Bill filed to revoke Law 22 benefits when investors are found guilty of serious crimes

By John McPhaul

Rep. Jorge Navarro Suárez announced Tuesday that he has filed legislation in the island House of Representatives to amend Article 3 (b) of Law 22-2012, as amended, known as the “Law to Encourage the Transfer of Individual Investors to Puerto Rico” for the purpose of establishing as a cause for revocation of benefits in the case when an investor is found guilty of a serious crime in Puerto Rico.

The measure was filed after businessman Salil A. Zaveri allegedly shot and killed a dog on a golf course in Río Grande on Saturday.

As reported by the Star, Zaveri was brought before a judge on Sunday, who after hearing the evidence, determined cause in the case. Zaveri made bail and was released under electronic supervision. His passport and driver’s license were withheld.

A preliminary hearing in the case was scheduled for May 19.

Navarro Suárez said the measure guarantees that the beneficiaries of this type of tax decree do not think that they are above the law.

“The businessman Salil Zaveri shot a dog on a golf course in Río Grande. We are certainly acknowledging the presumption of innocence,” the lawmaker said in a written statement. “However, if he is found guilty of that serious crime, he must pay all the consequences, including the revocation of his tax decree (if he has one).”

“With this measure we are sending a clear and forceful message to all beneficiaries of Law 22-2012: In Puerto Rico we have law and order,” Navarro Suárez said. “So any beneficiary who commits a serious crime will have the tax decree revoked.”

According to the House bill, Law 22 was adopted to encourage individual investors to move to Puerto Rico. Through a decree, tax benefits are granted to those eligible under the law. However, there are causes to revoke the decrees.

Navarro Suárez added that “the people who benefit from these decrees must understand that they will be held accountable for their conduct when it violates our legal system.”

“No one is above the law,” he said.

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