>> Narrator: Live from San Juan, Puerto Rico, it's theCube Covering Blockchain Unbound, brought you to by Blockchain Industries

(upbeat Latin Music) >> Hello everyone welcome back to our our exclusive coverage, theCube in Puerto Rico for the big story about Blockchain UnBound That's the event it's a global conference from investors, bitcoin billionaires and millionaires, as well as entrepreneurs coming to Puerto Rico to discuss the future of Blockchain, the future cryptocurrency, the future of decentral application Partnering with the island of Puerto Rico, our next guest is Damarius Riviera with Puerto Rico Advantage And the big story is a lot of people are moving here for either tax advantages or entrepreneurial reasons and Damarius and her team at the Puerto Rico Advantage help set that up Damarius, welcome to theCube

>> Hola, how are you? >> Thanks for coming on >> Thanks >> One of the big rush here is like a gold rush for folks coming in, moving to Puerto Rico but it's hard You guys provide a service to do that for folks How fast is it, how does it work? How does the service work? Okay, we're Puerto Rico Advantage came together as me, I'm a local from Puerto Rico and my partners are American from Wisconsin

They're both Act 20 and Act 22 themselves So when they got here to the island, they took like seven months to find out the opportunity analysis and if the tax incentives work for them So when they met me, I worked previously in the government before so I know how all of this works and I said let's come with one business that will be a one stop for each client So when they come to us they get their grants, plus the relocation services for their business and themselves >> Certainly the incentives right now are really wonderful for business and folks who are building companies and creating wealth

The tax advantages are here There's been a surge of people coming here What's it like? What's, how many people are coming through? Was it a lot of volume? You guys busy? Give us some insight into how it's working >> Yes, a lot of people are coming They're moving real estate pretty much in San Juan area

It's gone, so the other places like Dorado and Rincon are packed When I go to the supermarket, everywhere I go it's full of American and people from upstate And when you ask them where you're from and they will tell you from Puerto Rico They're already calling themselves Puerto Rican So it's very exciting and a great opportunity for us

>> One of the things I've been impressed with is the acceptance and the blending of the island folks and people coming in Take me through an example Let's just say hypothetically, hypothetically, I wanted to move to Puerto Rico, what do I do? I call you guys up and say hey get me a flat, get me a house I need security I need a car Do I need a driver's license? Do I need insurance, I mean what has to happen? Take me through and how do I, and what happens for me? Is it turn key, is it easy? What do you guys do? What do I have to do? Take me through a use case

>> Okay, first when the client calls, if it's interested in Act 20 business, they will tell a little bit about their business and then we can say if their business qualified Then, we will take them to the CBA and work everything about the grant It usually takes two week depending on all the info the client gives us and the quickly and I will manage everything in the government agencies For the residential part, we schedule their meetings when they have kids to the great private schools here We help them with the real estate, driver's license

They do need driver's licenses I take them to get their voters ID, everything We have like a draft, a checklist, with everything they need to qualify for residence, a Puerto Rico resident And we take them, we make the process very easy for them >> So they write a big check to you guys, for the service, but you guide them through the entire process? >> Yes, we do

>> So, for individuals, you can do it for individuals and businesses and individuals right? >> Yes >> Take me through the scenarios >> For individuals it will be the basic Act 22 So, that one is very simple and we just tell them what they need to do to comply with the 183 days they need to reside here in Puerto Rico to get the benefits for the grants tax incentives >> So, take me through the business aspect

>> Oh, the business aspect is also very easy As long as your company gives an export service, it qualifies So, we even do the, if they need to hire staff, manage their business, everything We help them with everything >> And you guys see a lot of business coming from, people that were going to go to the Cayman Islands, or somewhere else, are they coming here? >> Yes, everybody likes because they feel Puerto Rico is part of the United States, but then we don't pay federal taxes so they have that great benefit, so they're moving a lot of the companies here

>> So since the Hurricane obviously there's been a lot of effort in the US and focusing attention on helping Puerto Rico, and there's been stories good and bad, but as the new Blockchain and the Bitcoin cryptocurrency newly minted millionaires and billionaires come in, how has the culture reacted to that? They seem to be open arms Has it been well received? What's some of the feedback that's been happening here in Puero Rico with the new in migration of folks? >> Yes, it's very well received and it's amazing because this group of the Blockchain just came after Hurricane Maria So people were amazed like, wow, they're still considering moving here and help the island, even after this big natural disaster

So, it gives hope to a lot of people here and it's helping the island to do a lot of more progress >> And what's great is the island is first of all beautiful but, with the infrastructure, opportunity to reboot it and reset new infrastructure, all the tech geeks, this is Blockchain, they're like tech nerds They love the high-speed internet, they want to have the good infrastructure and the schools have now connected Blockchain I talked to an entrepreneur here two days ago where he's linking all the schools, educational institutions and colleges with Blockchain to create a community So there's kind of a nerd nation emerging here in Puerto Rico, isn't there? >> Yes, yes, it's amazing that we've been considered for all of that

>> Well thank you for coming on and explaining The Puerto Rican Advantage Also, her partners are Jennifer Brockman and Angela Brookman You guys are doing a great service Thank you for what you do I think a lot of people that I've talked to really appreciated it

For folks who want to come to Puerto Rico and help out and contribute but also get some real advantages for the business and as an individual The tax breaks and the benefits are significant here and it's part of the US So, great stuff Thank you so much

>> Yes, thank you a lot >> More live coverage here in Puerto Rico I'm John Furrier, host of theCube We're back after this short break (electronic music)