Puerto Rico officials discuss updates on Law 60 and its economic impact
September 24, 2025 | House of Representatives, House, Committees, Legislative, Puerto Rico
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Puerto Rico's economic landscape is set for a significant boost following discussions at the recent Audiencia 1 by the Camara de Representantes on September 24, 2025. Lawmakers expressed strong support for measures aimed at enhancing local investment and economic growth, particularly through the controversial Ley 60, which has been a focal point of debate in recent years.
During the meeting, representatives highlighted the potential of Ley 60 to stimulate housing sales and overall economic activity. They emphasized the need for equitable treatment of local investors, arguing that Puerto Ricans should have the same opportunities as foreign investors to invest and thrive on the island. This sentiment reflects a growing recognition of the importance of fostering a supportive environment for local businesses and residents.
A significant portion of the discussion centered on the need for transparency and accountability in the implementation of Ley 60. Lawmakers raised questions about the actual number of beneficiaries of the law, which has been criticized for favoring outsiders. The Director of the Office of Business Incentives, Ernesto Zayas, clarified that while Ley 60 includes provisions for foreign investors, it also offers numerous benefits to local entrepreneurs and professionals, including young business owners and researchers.
Zayas reported that the administration is actively working to improve the oversight of Ley 60, addressing a backlog of over 14,000 pending applications and reducing it by more than 80%. This effort aims to ensure compliance among beneficiaries and enhance the effectiveness of the incentives provided. The administration is also implementing new auditing campaigns to evaluate compliance across all industries, not just those traditionally associated with foreign investment.
As the meeting concluded, lawmakers reiterated the importance of these measures in reversing economic decline and creating opportunities for growth. The discussions underscored a commitment to not only incentivize investment but also to ensure that such incentives are utilized effectively to benefit the local economy. Moving forward, the administration's focus on transparency and accountability will be crucial in restoring public trust and maximizing the impact of economic development initiatives in Puerto Rico.
During the meeting, representatives highlighted the potential of Ley 60 to stimulate housing sales and overall economic activity. They emphasized the need for equitable treatment of local investors, arguing that Puerto Ricans should have the same opportunities as foreign investors to invest and thrive on the island. This sentiment reflects a growing recognition of the importance of fostering a supportive environment for local businesses and residents.
A significant portion of the discussion centered on the need for transparency and accountability in the implementation of Ley 60. Lawmakers raised questions about the actual number of beneficiaries of the law, which has been criticized for favoring outsiders. The Director of the Office of Business Incentives, Ernesto Zayas, clarified that while Ley 60 includes provisions for foreign investors, it also offers numerous benefits to local entrepreneurs and professionals, including young business owners and researchers.
Zayas reported that the administration is actively working to improve the oversight of Ley 60, addressing a backlog of over 14,000 pending applications and reducing it by more than 80%. This effort aims to ensure compliance among beneficiaries and enhance the effectiveness of the incentives provided. The administration is also implementing new auditing campaigns to evaluate compliance across all industries, not just those traditionally associated with foreign investment.
As the meeting concluded, lawmakers reiterated the importance of these measures in reversing economic decline and creating opportunities for growth. The discussions underscored a commitment to not only incentivize investment but also to ensure that such incentives are utilized effectively to benefit the local economy. Moving forward, the administration's focus on transparency and accountability will be crucial in restoring public trust and maximizing the impact of economic development initiatives in Puerto Rico.
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