My dad, and ultimately me as well, unfortunately did not grow up surrounded by Puerto Rican culture, or (shamefully) speaking the language. I feel blessed to be able to return to the island my grandparents left and try to connect with my heritage in a meaningful and non-exploitative way but I do worry a lot about being respectful about how I try integrating into the community of the island. I'm nowhere near wealthy enough to take advantage of the tax benefits but I am coming in with a high paying job. I am not visibly latino and the only sign one would be able to tell I'm at all Puerto Rican would be 2/3 of my names being hispanic (or if they saw my dad/grandparents) so I can only hope that I am able to be accepted on the island. I love watching your videos, Bianca, as while I know its no substitute for growing up in Puerto Rico it has definitely given me a much better understanding of the issues that Puerto Rico faces to this day. Thank you for that.
I thought I knew a lot about my homeland. But by watching your videos, I realized that I know nothing. Thank you so much for posting your videos. Keep posting and thank you.❤
Why people are complaining about wealth people moving to PR. It a good sing that PR is heading to a higher standard of living. This investors are bring jobs and wealth to PR.
I love my island and I’m struggling to not have to leave to provide my future actual quality in life I love my family and I really don’t want to leave I just wish things would be better
This angers me so much I honestly can’t even watch the whole video, Us as Puerto Rican’s needs to let it be known that our Beautiful island is NOT FOR SALE! We need to reclaim our island before it’s to late!
I was warned many years ago of this reality and was given the advice that every puertorican living outside the island should invest in land then, and ven if not built upon for years but to invest before all our land was gone to gringos
Well the problem is that the Puertoricans with the money to buy land and invest are not doing so as much as others from outside the island. One positive thing that ive seen from this its that rundown buildings in Santurce central areas are being bought and redeveloped. Some of these areas are coming back to life. But why local puerto ricans are not interested in investing in these depressed area that have a lot of potential?
So you are welcome to buy property start businesses and do anything you want in every one of the 50 states but that same privilege doesn't extend to any other citizen?
@@YUCAYEQUE Actually statehood would end the federal tax exemption and would no longer make the island attractive for millionaires and investors because the islands local taxes are among the highest in U.S.
Amazing video. Please let this be know. They aren't helping, they are making it worse. Take it from me as someone who has no debt and still can't afford a home in Puerto Rico, but an American can buy a home in Puerto Rico easier
IMO, I think the act is a good way to bring needed $ into the island that has been battered by the hurricane. I think these benefits should be available to locals as well. It’s not fare not to give it to locals. Being against re-gentrification seems counter-productive unless I’m missing an intrinsic component that’s not screaming out to me.
I love your videos, not just the information which is so detailed, but all of the shooting, all of the B roll everything is edited so well. I would hope to interview you at some point because I’m starting to make videos like this soon!
I am an expat of color currently living in Costa Rica with my Puerto Rican girlfriend. Let's be honest, this is just another example of white privilege, exploitation and colonization of Puerto Rico. Unfortunately, this is also happening in Costa Rica. Million dollar homes are the norm in my beach town, surrounded by local Tico poverty.
As an American citizen and interested in moving to Puerto Rico to put Puerto Ricans to work, will I be looked down on and treated poorly for trying to employ and help Puerto Ricans become successful in their community? I'm confused about what you have stated as not wanting Rich Americans to move here. have you ever met a poor business owner??? Please elaborate.... Thanks!
I really enjoy your videos because they are very instructive and analytical. I have a question, what do you think should be done in order to create a decent lifestyle for foreigners who decide to move to PR or any other countries and locals in order to maintain and sustain a “fair” economical system? (Other or in addition to the Act 20/22) I think foreigners who have lots of money could really help the small countries, but it seems that the system in these countries is just made to abuse the locals who are struggling. The incentives that attract the wealthy foreigners are just the low prices and tax cuts. What else can be done to attract them in a way that will also benefit the locals?
This is the result of bad government planning, and random chance. Local governments always try to attract wealth into the area, but they don't ever plan for the displacement that wealth causes. Based on what I've seen, the extremes of poverty or wealth are never that great for any region, but the latter is what governments need to pay for services and maintenance. The best situation is a strong middle class, but that's been getting destroyed for years.
Nice video 💖💝very engaging from beginning to the end. In 2 to 3 years time people will be kicking themselves in regrets for missing the opportunity not buying I'm investing in cryptocurrency
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You made excellent points unfortunately that's actually a smart business move, can you blame them? people are always going to look out for themselves it's always been that way. It's unfortunate for the Puerto Rican people. There's is a large population of Puerto Ricans living in the US many on welfare, medicaid and medicare. I met many of them who come to the US just for free doctors but live in PR. I am Puerto Rican myself and I've lived in a population mostly made up of Hispanics especially those raised in Puerto Rico and DR. Many US citizens complain we are here just to live off the government. There's large population of all types of people living in the US. Everybody complains about something another group of people do that affects them. Many immigrants purchased their first home in the US and you see many US born or raised citizens that never bought their first home, they can't afford it. None of this is new the question is what do you do about it? My friend born and raised in DR now lives in a mansion own homes in DR and different parts of the US. I don't even own a house is that her fault? No it's not! Some people are more driven then others, more ambitious or just have better opportunities in life. It is what it is, people should work towards owning their own home property according to what is realistic for their situation. Don't ever settle and again be realistic, what is it that you can accomplish. Complaining about people taking over your home won't get you no where do what you got to do to secure your own! Teach your children not to settle and work together to build wealth.
They should bring local leaders to these talks to bring the concerns brought up in this video and then balance these with the realistic expectations of those wanting to come over before they make their investments.
Bottom line Any tax benefits or land prices or benefits of any type should benefit Puertoricans. This new popularity with Puerto Rico is hurting the island as well as its people, the US has always taken advantage of PR via the Jones act and in so many other ways, if trump would of had his way he would of sold away the island to the highest bidder. All island laws should only benefit Puertoricans and its lawmakers should see this to be! Without money influencing the decision making. Otherwise Puertoricans will be priced out of their own land.
Gentrification brings OPPORTUNITIES‼️ start a business that caters to mainland Americans. Pool your money with friends or family if needed. Buy property, fix it and flip it. Rent it to vacationers. The reality is, The Horse Has Already Left The Barn! You won’t stop it. Figure out a way to PROFIT off it. America IS the land of opportunity.
