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HOW TO OPEN A BANK ACCOUNT IN PUERTO RICO? Relatively low prices, beautiful natural surroundings and tasty local cuisine – and this is hardly a complete list of the island’s advantages. In fact, the island is an excellent place to live. Opening an offshore account is not the sole reason why millions of people visit Puerto Rico annually. Puerto Rico’s banking system is also actively developing digital banking – for example, remote account opening and a fully online banking licence are among the island’s key advantages. As a result, the internal banking infrastructure, including online banking, is very well developed.
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Thus, Puerto Rico as an offshore banking jurisdiction can easily accommodate clients from various jurisdictions worldwide.īanks in Puerto Rico strive to regularly upgrade their services. In addition, the primary language of communication remains English. Transport, social services, healthcare and education are of high quality. Puerto Rico has also not experienced a major political crisis in recent decades, which has contributed positively to the overall reliability of the local banking system.ĭue to its geographical proximity to the US, Puerto Rico has well-developed civil infrastructure. A number of well-known US banks have settled on the island, attracting more and more international clients. Puerto Rico remains a stable offshore banking jurisdiction, particularly as its official currency is the US dollar. As a result, offshore banking in Puerto Rico is today competing with reputable Caribbean financial centres such as the Cayman Islands. Moreover, the process of obtaining a banking licence in Puerto Rico is not overly complicated. International banks consequently rushed to establish their representative offices or headquarters there. In particular, low income tax rates for services, including banking services, became one of the most significant advantages. The banking sector has long established itself in Puerto Rico because the local government introduced favourable tax treatment. Consequently, the financial information of account holders remains within a banking institution, which ensures asset protection. However, banks in Puerto Rico remain an exception today, as Puerto Rico is not part of any automatic exchange agreement so far. As practice shows, international banks are increasingly unwilling to risk their banking licence to protect the privacy of their clients. Well, it would be fair to say there is a magical mix of features that drives businesses to open an account there.įollowing the introduction of the Automatic Exchange of Financial Information (OECD/CRS) standard, confidentiality is no longer a second name in banking services. You may wonder what the reason is why offshore banks in Puerto Rico are so popular with international businesses.
At the same time, the island benefits from a list of tax incentives, which are not available to the US mainland. So even though the island participates in various international competitions as a separate country, it is not independent. But in the financial world, Puerto Rico is not only a homeland for the piña colada but also an important banking jurisdiction ready to offer a range of financial services.įew may also know that Puerto Rico is a commonwealth territory governed by the US. The exotic scenery, tasty food and Caribbean culture make Puerto Rico a popular place for tourists. OFFSHORE BANKING IN PUERTO RICO – ADVANTAGESįor many US citizens, Puerto Rico is a regular travelling destination for their holidays.
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