San Juan Mayor Miguel Romero Lugo announced Wednesday that the San Juan Economic Transformation Plan is officially in its implementation phase, following enactment of its Administrative Guidelines on October 1. In its first few weeks the program has received 20 business applications, now under evaluation for economic and tax incentives aimed at business establishment, modernization and expansion.
The plan is part of the first review in 20 years of the municipality’s Economic Development Code and seeks to promote business establishment, strengthening, modernization and expansion, attract new investments, create and retain jobs, and revitalize spaces with economic potential. Eligible businesses may apply for incentives of up to $150,000 and municipal exemptions of up to 100%, depending on the project’s nature and evaluation.
For small and midsize enterprises in strategic sectors, amounts may reach up to $75,000, while other businesses in those sectors may apply for up to $150,000 per business per fiscal year. The plan identifies six strategic sectors: creative industries, culinary routes, specialized health services, knowledge-intensive professional services, information technologies, and specialized experiential tourism, with other high-impact projects also eligible.
Pablo Rovira Bonnin, director of the Department of Economic Development and Tourism, said each application will be analyzed on its merits. Benefits, which are not automatic, may cover equipment, inventory, licenses, permits, insurance, payroll and essential services, plus tax benefits on municipal licenses, property taxes and construction fees. Approved benefits will be formalized through an economic transformation decree.
Projects in Río Piedras, municipal facilities and strategic areas may also qualify for revitalization incentives, including additional tax benefits for properties declared public nuisances.