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August 15, 2015 - Puerto Rico’s Troubles

Ongoing problems in Greece, China in economic turmoil, and now … Puerto Rico?

Puerto Rico is uniquely situated as a territory of the United States. In good times, this can work to the island’s advantage, receiving tax breaks and money transfers from the U.S. mainland, as well as other economic incentives. For instance, Puerto Rico’s economy was boosted by a special tax break that enabled it to become a successful manufacturing center.

But that particular tax break expired in 2006, and in any event, Puerto Rico was already being shaken by changes in the world economy working against it. Manufacturing tends to favor: a) low-wage nations (think Indonesia), and/or b) places close to their markets (think Tijuana, Mexico) and therefore can take advantage of short logistic chains. Puerto Rico does not fit either bill, and also is required to use U.S. ships to send goods to the mainland, which are more expensive than, say, Chinese ones.

Puerto Rico made the situation worse by borrowing and borrowing some more in the hopes things would turn around. They have not.

Puerto Rico chart as part of Belize Offshore Company News by Belize lawyers, Belize law firm, Belize attorneys, Belize international business company (IBC)


Now you may be thinking: Puerto Rico? Who cares? I’m not even American. Or: I am an American, but still, who cares? Well, the case of Puerto Rico is yet another example of an economy being rocked by macro-level changes in the global economy. Everywhere you look - from the established economies of the Western Hemisphere to the stalling powerhouse of China to emerging markets like Brazil - changes are wreaking havoc and uncertainty. It may not be profound but it continues to be truer than ever: today’s global economy demands liquidity and safe havens and staying ahead of the trends.

You might be asking yourself: Where will my money be safe? Or: Where is the best tax haven in the world? Belize has a reputation as one of the best investor-friendly options for international offshore banking and other financial services.

Opening a Belize international business company (IBC) or other financial vehicle (Belize offshore banking account, Belize offshore trust, Belize offshore foundation, Belize limited liability company, etc.) is as easy as ever. You are ensured confidentiality and tax-efficient laws, not to mention an English-speaking populace. If you open a Belize offshore company with Wrobel & Co, you are also guaranteed to work with a lawyer who knows the Belize legal system and has experience with the Belize offshore sector.

Contact us to learn why Belize is the best country for opening an offshore bank accounts today.

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