The Commonwealth of Puerto Rico is a territory of the United States, granting it some unique advantages, especially as an international financial center. Its status means the island benefits from local autonomy while sharing the same defense, market, currency and rule of law of the United States. Its relationship guarantees the same regulatory framework and legal stability as the mainland, while providing unique benefits to international clientele.
Recently, Puerto Rico has been having a number of economic challenges. Since the US Congress passed PROMESA (Puerto Rico Oversight Management and Economic Stability Act), there is a federally instituted organism to bring necessary fiscal reforms. This has brought any lingering uncertainty to an end and continue to guarantee economic stability to Puerto Rico.
The Puerto Rico government has been very active in establishing a legal framework of incentives designed to stimulate the establishment and development of a wide array of ventures, among them manufacturing, commercial businesses, and the export of services. In 2008, the Act 73 or Economic Incentives Act went into effect and in 2012, two additional laws were enacted (Act 20 and Act 22), promoting the export of services from Puerto Rico and the relocation of wealthy individuals to Puerto Rico.