Puerto Rico has an excellent banking system where you are sure to find a bank that will suit your financial needs perfectly. The country has close ties with the US financial institutions, so it will be almost the same as opening an account in one of the American states.
No matter whether you set the goal of keeping your funds in a secure place, diversifying your business, investing your assets, or increasing your wealth, Puerto Rican banks will provide the incentives that you will surely appreciate.
If you need more information on great destinations for banking, you will find here a lot of articles devoted to opening personal and corporate accounts around the world.
Our portal is focused on international business and banking, asset protection, tax optimization, investment (including residence – and citizenship-by-investment programs), and so on.
You can schedule a no-charge session with our expert and find the best option for your situation. And if you need our assistance, we can open an account for you (or set up a company) in the jurisdiction of your choice at an affordable fee.
Puerto Rican Banking System
As Puerto Rico is in fact a US territory: it has no Central Bank, and its functions are performed by the US Reserve Bank. The latter regulates the banking activities in Puerto Rican banks and sets the applicable loan rates.
The local banking system is quite reliable, and bank deposits under 100,000 US dollars will be paid to you in full if the bank fails under the guarantee of the American Federal Deposit Insurance Corporation. The US dollar is naturally the main currency used in Puerto Rican banks, but it is not the only one.
A business account you set up in Puerto Rico will be a part of the American banking system and at the same time it will be subject to the laws of Puerto Rico, and this is an ideal combination of reliability and confidentiality.
The local banks are under no obligation to share the information on customers’ accounts with any other countries, including the USA.
The banks of Puerto Rico provide a variety of financial services, including e-banking that offers advanced possibilities. The competition between the institutions is quite intense, so you can find really interesting conditions to take advantage of. You can easily get credit and debit cards and withdraw cash at any ATM.
Non-Resident Account in Puerto Rico: Benefits
Let’s look at what you can get by using the banking services in Puerto Rico as a non-resident:
- An offshore company can make settlements in US dollars without paying fees to correspondent banks.
- If you open a bank account for investment purposes, you will be able to substantially save on taxes. In addition, the financial institutions that handle these investments will also be entitled to reduced taxes.
- There are certain industries that are fully or partially exempt from municipal, property, income, and other taxes (these include manufacturing operations, research and development, export services, and so on. Get in touch with our experts for updated information).
- Your information will remain strictly confidential unless you are a US tax resident.
Restrictions by Country
The US federal government imposes certain limitations on doing business with some countries, and these apply in Puerto Rico as well. If your country is not on the list, you are free to set up a corporate account here.
Restrictions by Activity
If you want to open a corporate account for a foreign banking institution or company, you’d better look for another jurisdiction as this industry is not favored much by the local banks.
Limitations may also apply if the source of the company’s income seems questionable.
If you mainly deal with cryptocurrencies, for example, you may have difficulty opening an account (though the services may still be provided to you on a case-by-case basis after a meticulous due diligence procedure).
If you have an offshore company, your account will be approved after verification of the beneficial owner’s data.
Currencies and Account Types
The main currency of Puerto Rican banks is US dollars, but you can also open an account in euros, Swiss francs, and other major currencies. Mind the minimum balance requirement: you will need to deposit and maintain the amount of at least 500,000 US dollars.
You can set up deposit, investment, trading, or corporate multicurrency or USD accounts.
How to Open an Account in Puerto Rico
We strongly recommend using the assistance of our professionals as Puerto Rican banks prefer to meet non-residents in person before they agree to provide any services to them.
If you choose to entrust the procedure to our representative, it will be completed online, and your involvement and costs will be minimal.
Here are the steps you need to take:
- Get in touch with our experts to make sure we can help you open a corporate account in Puerto Rico (you will have to share the details of your situation with us).
- Sign a service agreement with us and pay the fee for our services in any way convenient to you (from bank transfer to Bitcoin).
- Prepare a package of documents and complete all the required forms (in English). We will take a meticulous look at them and give you professional recommendations. We will inform you whether the bank agrees to consider your application online, and you will subsequently need to get your documents apostilled and notarized.
Puerto Rican banks are very attentive when it comes to information about beneficial owners and the origin of funds. You will be required to submit company documents, as well as the data on beneficial owners and shareholders. The list of documents differs from case to case, and our specialists will provide a customized list to you.
As soon as the applicant’s portfolio has been submitted, we will need to wait for about 2-3 weeks for the documents to be processed and for the decision to be made.