Research

Puerto Rico, Tech Relocation Guide 2021

Puerto Rico is primed to become a future technology hub in the United States. Many cities on the mainland are currently making the same assertion and courting technology companies by offering substantial incentives and highlighting the potential quality of life for their employees, as evinced by elaborate proposals to Amazon in an effort to host its second headquarters. Due to federal restrictions on states, Puerto Rico is likely the most attractive long-term destination for technology companies over the next few decades.

JLL has identified 66 operating technology companies on the island, which includes some aerospace and industrial technology companies. The household names tech currently operating in Puerto Rico include Microsoft, Oracle, Hewlett Packard, Honeywell, EVERTEC, Inc. and Rock Solid Technologies.

From those on the outside, it is bewildering that technology companies have chosen to locate themselves in high-cost urban centers when the nature of their business is such that it can be done from almost anywhere on earth. Puerto Rico has a high potential combination of high quality of life, low costs, infrastructure, and tax incentives that will make it an interesting alternative for technology companies. Thus far, the island has attracted pharmaceutical manufacturing, hedge funds, insurance companies, and blockchain pioneers.

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