News & Resources

As a public policy matter, on February 21, 2017, the Government of Puerto Rico enacted Act 14-2017 to incentivize medical professionals to stay in Puerto Rico or move to Puerto Rico and practice medicine locally.

The Labor Transformation and Flexibility Act (“the Act”) provides that employees hired before the date of effectiveness will keep their current rights, as expressly provided in the articles of the Act.

The PR Department of Treasury (the “PR Treasury”) recently announced that it will begin the implementation of a new integrated tax platform in three phases beginning on October 15, 2016 through December 2018.

Tax Notes, a renowned United States tax magazine, published “Puerto Rico: A Tax Haven for Hedge Fund Managers”, an article written by our Counsel Fernando Goyco-Covas describing the United States federal and Puerto Rico income tax benefits afforded by Puerto Rico’s Acts 20 and 22 and the United States Internal Revenue Code to hedge fund managers that become bona-fide residents of Puerto Rico.

El Nuevo Día’s business correspondent Joanisabel González sat down for an interview with a group of PMA partners.

During the past year, our litigation practice group has been engaged in significant matters. We are pleased to share some of those engagements: · Co-Lead Counsel to major telecom company in 2 consumer class actions in PR Courts, alleging 2 types of excess charges.

The Puerto Rico Legislature recently adopted Act No. 217-2014, also known as the Digital Registry Act of Vending and Automated Machines.

216-2014The Puerto Rico Legislature recently adopted Act No. 216-2014, also known as the Fiscal Information & Permits Control Act.

The firm co-sponsored the Puerto Rico Investment Summit, a two-day conference held in collaboration with Puerto Rico’s Department of Economic Development & Commerce and Paulson & Co. focusing on Puerto Rico as a business and investment destination. More than 200 investors and investment advisers participated in the conference to learn about Puerto Rico’s competitive advantages. Keynote speakers included hedge fund billionaire John Paulson, the CEO of Paulson & Co., investor Nicholas Prouty, president of Putnam Bridge Funding, Popular Inc. Chairman & CEO Richard Carrión and the Governor of Puerto Rico, Alejandro García Padilla. Edgar Ríos (Taxes) participated during both days of the conference. Mr. Ríos gave a presentation on “Tax Advantages: Act 20 for Export Services and Act 22 for Individual Investors” during the first day of the conference and served as a panelist of a Q&A session on Act 20 and Act 22 on the second day.

The Firm represented Paulson & Co., Inc. in connection with the announced $260,000,000 acquisition of the Vanderbilt Hotel and La Concha Renaissance Hotel and Casino in San Juan, Puerto Rico. The PMA team included Antonio J. Santos (Real Estate), Donald E. Hull (Banking), Antonio Molina (Real Estate), Edgar Ríos (Taxes), and Edwin Cruz (Environmental and Land Use). Paulson & Co., Inc., is a New York based investment management firm with approximately US $21 billion in assets under management.