SAN JUAN, Puerto Rico , May 22, 2019 /PRNewswire/ -- The first Qualified Opportunity Zone (QOZ) deal in Puerto Rico since the governor enacted new legislation has just been announced at a time when thousands of investors are flocking to the Island to capitalize on the new tax incentives intended to revitalize the economy post Hurricane Maria. The deal involves a property in Old San Juan purchased by serial entrepreneur and venture capitalist Brock Pierce, who has been credited with pioneering the market for digital currency and now devotes himself to supporting the advancement of Puerto Rico's entrepreneurs and efforts to building a self-sustainable economy.
Plans for the property remain to be determined, although the vision is to create a community space that fosters education, collaboration, and empowerment for the Puerto Rican people. The Island's rich heritage, resilience, and newly vibrant economy have positioned it as an ideal destination for the blending of cultures, a movement which has captured the attention of foreign investors, entrepreneurs, and internationally acclaimed artists seeking new opportunities for creative expansion and economic development.
The deal comes just a day after Puerto Rico Gov. Ricardo Rosselló signed Senate Bill 1147, which establishes the regulatory framework for the development of Opportunity Zones on the island under the U.S. Tax Cuts and Jobs Act of 2017. Aside from promoting multi-million dollar investments, and creating thousands of new jobs, this new measure strives to significantly impact the recovery of Puerto Rico.
Opportunity Zones were created by federal law to provide tax benefits to low-income communities with the aim of achieving their economic development. Ninety-seven percent of Puerto Rico has been designated as an Opportunity Zone.
Investments made through Opportunity Zone funds allow for the deferral of taxes on capital gains on the sale of an asset before Jan. 1, 2027 if the amount invested is equal to the profit earned. The incentive framework is applicable for 15 years. This new law facilitates U.S. citizens' access to Puerto Rico's largely bilingual and highly qualified workforce across various industries, which is another advantage to those looking to open up shop on the Island.
Brock Pierce is an entrepreneur and venture capitalist with an extensive track record of founding, advising and investing in disruptive businesses. He's raised more than $5B for companies he has founded and is the Chairman of the Bitcoin Foundation. Pierce is a frequent lecturer at Singularity University and has spoken at the Milken Global Conference, Mobile World Congress, Wired, INK, Stanford University, USC, and UCLA. He has been featured in numerous publications including The New York Times, Forbes, Fortune, Wired, and Rolling Stone.
For more information about this project or QOZs in Puerto Rico, contact email@example.com.
SOURCE Brock Pierce