One of the great benefits of Puerto Rico business is duty-free access to the United States. Established as a US Commonwealth in 1952, the relationship has led to extensive investment by US firms and the development of a diverse industrial sector. Today, Puerto Rico has one of the most dynamic economies in the Caribbean region, with a GDP per capita that earns it the standing of a “high income nation” by the World Bank. Officially, residents of Puerto Rico are US citizens, they are protected by US minimum wage laws, they pay Social Security, Medicare and Unemployment taxes, but generally do not pay federal income taxes (they pay their own income tax). Apart from industry, tourism is another important sector of the Puerto Rican economy, drawing millions of tourists annually – mostly from the US.