Puerto Rican legislators log 391 trips during current term

Puerto Rican legislators have taken a total of 391 official trips so far this term, at a cost of approximately $800,000. Destinations include Central and South America, Europe, the Caribbean, and mainland United States. The trips were taken by members of both the Popular Democratic Party (PPD) and New Progressive Party (PNP). The House provides information on such trips—including expenses, duration, and reasons for the travel– on its official website; the Senate does not. Lawmakers said that trips to the mainland, including Washington, D.C., enabled them to meet with federal officials or representatives of the Puerto Rican diaspora, or to take part in events sponsored by groups such as the National Conference of State Legislatures (NCSL) and the Council of State Governments (CSG). Senators are eligible for a per diem of $110 per day; House members can receive a per diem of $75.

Treasury Department unveils new transparency rules for real estate transactions

In a move that could have broad implications for the real estate industry in Puerto Rico, the U.S. Treasury Department announced a new regulation aimed at ending anonymity in real estate transactions. The new regulation, issued by the department’s Financial Crimes Enforcement Network (FinCEN), will “combat and deter money laundering in the U.S. residential real estate sector by increasing transparency,” a department official said. The regulation comes on the heels of a new rule adopted by the Internal Revenue Service calling for identifying the names of individuals and companies behind limited liability companies (LLCs). Transactions using cash payments and made through LLCs have skyrocketed in Puerto Rico in recent years. An investigation published two years ago by El Nuevo Día found that the number of real estate transactions involving LLCs had spiked dramatically in Puerto Rico, exceeding 15,000 in five years.

Johnson & Johnson to expand operations in Puerto Rico with $168 million investment

Johnson & Johnson MedTech announced that it is investing $168 million to expand its operations in Puerto Rico. The company will extend its manufacturing division at the Ethicon medical device plant in San Lorenzo by converting a former Janssen Pharmaceutical facility. “Our plant (in San Lorenzo) is already stretched to the limit in terms of capacity and space,” said Rosana García, general plant manager of Ethicon Puerto Rico. “We evaluated many alternatives. Among them, options outside of Puerto Rico. The result of all that analysis was ‘we are going to invest in our Johnson & Johnson (J&J) plant in Manatí.” The facility has 350,000 square feet as well as key infrastructure components, including wastewater treatment and waste disposal facilities.