If you have a captive located in Puerto Rico and would like to move to a more structurally sound jurisdiction, please contact us at 832.330.4101
A jurisdiction is more than a code. It's an economy, government, and infrastructure system. Advisers have to consider all of these things when recommending a jurisdiction. I've documented that Puerto Rico's economy is structurally unsound and that the smart money is leaving the island.
The problems go deeper. The following excerpts from a Washington Post article highlight just how poor the situation on the ground still is:
Nearly a year after Maria hit Puerto Rico, people say they are still struggling with basic necessities. Fully 83 percent reported either major damage to their homes, losing power for more than three months, employment setbacks or worsening health problems, among other effects of the storm. The power is spotty, and many are leery of drinking the water. Roads are damaged, dangerous and difficult to navigate — like “the surface of the moon,” according to one resident — and in some places, the roadways remain impassible.
More than 7 in 10 residents give negative marks to the Puerto Rican government’s efforts, while two-thirds criticize the response of Puerto Rico Gov. Ricardo Rosselló. Smaller majorities are critical of the response from both the federal government and municipal authorities.
• Two-thirds say the storm caused major or minor damage to their homes, and most of them say the structures have not been restored to their original condition.
• Ninety-three percent say their areas need more resources to repair roads and highways.
• Fifty percent say people in their households could not get enough water to drink, and 53 percent say they are still worried about the quality of water in their homes.
• More than 4 in 10 Puerto Ricans say their power was not restored until January or later — four months after the storm — and while nearly all residents now have access to working grid power, outages are common. More than 3 in 4 say they lost power for at least one hour in the previous month.