Paulson Says Puerto Rico To Be ‘Singapore of the Caribbean’

Apr 25 2014 | 10:05am ET

Puerto Rico may be in economic extremis at the moment. But John Paulson believes the U.S. territory will survive, and thrive, to stake its place among the most important financial centers in the world.

Paulson, who was in the island’s capital, San Juan, yesterday for the Puerto Rico Investment Summit, predicted that Puerto Rico would become the Singapore of the Caribbean. Paulson’s firm, Paulson & Co., has invested heavily in Puerto Rico, and Paulson himself briefly toyed last year with moving to the island to escape U.S. taxes.

Paulson said he is buying up land in Puerto Rico while the opportunity continues, and that he’ll build high-end developments to house people who, unlike himself, make the move to Puerto Rico to take advantage of Puerto Rican laws encouraging rich Americans to move to the island.

“We are interested in future development opportunities,” Paulson said.

Puerto Rico said it expects Paulson to invest up to $1 billion on the island by the end of next year.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...