{
  "name": "ProLatam Latin American City Investment Index 2026",
  "version": "2026.4",
  "updated": "2026-09-04",
  "publisher": "Pro Latam",
  "url": "https://invest.pro-latam.org",
  "license": {
    "name": "CC BY 4.0",
    "url": "https://creativecommons.org/licenses/by/4.0/"
  },
  "citation": "Pro Latam. (2026). ProLatam Latin American City Investment Index 2026 (Version 2026.4) [Data set]. https://invest.pro-latam.org",
  "note": "A null means the source does not cover that city. It never means zero.",
  "weights": {
    "dataIndex": {
      "growth": 15,
      "ruleOfLaw": 15,
      "safety": 15,
      "talent": 13,
      "tax": 13,
      "infrastructure": 10,
      "innovation": 10,
      "english": 9
    },
    "prolatamScore": {
      "safety": 17,
      "ruleOfLaw": 15,
      "tax": 15,
      "talent": 15,
      "innovation": 13,
      "english": 10,
      "infrastructure": 9,
      "growth": 6
    }
  },
  "pillars": [
    {
      "key": "growth",
      "label": "Economic Dynamism",
      "normalization": "Average real GDP growth 2025 to 2026. -2% maps to 0, +6% maps to 100.",
      "source": {
        "id": "imf",
        "name": "World Economic Outlook",
        "publisher": "International Monetary Fund",
        "edition": "April 2026",
        "url": "https://www.imf.org/en/Publications/WEO",
        "level": "national",
        "scale": "Real GDP growth, %"
      }
    },
    {
      "key": "ruleOfLaw",
      "label": "Rule of Law",
      "normalization": "WJP overall score (0 to 1) multiplied by 100.",
      "source": {
        "id": "wjp",
        "name": "Rule of Law Index",
        "publisher": "World Justice Project",
        "edition": "2025",
        "url": "https://worldjusticeproject.org/rule-of-law-index/",
        "level": "national",
        "scale": "0 to 1"
      }
    },
    {
      "key": "safety",
      "label": "Safety",
      "normalization": "Numbeo Safety Index for the city, used directly (0 to 100).",
      "source": {
        "id": "numbeo",
        "name": "Safety Index",
        "publisher": "Numbeo",
        "edition": "2026 Mid-Year",
        "url": "https://www.numbeo.com/crime/",
        "level": "city",
        "scale": "0 to 100, crowd-sourced"
      }
    },
    {
      "key": "talent",
      "label": "Talent",
      "normalization": "INSEAD GTCI overall score, used directly (0 to 100).",
      "source": {
        "id": "gtci",
        "name": "Global Talent Competitiveness Index",
        "publisher": "INSEAD and Portulans Institute",
        "edition": "2025",
        "url": "https://www.insead.edu/global-talent-competitiveness-index",
        "level": "national",
        "scale": "0 to 100"
      }
    },
    {
      "key": "tax",
      "label": "Tax Competitiveness",
      "normalization": "Two parts. 70%: total tax on profit repatriated to a foreign shareholder (corporate tax plus dividend withholding), where 25% maps to 100 and 50% to 0. 30%: hours per year to comply, where 100 maps to 100 and 1,000 to 0.",
      "source": {
        "id": "pwc",
        "name": "Worldwide Tax Summaries",
        "publisher": "PwC",
        "edition": "reviewed 2026",
        "url": "https://taxsummaries.pwc.com/",
        "level": "national",
        "scale": "Statutory rates, %"
      }
    },
    {
      "key": "english",
      "label": "English Proficiency",
      "normalization": "EF EPI city score (1 to 800) rescaled: 400 maps to 0 and 650 to 100. EF band cutoffs fall at High 550, Moderate 500, Low 450.",
      "source": {
        "id": "ef",
        "name": "English Proficiency Index",
        "publisher": "EF Education First",
        "edition": "2025 (15th edition)",
        "url": "https://www.ef.com/wwen/epi/",
        "level": "city",
        "scale": "1 to 800"
      }
    },
    {
      "key": "infrastructure",
      "label": "Infrastructure",
      "normalization": "World Bank LPI (1 to 5) rescaled: (score - 1) / 4 x 100.",
      "source": {
        "id": "lpi",
        "name": "Logistics Performance Index",
        "publisher": "World Bank",
        "edition": "2023",
        "url": "https://lpi.worldbank.org/",
        "level": "national",
        "scale": "1 to 5"
      }
    },
    {
      "key": "innovation",
      "label": "Innovation",
      "normalization": "StartupBlink global city rank on a log scale: rank 1 = 100, rank 10 = 67, rank 100 = 33, rank 1,000 and beyond = 0.",
      "source": {
        "id": "startupblink",
        "name": "Global Startup Ecosystem Index",
        "publisher": "StartupBlink",
        "edition": "2025",
        "url": "https://www.startupblink.com/startup-ecosystem-report",
        "level": "city",
        "scale": "Global city rank, 1 to 1,000"
      }
    }
  ],
  "sources": [
    {
      "id": "imf",
      "name": "World Economic Outlook",
      "publisher": "International Monetary Fund",
      "edition": "April 2026",
      "url": "https://www.imf.org/en/Publications/WEO",
      "level": "national",
      "scale": "Real GDP growth, %"
    },
    {
      "id": "eclac",
      "name": "Foreign Direct Investment in Latin America and the Caribbean",
      "publisher": "ECLAC (UN)",
      "edition": "2026 (2025 data)",
      "url": "https://www.cepal.org/en/publications/90155-foreign-direct-investment-latin-america-and-caribbean-2026-navigating-new-global",
      "level": "national",
      "scale": "FDI inflows, USD"
    },
    {
      "id": "wjp",
      "name": "Rule of Law Index",
      "publisher": "World Justice Project",
      "edition": "2025",
      "url": "https://worldjusticeproject.org/rule-of-law-index/",
      "level": "national",
      "scale": "0 to 1"
    },
    {
      "id": "numbeo",
      "name": "Safety Index",
      "publisher": "Numbeo",
      "edition": "2026 Mid-Year",
      "url": "https://www.numbeo.com/crime/",
      "level": "city",
      "scale": "0 to 100, crowd-sourced"
    },
    {
      "id": "gtci",
      "name": "Global Talent Competitiveness Index",
      "publisher": "INSEAD and Portulans Institute",
      "edition": "2025",
      "url": "https://www.insead.edu/global-talent-competitiveness-index",
      "level": "national",
      "scale": "0 to 100"
    },
    {
      "id": "lpi",
      "name": "Logistics Performance Index",
      "publisher": "World Bank",
      "edition": "2023",
      "url": "https://lpi.worldbank.org/",
      "level": "national",
      "scale": "1 to 5"
    },
    {
      "id": "sp",
      "name": "Sovereign credit rating",
      "publisher": "S&P Global Ratings",
      "edition": "as of September 2026",
      "url": "https://www.spglobal.com/ratings/",
      "level": "national",
      "scale": "Long-term foreign currency"
    },
    {
      "id": "pwc",
      "name": "Worldwide Tax Summaries",
      "publisher": "PwC",
      "edition": "reviewed 2026",
      "url": "https://taxsummaries.pwc.com/",
      "level": "national",
      "scale": "Statutory rates, %"
    },
    {
      "id": "dbtax",
      "name": "Doing Business, Paying Taxes",
      "publisher": "World Bank (discontinued series)",
      "edition": "2020 edition, 2018 data",
      "url": "https://archive.doingbusiness.org/en/methodology/paying-taxes",
      "level": "national",
      "scale": "Compliance hours per year"
    },
    {
      "id": "ef",
      "name": "English Proficiency Index",
      "publisher": "EF Education First",
      "edition": "2025 (15th edition)",
      "url": "https://www.ef.com/wwen/epi/",
      "level": "city",
      "scale": "1 to 800"
    },
    {
      "id": "startupblink",
      "name": "Global Startup Ecosystem Index",
      "publisher": "StartupBlink",
      "edition": "2025",
      "url": "https://www.startupblink.com/startup-ecosystem-report",
      "level": "city",
      "scale": "Global city rank, 1 to 1,000"
    },
    {
      "id": "whr",
      "name": "World Happiness Report",
      "publisher": "Wellbeing Research Centre, University of Oxford",
      "edition": "2026",
      "url": "https://worldhappiness.report/",
      "level": "national",
      "scale": "Life evaluation, 0 to 10"
    },
    {
      "id": "population",
      "name": "Metropolitan population",
      "publisher": "United Nations, World Urbanization Prospects",
      "edition": "2025 revision (mid-2025)",
      "url": "https://population.un.org/wup/",
      "level": "city",
      "scale": "Millions, urban centre (Degree of Urbanisation)"
    }
  ],
  "ruleOfLawTrend": {
    "note": "The only pillar with a comparable five-year series. This is one pillar of eight, not a history of the index: six of the other seven have no comparable series, so no five-year index history is published.",
    "years": [
      2021,
      2022,
      2023,
      2024,
      2025
    ],
    "source": {
      "publisher": "World Justice Project",
      "name": "WJP Rule of Law Index, historical data file (2025 edition)",
      "url": "https://worldjusticeproject.org/rule-of-law-index/downloads/2025_wjp_rule_of_law_index_HISTORICAL_DATA_FILE.xlsx",
      "scale": "Overall score, 0 to 1. Higher is better."
    },
    "byCountry": {
      "Brazil": {
        "y2021": 0.5,
        "y2022": 0.494,
        "y2023": 0.49,
        "y2024": 0.497,
        "y2025": 0.503,
        "change2021to2025": 0.003,
        "trend": "flat"
      },
      "Panama": {
        "y2021": 0.518,
        "y2022": 0.517,
        "y2023": 0.514,
        "y2024": 0.518,
        "y2025": 0.519,
        "change2021to2025": 0.001,
        "trend": "flat"
      },
      "Costa Rica": {
        "y2021": 0.677,
        "y2022": 0.682,
        "y2023": 0.682,
        "y2024": 0.676,
        "y2025": 0.676,
        "change2021to2025": -0.001,
        "trend": "flat"
      },
      "Venezuela": {
        "y2021": 0.265,
        "y2022": 0.261,
        "y2023": 0.264,
        "y2024": 0.261,
        "y2025": 0.26,
        "change2021to2025": -0.005,
        "trend": "declined"
      },
      "Chile": {
        "y2021": 0.664,
        "y2022": 0.663,
        "y2023": 0.662,
        "y2024": 0.657,
        "y2025": 0.655,
        "change2021to2025": -0.009,
        "trend": "declined"
      },
      "Peru": {
        "y2021": 0.489,
        "y2022": 0.485,
        "y2023": 0.486,
        "y2024": 0.482,
        "y2025": 0.477,
        "change2021to2025": -0.012,
        "trend": "declined"
      },
      "Colombia": {
        "y2021": 0.489,
        "y2022": 0.484,
        "y2023": 0.482,
        "y2024": 0.481,
        "y2025": 0.472,
        "change2021to2025": -0.017,
        "trend": "declined"
      },
      "Argentina": {
        "y2021": 0.558,
        "y2022": 0.549,
        "y2023": 0.546,
        "y2024": 0.546,
        "y2025": 0.54,
        "change2021to2025": -0.018,
        "trend": "declined"
      },
      "Mexico": {
        "y2021": 0.428,
        "y2022": 0.423,
        "y2023": 0.417,
        "y2024": 0.415,
        "y2025": 0.403,
        "change2021to2025": -0.025,
        "trend": "declined"
      },
      "El Salvador": {
        "y2021": 0.477,
        "y2022": 0.458,
        "y2023": 0.446,
        "y2024": 0.432,
        "y2025": 0.42,
        "change2021to2025": -0.057,
        "trend": "declined"
      }
    }
  },
  "cities": [
    {
      "id": "san-jose",
      "name": "San José",
      "country": "Costa Rica",
      "dataRank": 1,
      "dataIndex": 53.37,
      "prolatamRank": 2,
      "prolatamScore": 50.03,
      "coverage": 100,
      "pillars": {
        "growth": 76.3,
        "ruleOfLaw": 67.6,
        "safety": 44.1,
        "talent": 51.2,
        "tax": 54.9,
        "english": 58.4,
        "infrastructure": 47.5,
        "innovation": 13.7
      },
      "tax": {
        "cit": 30,
        "dividendWht": 15,
        "repatriationBurden": 40.5,
        "complianceHours": 151,
        "basis": "territorial",
        "note": "Territorial, with a carve-out for passive foreign income of non-qualified multinational entities. Free Trade Zone regime exempts income tax, VAT, import duties and withholding on payments abroad. Lowest compliance burden of the 13 cities at 151 hours a year."
      },
      "indicators": {
        "ruleOfLaw": 0.676,
        "ruleOfLawRank": 28,
        "safety": 44.06,
        "talent": 51.22,
        "logistics": 2.9,
        "english": 546,
        "startupRank": 388,
        "happiness": 7.439,
        "gdpGrowth": {
          "y2021": 8.2,
          "y2022": 5.5,
          "y2023": 4.8,
          "y2024": 4.1,
          "y2025": 4.6,
          "y2026": 3.6,
          "y2027": 3.6
        },
        "gdpUsdBn": 102.902,
        "fdiInflowsUsdMn": 5121.8,
        "sovereign": {
          "sp": "BB",
          "outlook": "Stable",
          "moodys": "Ba2",
          "fitch": "BB"
        },
        "populationMetro": 2.171
      }
    },
    {
      "id": "buenos-aires",
      "name": "Buenos Aires",
      "country": "Argentina",
      "dataRank": 2,
      "dataIndex": 52.82,
      "prolatamRank": 1,
      "prolatamScore": 50.25,
      "coverage": 100,
      "pillars": {
        "growth": 74.4,
        "ruleOfLaw": 54,
        "safety": 37.1,
        "talent": 47.6,
        "tax": 52.1,
        "english": 77.6,
        "infrastructure": 45,
        "innovation": 35.5
      },
      "tax": {
        "cit": 35,
        "dividendWht": 7,
        "repatriationBurden": 39.6,
        "complianceHours": 311.5,
        "basis": "worldwide",
        "note": "Headline burden is misleading in both directions. Turnover and financial transaction taxes pushed the total tax and contribution rate to 106.3% of commercial profit in the last Paying Taxes measurement. Against that, the RIGI large-investment regime caps corporate tax at 25% with 7% on dividends falling to 3.5%, plus 30 years of tax, customs and currency stability; the adhesion window runs to July 2027 and the entry floor is USD 200m."
      },
      "indicators": {
        "ruleOfLaw": 0.54,
        "ruleOfLawRank": 65,
        "safety": 37.1,
        "talent": 47.59,
        "logistics": 2.8,
        "english": 594,
        "startupRank": 86,
        "happiness": 6.43,
        "gdpGrowth": {
          "y2021": 10.4,
          "y2022": 6,
          "y2023": -1.9,
          "y2024": -1.3,
          "y2025": 4.4,
          "y2026": 3.5,
          "y2027": 4
        },
        "gdpUsdBn": 681.485,
        "fdiInflowsUsdMn": 3134,
        "sovereign": {
          "sp": "B-",
          "outlook": "Stable",
          "moodys": "B3",
          "fitch": "B-"
        },
        "populationMetro": 14.018
      }
    },
    {
      "id": "panama-city",
      "name": "Panama City",
      "country": "Panama",
      "dataRank": 3,
      "dataIndex": 51.5,
      "prolatamRank": 4,
      "prolatamScore": 48.17,
      "coverage": 100,
      "pillars": {
        "growth": 76.3,
        "ruleOfLaw": 51.9,
        "safety": 53.5,
        "talent": 41.2,
        "tax": 68.7,
        "english": 36.8,
        "infrastructure": 52.5,
        "innovation": 14
      },
      "tax": {
        "cit": 25,
        "dividendWht": 10,
        "repatriationBurden": 32.5,
        "complianceHours": 408,
        "basis": "territorial",
        "note": "Territorial: income produced outside Panama is not taxed, and the SEM regional headquarters regime adds further relief. The cost is compliance: 36 payments and 408 hours a year, which ranked Panama 176th of 190 on Paying Taxes. A 4.67% alternative minimum on gross income applies above USD 1.5m."
      },
      "indicators": {
        "ruleOfLaw": 0.519,
        "ruleOfLawRank": 73,
        "safety": 53.53,
        "talent": 41.15,
        "logistics": 3.1,
        "english": 492,
        "startupRank": 381,
        "happiness": 6.547,
        "gdpGrowth": {
          "y2021": 16.5,
          "y2022": 11,
          "y2023": 7.2,
          "y2024": 2.7,
          "y2025": 4.4,
          "y2026": 3.8,
          "y2027": 4.5
        },
        "gdpUsdBn": 90.463,
        "fdiInflowsUsdMn": 905,
        "sovereign": {
          "sp": "BBB-",
          "outlook": "Stable",
          "moodys": "Baa3",
          "fitch": "BB+"
        },
        "populationMetro": 1.527
      }
    },
    {
      "id": "santiago",
      "name": "Santiago",
      "country": "Chile",
      "dataRank": 4,
      "dataIndex": 50.51,
      "prolatamRank": 3,
      "prolatamScore": 49.52,
      "coverage": 100,
      "pillars": {
        "growth": 54.4,
        "ruleOfLaw": 65.5,
        "safety": 35.9,
        "talent": 52.7,
        "tax": 39,
        "english": 71.2,
        "infrastructure": 50,
        "innovation": 38.1
      },
      "tax": {
        "cit": 27,
        "dividendWht": 35,
        "repatriationBurden": 44.45,
        "complianceHours": 296,
        "basis": "worldwide",
        "note": "The 27% headline rate understates the real cost. Under the partially integrated system only 65% of the corporate tax credits against the 35% additional tax, so a non-treaty foreign shareholder bears 44.45% on distributed profit; 35% with a treaty or under the SME regime."
      },
      "indicators": {
        "ruleOfLaw": 0.655,
        "ruleOfLawRank": 35,
        "safety": 35.89,
        "talent": 52.66,
        "logistics": 3,
        "english": 578,
        "startupRank": 72,
        "happiness": 6.302,
        "gdpGrowth": {
          "y2021": 11.3,
          "y2022": 2.2,
          "y2023": 0.5,
          "y2024": 2.6,
          "y2025": 2.3,
          "y2026": 2.4,
          "y2027": 2.6
        },
        "gdpUsdBn": 355.346,
        "fdiInflowsUsdMn": 14152,
        "sovereign": {
          "sp": "A",
          "outlook": "Stable",
          "moodys": "A2",
          "fitch": "A-"
        },
        "populationMetro": 6.726
      }
    },
    {
      "id": "lima",
      "name": "Lima",
      "country": "Peru",
      "dataRank": 5,
      "dataIndex": 49.1,
      "prolatamRank": 5,
      "prolatamScore": 47.09,
      "coverage": 100,
      "pillars": {
        "growth": 63.7,
        "ruleOfLaw": 47.7,
        "safety": 29.8,
        "talent": 43,
        "tax": 72.3,
        "english": 62,
        "infrastructure": 50,
        "innovation": 23.5
      },
      "tax": {
        "cit": 29.5,
        "dividendWht": 5,
        "repatriationBurden": 33,
        "complianceHours": 260,
        "basis": "worldwide",
        "note": "Low dividend withholding at 5%. Mining stability agreements lock the rate for 10 to 15 years, the Ilo, Matarani and Paita special economic zones are exempt from income tax and VAT until 2042, and the agricultural regime pays 15% through 2035."
      },
      "indicators": {
        "ruleOfLaw": 0.477,
        "ruleOfLawRank": 93,
        "safety": 29.82,
        "talent": 43.04,
        "logistics": 3,
        "english": 555,
        "startupRank": 197,
        "happiness": 5.974,
        "gdpGrowth": {
          "y2021": 13.4,
          "y2022": 2.8,
          "y2023": -0.4,
          "y2024": 3.5,
          "y2025": 3.4,
          "y2026": 2.8,
          "y2027": 2.8
        },
        "gdpUsdBn": 341.025,
        "fdiInflowsUsdMn": 11794,
        "sovereign": {
          "sp": "BBB-",
          "outlook": "Stable",
          "moodys": "Baa1",
          "fitch": "BBB"
        },
        "populationMetro": 10.58
      }
    },
    {
      "id": "san-salvador",
      "name": "San Salvador",
      "country": "El Salvador",
      "dataRank": 6,
      "dataIndex": 48.95,
      "prolatamRank": 6,
      "prolatamScore": 46.56,
      "coverage": 100,
      "pillars": {
        "growth": 68.8,
        "ruleOfLaw": 42,
        "safety": 46.5,
        "talent": 36.7,
        "tax": 73.9,
        "english": 55.2,
        "infrastructure": 42.5,
        "innovation": 17.6
      },
      "tax": {
        "cit": 30,
        "dividendWht": 5,
        "repatriationBurden": 33.5,
        "complianceHours": 168,
        "basis": "territorial",
        "note": "Territorial: foreign-source income is not taxed. Free Zone Law exempts income tax, VAT and import duties, and the 2023 Technology and Manufacturing Innovation Law grants a 15-year income tax exemption."
      },
      "indicators": {
        "ruleOfLaw": 0.42,
        "ruleOfLawRank": 114,
        "safety": 46.46,
        "talent": 36.71,
        "logistics": 2.7,
        "english": 538,
        "startupRank": 297,
        "happiness": 6.578,
        "gdpGrowth": {
          "y2021": 11.9,
          "y2022": 3,
          "y2023": 3.5,
          "y2024": 2.6,
          "y2025": 3.7,
          "y2026": 3.3,
          "y2027": 3
        },
        "gdpUsdBn": 37.268,
        "fdiInflowsUsdMn": 474.83,
        "sovereign": {
          "sp": "B-",
          "outlook": "Stable",
          "moodys": "B3",
          "fitch": "B-"
        },
        "populationMetro": 1.615
      }
    },
    {
      "id": "monterrey",
      "name": "Monterrey",
      "country": "Mexico",
      "dataRank": 7,
      "dataIndex": 45.25,
      "prolatamRank": 7,
      "prolatamScore": 45.67,
      "coverage": 100,
      "pillars": {
        "growth": 38.8,
        "ruleOfLaw": 40.3,
        "safety": 52.3,
        "talent": 43.7,
        "tax": 61.7,
        "english": 52.8,
        "infrastructure": 47.5,
        "innovation": 23.4
      },
      "tax": {
        "cit": 30,
        "dividendWht": 10,
        "repatriationBurden": 37,
        "complianceHours": 240.5,
        "basis": "worldwide",
        "note": "The 2025 Plan Mexico decree allows immediate deduction of 35% to 91% on new fixed assets and a 30% R&D credit. IMMEX waives duties on temporarily imported inputs that are re-exported."
      },
      "indicators": {
        "ruleOfLaw": 0.403,
        "ruleOfLawRank": 121,
        "safety": 52.32,
        "talent": 43.67,
        "logistics": 2.9,
        "english": 532,
        "startupRank": 198,
        "happiness": 6.972,
        "gdpGrowth": {
          "y2021": 6,
          "y2022": 3.7,
          "y2023": 3.1,
          "y2024": 1.4,
          "y2025": 0.6,
          "y2026": 1.6,
          "y2027": 2.2
        },
        "gdpUsdBn": 1832.641,
        "fdiInflowsUsdMn": 43221,
        "sovereign": {
          "sp": "BBB",
          "outlook": "Negative",
          "moodys": "Baa3",
          "fitch": "BBB-"
        },
        "populationMetro": 3.938
      }
    },
    {
      "id": "sao-paulo",
      "name": "São Paulo",
      "country": "Brazil",
      "dataRank": 8,
      "dataIndex": 44.06,
      "prolatamRank": 8,
      "prolatamScore": 43,
      "coverage": 100,
      "pillars": {
        "growth": 51.2,
        "ruleOfLaw": 50.3,
        "safety": 30.3,
        "talent": 44,
        "tax": 26.3,
        "english": 47.2,
        "infrastructure": 55,
        "innovation": 54
      },
      "tax": {
        "cit": 34,
        "dividendWht": 10,
        "repatriationBurden": 40.6,
        "complianceHours": 1501,
        "basis": "worldwide",
        "note": "34% is IRPJ 15% plus a 10% surtax plus CSLL 9%. Dividends became taxable on 1 January 2026 at 10% for non-residents under Law 15,270/2025, having been exempt before. Compliance is the highest measured anywhere: 1,501 hours a year, and the CBS/IBS VAT reform is only in its pilot year."
      },
      "indicators": {
        "ruleOfLaw": 0.503,
        "ruleOfLawRank": 78,
        "safety": 30.26,
        "talent": 44.04,
        "logistics": 3.2,
        "english": 518,
        "startupRank": 24,
        "happiness": 6.634,
        "gdpGrowth": {
          "y2021": 4.8,
          "y2022": 3,
          "y2023": 3.2,
          "y2024": 3.4,
          "y2025": 2.3,
          "y2026": 1.9,
          "y2027": 2
        },
        "gdpUsdBn": 2279.918,
        "fdiInflowsUsdMn": 77676,
        "sovereign": {
          "sp": "BB",
          "outlook": "Stable",
          "moodys": "Ba1",
          "fitch": "BB"
        },
        "populationMetro": 18.95
      }
    },
    {
      "id": "medellin",
      "name": "Medellín",
      "country": "Colombia",
      "dataRank": 9,
      "dataIndex": 43.84,
      "prolatamRank": 10,
      "prolatamScore": 42.11,
      "coverage": 100,
      "pillars": {
        "growth": 55.6,
        "ruleOfLaw": 47.2,
        "safety": 45.9,
        "talent": 43.9,
        "tax": 30.4,
        "english": 46.4,
        "infrastructure": 47.5,
        "innovation": 29.5
      },
      "tax": {
        "cit": 35,
        "dividendWht": 20,
        "repatriationBurden": 48,
        "complianceHours": 255.5,
        "basis": "worldwide",
        "note": "Heaviest combined burden of the 13 cities. The corporate rate rises to 40% for banks and insurers through 2027, and a 15% minimum effective rate applies. Free trade zone users pay 20% if they qualify under an approved export plan."
      },
      "indicators": {
        "ruleOfLaw": 0.472,
        "ruleOfLawRank": 95,
        "safety": 45.88,
        "talent": 43.94,
        "logistics": 2.9,
        "english": 516,
        "startupRank": 130,
        "happiness": 6.04,
        "gdpGrowth": {
          "y2021": 10.8,
          "y2022": 7.3,
          "y2023": 0.8,
          "y2024": 1.5,
          "y2025": 2.6,
          "y2026": 2.3,
          "y2027": 2.5
        },
        "gdpUsdBn": 457.41,
        "fdiInflowsUsdMn": 11469,
        "sovereign": {
          "sp": "BB-",
          "outlook": "Stable",
          "moodys": "Baa3",
          "fitch": "BB"
        },
        "populationMetro": 3.35
      }
    },
    {
      "id": "bogota",
      "name": "Bogotá",
      "country": "Colombia",
      "dataRank": 10,
      "dataIndex": 42.87,
      "prolatamRank": 11,
      "prolatamScore": 41.19,
      "coverage": 100,
      "pillars": {
        "growth": 55.6,
        "ruleOfLaw": 47.2,
        "safety": 33.3,
        "talent": 43.9,
        "tax": 30.4,
        "english": 45.2,
        "infrastructure": 47.5,
        "innovation": 39.8
      },
      "tax": {
        "cit": 35,
        "dividendWht": 20,
        "repatriationBurden": 48,
        "complianceHours": 255.5,
        "basis": "worldwide",
        "note": "Heaviest combined burden of the 13 cities. The corporate rate rises to 40% for banks and insurers through 2027, and a 15% minimum effective rate applies. Free trade zone users pay 20% if they qualify under an approved export plan."
      },
      "indicators": {
        "ruleOfLaw": 0.472,
        "ruleOfLawRank": 95,
        "safety": 33.31,
        "talent": 43.94,
        "logistics": 2.9,
        "english": 513,
        "startupRank": 64,
        "happiness": 6.04,
        "gdpGrowth": {
          "y2021": 10.8,
          "y2022": 7.3,
          "y2023": 0.8,
          "y2024": 1.5,
          "y2025": 2.6,
          "y2026": 2.3,
          "y2027": 2.5
        },
        "gdpUsdBn": 457.41,
        "fdiInflowsUsdMn": 11469,
        "sovereign": {
          "sp": "BB-",
          "outlook": "Stable",
          "moodys": "Baa3",
          "fitch": "BB"
        },
        "populationMetro": 10.624
      }
    },
    {
      "id": "queretaro",
      "name": "Querétaro",
      "country": "Mexico",
      "dataRank": 11,
      "dataIndex": 42.6,
      "prolatamRank": 9,
      "prolatamScore": 42.41,
      "coverage": 100,
      "pillars": {
        "growth": 38.8,
        "ruleOfLaw": 40.3,
        "safety": 62.7,
        "talent": 43.7,
        "tax": 61.7,
        "english": 26.4,
        "infrastructure": 47.5,
        "innovation": 5
      },
      "tax": {
        "cit": 30,
        "dividendWht": 10,
        "repatriationBurden": 37,
        "complianceHours": 240.5,
        "basis": "worldwide",
        "note": "The 2025 Plan Mexico decree allows immediate deduction of 35% to 91% on new fixed assets and a 30% R&D credit. IMMEX waives duties on temporarily imported inputs that are re-exported."
      },
      "indicators": {
        "ruleOfLaw": 0.403,
        "ruleOfLawRank": 121,
        "safety": 62.68,
        "talent": 43.67,
        "logistics": 2.9,
        "english": 466,
        "startupRank": 706,
        "happiness": 6.972,
        "gdpGrowth": {
          "y2021": 6,
          "y2022": 3.7,
          "y2023": 3.1,
          "y2024": 1.4,
          "y2025": 0.6,
          "y2026": 1.6,
          "y2027": 2.2
        },
        "gdpUsdBn": 1832.641,
        "fdiInflowsUsdMn": 43221,
        "sovereign": {
          "sp": "BBB",
          "outlook": "Negative",
          "moodys": "Baa3",
          "fitch": "BBB-"
        },
        "populationMetro": 0.88
      }
    },
    {
      "id": "mexico-city",
      "name": "Mexico City",
      "country": "Mexico",
      "dataRank": 12,
      "dataIndex": 40.4,
      "prolatamRank": 12,
      "prolatamScore": 40.52,
      "coverage": 100,
      "pillars": {
        "growth": 38.8,
        "ruleOfLaw": 40.3,
        "safety": 33.8,
        "talent": 43.7,
        "tax": 61.7,
        "english": 11.2,
        "infrastructure": 47.5,
        "innovation": 40
      },
      "tax": {
        "cit": 30,
        "dividendWht": 10,
        "repatriationBurden": 37,
        "complianceHours": 240.5,
        "basis": "worldwide",
        "note": "The 2025 Plan Mexico decree allows immediate deduction of 35% to 91% on new fixed assets and a 30% R&D credit. IMMEX waives duties on temporarily imported inputs that are re-exported."
      },
      "indicators": {
        "ruleOfLaw": 0.403,
        "ruleOfLawRank": 121,
        "safety": 33.75,
        "talent": 43.67,
        "logistics": 2.9,
        "english": 428,
        "startupRank": 63,
        "happiness": 6.972,
        "gdpGrowth": {
          "y2021": 6,
          "y2022": 3.7,
          "y2023": 3.1,
          "y2024": 1.4,
          "y2025": 0.6,
          "y2026": 1.6,
          "y2027": 2.2
        },
        "gdpUsdBn": 1832.641,
        "fdiInflowsUsdMn": 43221,
        "sovereign": {
          "sp": "BBB",
          "outlook": "Negative",
          "moodys": "Baa3",
          "fitch": "BBB-"
        },
        "populationMetro": 17.734
      }
    },
    {
      "id": "caracas",
      "name": "Caracas",
      "country": "Venezuela",
      "dataRank": 13,
      "dataIndex": 30.51,
      "prolatamRank": 13,
      "prolatamScore": 30.15,
      "coverage": 85,
      "pillars": {
        "growth": null,
        "ruleOfLaw": 26,
        "safety": 18.6,
        "talent": 34.9,
        "tax": 47.5,
        "english": 51.6,
        "infrastructure": 32.5,
        "innovation": 6.4
      },
      "tax": {
        "cit": 34,
        "dividendWht": 0,
        "repatriationBurden": 34,
        "complianceHours": 920,
        "basis": "worldwide",
        "note": "The apparent burden is not comparable to the rest. Brackets are denominated in Tax Units whose value moves by administrative decision under hyperinflation, banking pays 40% and oil 50%, dividends are taxed only on profit not already taxed at the corporate level, and Venezuela ranked 189th of 190 on Paying Taxes with 99 payments and 920 hours a year."
      },
      "indicators": {
        "ruleOfLaw": 0.26,
        "ruleOfLawRank": 143,
        "safety": 18.58,
        "talent": 34.94,
        "logistics": 2.3,
        "english": 529,
        "startupRank": 642,
        "happiness": 5.756,
        "gdpGrowth": {
          "y2021": null,
          "y2022": null,
          "y2023": null,
          "y2024": null,
          "y2025": null,
          "y2026": null,
          "y2027": null
        },
        "gdpUsdBn": null,
        "fdiInflowsUsdMn": null,
        "sovereign": {
          "sp": null,
          "moodys": "C",
          "fitch": null
        },
        "populationMetro": 2.577
      }
    }
  ]
}