Puerto Rico Is Giving Away Its Coastline to Billionaires — Literally for Free.
While Russia Takes Land by Force.

As a Puerto Rican, this hurts in the soul. We grew up knowing one simple truth: la tierra es nuestra — the land belongs to the people. Our Constitution explicitly guarantees public access to beaches and the maritime-terrestrial zone. Yet across more than two dozen coastal municipalities — out of Puerto Rico’s 78 total — the government is systematically handing over prime coastal real estate to ultra-wealthy foreign investors and developers at little to no net cost to them. These are not small tax breaks. These are direct public subsidies worth hundreds of millions of dollars per project.

This is not “development.” This is privatization of our most precious resource — our shores — disguised as economic incentives. The original X post that sparked this report nailed the bitter irony: Russia, a nuclear superpower 1,928 times larger than us, grabs territory through military force. Tiny Puerto Rico gives its coastline away for free through tax credits and 90–100% exemptions.

The Staggering Size Contrast

Russia’s land area: 17,098,246 km².
Puerto Rico’s land area: 8,870 km².
Russia is approximately 1,928 times larger.

Yet Russia currently controls roughly 19–20% of Ukraine’s territory (including Crimea and parts of Donbas seized since 2014, plus incremental gains through 2025–2026). Meanwhile, Puerto Rico is subsidizing the transfer of economic control and physical access to its beaches to billionaires.

The Legal Machinery Enabling the Giveaways

The system is built on two main pillars, now consolidated under the Puerto Rico Incentives Code (Act 60-2019):

• Act 22 / Individual Resident Investor Program (now part of Act 60): 0% Puerto Rico tax on capital gains, dividends, and interest earned after becoming a resident. Originally passed in 2012, this drew crypto investors, hedge fund managers, and high-net-worth individuals, fueling gentrification.
• Tourism Development Act (Act 74-2010, now Chapter 5 of Act 60): For hotels, condo-hotels, marinas, golf courses, and mixed-use “tourism” projects — 30–50% tax credits on eligible investment (often 40%), plus 90–100% exemptions on income, property (CRIM), municipal, sales/use, and excise taxes for 10–15 years (renewable).

These benefits frequently stack (“double-dipping”) with federal Opportunity Zones. The full 0% rate for new Act 60 individual applicants ends December 31, 2026; new decrees will face a 4% tax on certain investment income. The entire program was just extended through 2055. Existing decree holders keep their full benefits. Projected revenue loss from Act 22-related incentives alone: an estimated $18.4 billion by 2030. In at least one major project, the public return on investment has been calculated as low as 3.2%.

Documented Mega-Projects: Names, Numbers, Companies, and Exact Incentives

Additional Documented Cases Across the Island

• Cliff Corp 86-Villa Development – Aguadilla (Borinquen Ward): Act 60 decree 2022. EPA fined $50,000 for Clean Water Act violations.
• Palmas Town Center – Humacao (Palmas del Mar, 3,000-acre resort community): Opportunity Zone fund led by Act 22 beneficiary Shawn L. Hanson.
• Widespread smaller-scale activity in Rincón, Isabela, Vieques, Culebra, Dorado (Ritz-Carlton expansions via PRISA Group), Luquillo, and Ocean Park — where Act 22 beneficiaries combine individual decrees with tourism projects, driving gentrification protests.

These projects affect dozens of coastal municipalities and are expanding rapidly. The pattern is clear: the same small group of Act 22 beneficiaries are “hoarding” properties and layering multiple decrees for maximum extraction.

A Call to Action: Reclaim Our Land Rights

As Puerto Ricans, we have rights — to our beaches, our communities, our future. These “free” giveaways to named billionaires and investors (Reuben Brothers, John Paulson, Ezra Ishay, the Napoli group, David Weibel, Brad Stedem, and others on public record) undermine that sovereignty.

This is not anti-development. It is pro-Puerto Rican development.

What do you think? How much longer will we allow this? Leave your comment below and share with every Puerto Rican you know.