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.