The Society of Trust and Estate Practitioners (STEP) has developed a white paper ahead of its upcoming first Puerto Rico Annual Summit that proposes a strategic roadmap to develop Puerto Rico into a globally oriented fiduciary services powerhouse.

According to STEP, Puerto Rico could leverage its growing population of high-net-worth individuals, including individual resident investors under Act 60 and local family business owners. The report estimates that Act 60 resident investors alone could represent between $11 billion and $12 billion in addressable trust assets under a conservative scenario, rising to between $14 billion and $21 billion under a moderate scenario through 2030.

That potential market could help establish a high-value professional services sector in Puerto Rico that could support between $5 billion and $15 billion in administered trust assets and generate between 350 and 1,000 combined direct and indirect jobs during its first three years, according to STEP’s estimates. Annual payroll could reach $40 million, while the sector’s annual contribution to gross domestic product (GDP) could range from $25 million to $75 million.

Beyond Act 60 investors, STEP’s analysis includes the approximately 300 sizable local family-owned businesses generating at least $5 million in annual revenue for whom succession planning remains a challenge. STEP argues that modern trust structures could help local families preserve wealth, plan business transitions and maintain continuity across generations.

Realizing this opportunity, however, will require a coordinated effort to modernize Puerto Rico’s trust laws, strengthen its regulatory capacity and establish a legal framework capable of attracting local and international fiduciary business.

STEP Puerto Rico, the local chapter of the global professional organization, will hold its inaugural annual summit on November 10 at the Puerto Rico Museum of Art. The event will bring together legal, tax, fiduciary, family-office and wealth-planning professionals from Puerto Rico, the mainland United States, Latin America, the Caribbean and Europe.

Emma Lovell, chief executive officer of STEP Worldwide, will participate in the summit and in separate meetings with government officials, regulators and economic development leaders. The meetings are intended to encourage dialogue between the international fiduciary profession and Puerto Rico’s public sector on the island’s legal framework and competitiveness, according to a press release issued by STEP.

STEP Puerto Rico is part of a global network of more than 23,000 professionals working in trusts, estates, taxation, succession planning, family governance, and fiduciary administration across more than 100 jurisdictions.

The summit is intended to assess the local market and advance discussions about positioning Puerto Rico as an international fiduciary-services center, capable of competing with established markets such as the Cayman Islands and the U.S. state of Nevada.

“STEP is a transparency filter,” said Raúl Markos, chair of the STEP Puerto Rico branch. He also cited the global organization’s role in ensuring best practices around the world and advising in the development of laws in such jurisdictions as Bermuda.

Hugo Córdova, co-founder of STEP Puerto Rico, said establishing a sound legal and regulatory foundation should be a priority for local authorities, including the Office of the Commissioner of Financial Institutions (OCIF). He mentioned Law 153 of July 30, 2026, sponsored by Sen. Ángel Toledo, which amended provisions of Puerto Rico’s Trusts Act to expressly incorporate the revocable trust, update references to the 2020 Civil Code, and establish joint and several liability for trustees, among other objectives. While the measure provides a foundation for developing the sector, additional reforms are needed to establish a comprehensive framework for trust administration and fiduciary services, according to Córdova.

STEP’s white paper recommends creating a dedicated fiduciary services chapter within Act 60, alongside a comprehensive modernization of the Trust Companies Act of 1928 and targeted amendments to the Trusts Act. The proposed framework would establish a coordinated approach to licensing, supervision, regulatory reciprocity, workforce development and industry promotion, positioning fiduciary services as a sector within Puerto Rico’s economic-development strategy.

The white paper proposes a phased implementation plan starting in 2027. During the first year, STEP recommends enacting reforms, building OCIF’s regulatory capacity, and initiating engagement with federal tax authorities. In years two and three, the proposed agenda would expand to asset protection provisions, trust duration, confidentiality, private trust companies, regulatory reciprocity, and special-purpose trustees. OCIF would also start implementing regulations and accepting applications.

In years four and five and beyond, the plan envisions developing an internationally oriented framework for administering trusts governed by foreign jurisdictions, expanding the professional workforce, and promoting Puerto Rico to Act 60 residents, local business families, family offices, and prospective clients in Latin America.

The white paper projects that within 15 years, the industry could potentially administer between $200 billion and $400 billion in trust assets, support between 10,000 and 19,000 direct and indirect jobs, generate an annual payroll of $720 million to $1.2 billion, and contribute between $1 billion and $2.5 billion annually to Puerto Rico’s GDP.

The report’s proposed strategy poses the question of whether Puerto Rico can establish the legal and institutional conditions necessary to retain fiduciary activity generated by the island’s residents, families and businesses, rather than having that activity administered elsewhere.

For information about the summit and registration, visit STEP Puerto Rico Summit.