The Society of Trust and Estate Practitioners (STEP) has released a white paper proposing a strategic roadmap to turn Puerto Rico into a globally oriented fiduciary services hub, ahead of its inaugural Puerto Rico Annual Summit on November 10 at the Puerto Rico Museum of Art. The paper estimates Act 60 resident investors alone could represent $11 billion to $12 billion in addressable trust assets under a conservative scenario, rising to $14 billion to $21 billion by 2030 under a moderate one. In its first three years, the sector could support $5 billion to $15 billion in administered trust assets, 350 to 1,000 direct and indirect jobs, $40 million in annual payroll, and $25 million to $75 million in annual GDP contribution, according to STEP’s estimates.
It also targets about 300 local family businesses with at least $5 million in annual revenue facing succession challenges. STEP Puerto Rico chair Raúl Markos called STEP "a transparency filter," while co-founder Hugo Córdova said building a sound legal and regulatory foundation, including at the Office of the Commissioner of Financial Institutions (OCIF), should be a priority, citing Law 153 of July 30, 2026, sponsored by Sen. Ángel Toledo, which amended the Trusts Act.
The white paper recommends a dedicated fiduciary chapter within Act 60, modernizing the Trust Companies Act of 1928, and a phased plan starting in 2027: year one reforms and OCIF capacity-building, years two and three expanded provisions and regulations, and years four and five an internationally oriented framework. Within 15 years, it projects $200 billion to $400 billion in administered assets, 10,000 to 19,000 jobs, $720 million to $1.2 billion in payroll, and $1 billion to $2.5 billion in annual GDP.
STEP Worldwide CEO Emma Lovell will attend the summit and meet government officials and regulators.