Watch out, Connecticut. Heads up, New Jersey. And New York had better pay attention too.

Puerto Rico is coming after one of your lucrative industries – the ultra-high net worth financial advisory business, also known as “family offices.”

And since most people who live in Puerto Rico don’t pay federal income tax, the island has been selling itself as a better income tax haven than even Florida, which doesn’t have any state tax but where Federal taxes as high as 37 percent are still paid to Washington.

Florida is already luring financial companies from the tax-heavy northeast. One of the biggest losses was when hedge fund billionaire David Tepper left New Jersey for Florida leaving Jersey will a hole in its tax base.

Puerto Rico apparently wants some of that action.

Case in point: in late February, I’m told, Puerto Rico invited representatives of 150 family offices to the island. The agenda was not only to get them to invest in Puerto Rico but also to proposition them to move their operations to the unincorporated territory of the U.S.

The pitch, according to someone who was invited, was that the state income tax for those who moved would only be 4 percent a year. That compares to around 7 percent for high income people who work in Connecticut; nearly 9 percent in New York State and about 11 percent in New Jersey.

New York City also collects up to nearly 4 percent tax on big incomes in addition to what New York State gets.

Add the Federal tax on top of that and Puerto Rico is clearly the winner.

Of course, wealthy people use tax dodges like trusts to protect income from taxation. But, still, the lure of low-tax Puerto Rico has been good enough in the past to bring industries like pharmaceuticals to the island.

The junket for family offices was held on Feb. 26, I’m told. It lasted three days and guests were put up at the swanky Condado Vanderbilt Hotel in San Juan and all expenses were paid – although the people invited surely didn’t need the freebies.

The Condado Vanderbilt and sister hotels, incidentally, are owned by Paulson & Co. John Paulson, head of that firm, said earlier this year that he might get out of the hedge fund business and turn his billion dollar fortune over to a family office of his own.

A Paulson spokesman wouldn’t comment on whether it was planning to move Puerto Rico. The company is now located in Manhattan.

The one catch is that anyone working at a family office that relocates to Puerto Rico would have to spend at least half the year on the island or they lose the tax break. Making that a little easier, the family offices reps were told that anytime they traveled off the island on business would be counted toward their residency requirement, according to my sources.

I have a call into Puerto Rico officials to see if anyone took them up on the offer or was investing.

As you probably heard, Puerto Rico was devastated by Hurricane Maria in 2017.

Island officials and others have criticized the Trump administration’s response to the devastation.