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Puerto Rico govt seeks to lure wealthy investors

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FILE - In this Nov. 23, 2011 file photo, tourists look out from the pier near the cruise ship terminal in Old San Juan, Puerto Rico. The Caribbean country is launching a two-day summit starting Thursday, April 24, 2014 to lure wealthy investors to the U.S. territory as it struggles to emerge from a nearly eight-year recession. (AP Photo/Ricardo Arduengo, File)

FILE – In this Nov. 23, 2011 file photo, tourists look out from the pier near the cruise ship terminal in Old San Juan, Puerto Rico. The Caribbean country is launching a two-day summit starting Thursday, April 24, 2014 to lure wealthy investors to the U.S. territory as it struggles to emerge from a nearly eight-year recession. (AP Photo/Ricardo Arduengo, File)

SAN JUAN, Puerto Rico — Puerto Rico is launching a two-day summit to lure wealthy investors to the U.S. territory as it struggles to emerge from a nearly eight-year recession.

The summit began Thursday and features speakers including hedge fund billionaire John Paulson. His New York-based firm Paulson & Co. is investing $260 million in two upscale, beachfront hotels in the capital of San Juan.

Paulson’s company and Puerto Rico’s Department of Economic Development & Commerce helped organize the summit. About 200 business executives are attending, the majority from the U.S.

The summit highlights reasons why Puerto Rico would be a good place for investors, including a law that allows new residents to avoid taxes on capital gains, the main revenue source for many high-end investors.

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