The economy of Puerto Rico is classified as a high income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. The territory enjoys fiscal autonomy with respect to the United States and has been one of the most dynamic economies in the Caribbean region. On June 30th, President Obama signed into law the Puerto Rico Oversight Management and Economic Stability Act (‘PROMESA’), a bipartisan bill establishing a financial oversight board that will institute the necessary reforms so Puerto Rico can begin to turn its economy around and get on its path to fiscal health. This brings to an end the uncertainty and establishes a clear path for Puerto Rico to become the 'Singapore of the Caribbean’ as advocated by the billionaire hedge fund mogul, John Paulson.
In 2012, ACT 273 was brought about to improve the conditions for conducting international banking in the territory. Blue Ocean International Bank is licensed as an International Financial Entity (IFE) pursuant to ACT 273, which allows the Bank to engage in traditional banking and financial transactions with non-residents of Puerto Rico.
Puerto Rico does not only enjoy fiscal advantages, but also its physical infrastructure and its human capital are highly developed. It has a state-of-art communication network. The Island has a highly sophisticated and bilingual workforce (English and Spanish).