Historian and teacher Rafael Capó García, who leads critical tours of Old San Juan through his nonprofit organization Memoria Decolonial, says 20% of all residences in the historic district are Airbnbs, the highest proportion in Puerto Rico except Culebra. He explains that Act 60 tax credits are magnified for tourism projects: a 90% exemption on construction materials requires a 100% tourism project, and even an electricity credit requires a tourism element, creating what he calls a visitor economy.
His team counted at least 74 souvenir shops in the small city, more than 50 of them on San Francisco and Fortaleza streets, plus ten smoke shops selling the same goods and five cream stores that sell nothing local; most souvenirs are Made in China. A study by the Florida-Caribbean Cruise Association found Puerto Rico is the Caribbean destination where cruise passengers spend the least on excursions, tied with Key West, at an average of $42 per passenger.
An investigation found that while Old San Juan absorbs the costs and pressure of growing cruise tourism, much of the business stays with cruise lines or a pair of government-incentivized operators. From 2022 to 2025, four local tour operators (EcoQuest, Rico Sun Tours, Tour Coop and United Tour Guides) received over $365,000 in tax incentives under the Puerto Rico Incentives Code, including a dollar for each passenger who bought an excursion, according to the Puerto Rico Tourism Company (CTPR).
EcoQuest ceased operations this year. Independent operator Juan Rampolla Nieves of San Juan Happy Tours, who charges $30 to $75 per person and works two other jobs, says it is hard to compete with larger operators that sell through cruise lines.