Puerto Rico

Puerto Rico is an unincorporated territory of the United States, located in the Northeastern Caribbean Sea. The territory is comprised of the main island, and a strand of smaller islands which include Vieques, Culebra, and Mona. San Juan is the most populous city, and the official languages of Puerto Rico are Spanish and English.

The US acquired Puerto Rico after the Spanish-American War, under the Treaty of Paris. It became a US territory on April 11, 1899. Those who are born in the island-country are in effect, US citizens, allowing them to freely move from the mainland and the US. The territory isn’t considered a US state, so doesn’t have the right to vote in Presidential Elections.

US Congress governs Puerto Rico’s political system under the Puerto Rico Federal Relations Act of 1950. The country’s judicial system also mimics that of the US, with the Puerto Rico Supreme Court and a United States District Court being appointed for the territory.

The US territory has been hit by many natural disasters throughout its history, including the latest, Hurricane Maria, in 2017. The category 4 storm greatly impacted the local communities, damaging most homes on the islands, and as of November 2017, only ⅔ of the home’s in the islands, had electric power fully restored. Over $95 billion in damages resulted on the island following the major storm, with FEMA having received over 1 million requests for aid by the end of 2017.

The country is subject to the plenary powers of the US under the territorial clause of Article IV in the US Constitutions. Natural born citizens are also considered US Citizens, which is governed by the Jones-Shafroth Act of 1917. Several executive branches also have a strong presence in Puerto Rico, including the FBI, TSA, FEMA, SSA, and other agencies. The island-nation is also limited in its foreign relations under the Territorial Clause of the US Constitution.

Puerto Rico is classified as a high-income economy by the World Bank, however the island-nation currently has a total debt of over $72 billion. Manufacturing is a primary driver of the economy. Textiles, pharmaceuticals, the service industry, real estate, and tourism, are also strong contributors to the territory’s economy. As a US territory, foreign policy, restricting shipping and trading with other nations, is governed by the US.

Hurricane damage and relief funds, the economy, trade, travel, and foreign relations, are some of the different forms of news coverage visitors to the National Law Review will find, as it relates to Puerto Rico and the United States. Environmental and energy news, equal pay and labor and employment law concerns, government aid, insurance claims, and tax-related news coverage, are all topics the National Law Review covers.

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Nov
21
2016
ZPICs Terrorize, Close Hospices; CMS Blesses Approach Sheppard, Mullin, Richter & Hampton LLP
Jul
18
2014
Film Tax Incentives in Latin America Sheppard, Mullin, Richter & Hampton LLP
Sep
9
2022
Medical Technology Company President Convicted for Participation in $77 Million COVID-19 and Allergy Testing Scheme ArentFox Schiff LLP
Mar
30
2023
Bondholders Should Reevaluate Indenture Provisions in Light of PREPA Lien Challenge Decision ArentFox Schiff LLP
May
3
2017
A Territory in Uncharted Territory, the Commonwealth of Puerto Rico Files for Bankruptcy Protection Bracewell LLP
Oct
21
2014
IRS Permits Puerto Rico-Qualified Plans in U.S. Group Trusts, Extends Deadline for Certain Puerto Rico Spin-Offs McDermott Will & Emery
Oct
23
2014
Bankruptcy Courts Fail to Enlighten on Electricity as Goods or Services McDermott Will & Emery
Dec
28
2011
IRS Extends Transition Relief for Puerto Rico Qualified Plans to Participate in U.S. Group Trusts and Deadline to Transfer Assets McDermott Will & Emery
Mar
24
2012
Retirement Plans With Puerto Rico Employees Can File Form 5500 Rather than Puerto Rico Annual Return McDermott Will & Emery
Jul
15
2012
Puerto Rico Retirement Plans: Issues Employers Should Think About in 2012 McDermott Will & Emery
Jul
16
2013
Additional Time for Employers to Amend and File Puerto Rico Qualified Retirement Plans McDermott Will & Emery
Apr
11
2017
Puerto Rico Legislation May Require Changes to Retirement Plans McDermott Will & Emery
Aug
4
2014
Pension Benefit Guaranty Corporation (PBGC) Coverage May No Longer Apply to Puerto Rico- Only Qualified Retirement Plans McDermott Will & Emery
May
18
2015
Shipping Executive Acquitted of Antitrust Charge McDermott Will & Emery
Oct
1
2014
Tax Prepayment Window Closes on October 31, 2014, for Puerto Rico Retirement Plans McDermott Will & Emery
Jun
8
2020
Supreme Court Update: South Bay United Pentecostal Church v. Newsom (No. 19A1044), Financial Oversight and Management Bd. for Puerto Rico v. Aurelius Investment, LLC (No. 18-1334), GE Energy Power Conversion France SAS, Corp. v. Outokumpu Stainless USA Wiggin and Dana LLP
Jun
21
2018
Despite A ‘Near-Average’ Forecast, Hurricane Flooding May Increase Risk and Insurance Management Society, Inc. (RIMS)
Sep
28
2017
Jones Act Waiver Granted for Puerto Rico Risk and Insurance Management Society, Inc. (RIMS)
Aug
15
2018
Last Minute Extension, Discrimination & Due Process: Attorneys Fight for Victims of Hurricane Maria The National Law Review / The National Law Forum LLC
Mar
27
2020
Federal COVID-19 Emergency Paid Leave Rules Apply in Puerto Rico—But With Unique Tax Aspects Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Sep
18
2021
Puerto Rico Governor Issues Executive Orders Requiring COVID-19 Vaccinations Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Apr
3
2020
Puerto Rico Extends Due Dates for Retirement Plan Tax Reporting and Withholding Obligations Due to COVID-19 Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Oct
18
2017
Employers Helping Employees—Are Disaster Relief Payments and Loans Exempt From Puerto Rico Income Tax? Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Apr
7
2020
Puerto Rico Issues Rules on Coronavirus-Related Distributions From Qualified Retirement Plans Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Jan
26
2017
Puerto Rico Redesigns its Business Environment Through an Overhaul of its Employment Regime Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Nov
7
2017
Puerto Rico’s New Post-Hurricane Guidance: A How-To on Paying Exempt and Non-Exempt Workers Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Oct
6
2020
Puerto Rico–Qualified Retirement Plans: 2020 Year-End Amendments Deadline Coming Soon Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Oct
30
2020
Time to Vote: Employee and Employer Voting Leave Rights and Obligations for the 2020 Elections Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Feb
5
2024
Remote Workers in Puerto Rico Could Be Exempted From Puerto Rico’s Employment Laws Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Dec
4
2020
Global Solutions, Flash Briefing: Puerto Rico’s COVID-19 Reporting Requirement [PODCAST] Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Oct
28
2022
Puerto Rico Passes Law Requiring Employers to Implement Harassment Policies Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Jan
21
2021
Dealing With Missing Participants in Terminating Puerto Rico 401(k) Plans Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Feb
1
2021
Puerto Rico Government Plan-to-Private Plan Rollovers Allowed Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Mar
20
2017
Puerto Rico Equal Pay Act Aims to Close Gender Pay Gap Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
Jun
9
2020
Supreme Court Clears Bankruptcy Restructuring of Puerto Rico Government Pension Plans Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
 

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