“There have been about $1 billion in upscale-property deals on the island over the past couple of years, local investors say, even as the island’s economy has fallen into a tailspin and analysts raise the specter of default.  Some see their investments as longer-term bets on Puerto Rico’s eventual turnaround, and on tourists’ willingness to overlook the island’s credit concerns. Others are betting that changes to Puerto Rico’s tax code, which eliminates most taxes on investments, will lure thousands of wealthy U.S. citizens.  The Puerto Rican government says so far 280 individuals have relocated to the island for tax reasons, while another 250 businesses have moved to the island.”

http://finance.yahoo.com/news/real-estate-investors-see-no-013300405.html

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