This form is an Asset Purchase Agreement. The seller agrees to sell to the buyer certain assets which are listed in the agreement. The form also provides that the buyer will not be responsible for any unfilled orders from the customers of the seller.
Puerto Rico Asset Purchase Agreement - More Complex
Category:
State:
Multi-State
Control #:
US-00419
Format:
Word;
Rich Text
Instant download
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FAQ
It has also struggled under a large public debt in recent years, totaling about $70 billion?or 68 percent of gross domestic product (GDP)?in 2020. Puerto Rico's downward spiral has been compounded by natural disasters, government mismanagement and corruption, and the COVID-19 pandemic.
The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a U.S. federal law enacted in 2016 that established a financial oversight board, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects in order to combat the Puerto Rican government-debt ...
More than eight years after the Puerto Rico Electric Power Authority stopped paying its bonds and with most other Puerto Rico municipal issuers having since restructured their bonds, eight Puerto Rico bonds continue to pay in full and on time.
The Bottom Line. Buying real estate in Puerto Rico offers a number of investment perks for Americans, including flexible finance possibilities, zero immigration concerns, and the potential for tax breaks.
They are issued under resolutions adopted by COFINA's board of directors will be payable from and secured by a security interest created by the Resolution in a specified portion of the Puerto Rico Sales and Use Tax ("Pledged Sales Tax").
What is PROMESA? The Puerto Rico Oversight, Management, and Economic Stability Act, (PROMESA) was signed into law by President Barack Obama on June 30, 2016, to allow Puerto Rico to restructure its debt and achieve fiscal responsibility.
There are no restrictions on foreign buyers acquiring real estate in Puerto Rico. Title can be acquired fee simple (pleno dominio) and property can be purchased in the name of an individual or a corporation.
In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which created the Puerto Rico Financial Oversight and Management Board to restructure the Commonwealth's unsustainable burden of more than $72 billion in debt and more than $55 billion in unfunded pension liabilities.
The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to "junk status" after the government was unable to demonstrate that it could pay its debt. The downgrading, in turn, prevented the government from selling more bonds in the open market.