Mr. Cestero joined PMA in 2000 as a partner and is one of Puerto Rico’s most experienced tax practitioners. His practice focuses on federal and Puerto Rico tax aspects of complex transactions, including mergers and reorganizations, acquisitions and investments in Puerto Rico. Mr. Cestero has been active in providing tax advice on hotel financings and in negotiating industrial and tourism tax incentive grants for clients. He also regularly obtains private letter rulings for the Firm’s clients from the Puerto Rico Treasury Department as well as representing them in the negotiation of complex closing agreements. Mr. Cestero also provides general tax advice and estate planning counseling. He is a certified public accountant and his clients are engaged in a wide variety of sectors including financial services, tourism, real estate development and manufacturing.
Engagements:
- Represented a major real estate developer in structuring its hotel and resort investment and obtaining tax incentive grants under the Puerto Rico Tourism Incentives Act.
- Represented a number of different financial institutions in obtaining private letter tax rulings clarifying the Puerto Rico tax treatment of complex securities including hybrid and indexed securities.
- Provided tax advice on some of most significant acquisition transactions in Puerto Rico and has particular expertise in the interaction of federal and Puerto Rico tax laws to complex transactions.
- Advised clients on the application of the passive foreign investment and controlled foreign corporation provisions of the U.S. Internal Revenue Code to investments in Puerto Rico.
- Mr. Cestero has been at the forefront of obtaining private letter tax rulings that have permitted the Puerto Rico Investment company industry to greatly expand over the last decade.