Puerto Rico sinks in debt, residents flee

Global Business

Puerto Rico economy

The Caribbean island of Puerto Rico, an unincorporated U.S. territory, is experiencing one of the worst economic and social crises of the 20th and 21st century.

CCTV’s Nitza Soledad Perez showed us how the island fell into such financial turmoil and the consequences it means for its people.

More details:

  • Puerto Rico is on the brink of default. In June, the government announced it simply cannot pay 72 billion dollars in debt.
  • With all the turmoil, Puerto Ricans are leaving the island at unprecedented levels to the tune of about 50,000 per year.
Puerto Rico economy- Debt, high unemployment, slow tourism create crisis

Puerto Rico economy- Debt, high unemployment, slow tourism create crisis

The Caribbean island of Puerto Rico, an unincorporated U.S. territory, is experiencing one of the worst economic and social crises of the 20th and 21st century. CCTV’s Nitza Soledad Perez showed us how the island fell into such financial turmoil and the consequences it means for its people.


Peter Schiff on relocating to Puerto Rico
Puerto Rico’s economic situation is rather dismal, but it does have one big thing going for it: residents are considered U.S. citizens, even though they’re subject to different tax laws. And the island is exploiting its status, positioning itself as a tax haven for wealthy Americans. Around 250 high-net-worth individuals have moved to the island since 2012. One of them being Peter Schiff, CEO of Euro Pacific Capital, who moved his asset management firm from Newport Beach, California, to San Juan in Puerto Rico.
CCTV America’s Michelle Makori asked him why he decided to relocate.
Peter Schiff on relocating to Puerto Rico

Peter Schiff on relocating to Puerto Rico

CCTV America's Michelle Makori asked him why he decided to relocate.