Offshore Bank Account Opening in Puerto Rico
As a territory of the USA, Puerto Rico benefits from the unrivaled security and stability of the US’s banking system.
United States makes it exceptionally difficult for offshore account opening. Offshore bank account in the Puerto Rican state is as good as it gets.
For those who manage to do so, it is a luxury.
The unique selling point (USP) of an offshore bank Puerto Rico is that the banks operate autonomously while taking bits and pieces from the US’s financial framework.
Offshore banks in Puerto Rico do not need to follow the United States banking requirements to a tee and are still able to operate under their tested and proven framework and infrastructure.
Puerto Rico offshore banks have their own set of regulations and this flexibility allows the country to become a popular choice for offshore banking for both international business accounts and individual offshore personal bank accounts.
Puerto Rico offers different types of offshore bank accounts:
Basic personal offshore bank account
Ideal solution for most clients who wishes to park their funds in another country outside of their home country.
Private offshore bank account
Offshore banking offered by private banks in Puerto Rico. Expect the best customer service and investment options offered by these banks.
Corporate commercial business bank account
Ideal for companies that needs to make international business transactions and payments when banks in their home country are unable to meet their requirements.
Offshore banking in Puerto Rico is possible for both individuals and businesses.
Reasons to open an offshore bank account in puerto Rico
Puerto Rican offshore banks offer unique tax benefits:
It is important to work with Puerto Rican tax advisors as well as one in your country to take advantage of Puerto Rico’s favorable tax regime.
With the correct setup, zero percent taxation could be achieved.
We strongly recommend you to speak with your tax local advisor and suggest for them to communicate with their counterparts in Puerto Rico to determine the proper business and personal trust /foundation structure to benefit from the country’s tax friendliness.
When it comes to the best country to open an offshore bank account, Puerto Rico should be in your selection list.
Close relations with the United States helped stabilize Puerto Rico’s economy:
Often considered to be the little brother of the United states, Puerto Rico offers a stable and developing economy that is in line with United States’ economy, which is world class.
Keeping in mind Puerto Rico model of copying the United States’ economy, PR has been able to develop a stable financial system.
The country has experienced economic growth, foreign direct investment which led diversification and growth across various industries, thus creating a demand for an equally capable offshore banking structure to meet these requests.
In doing so, Puerto Rico has created some of the best investments and banking opportunities globally.
Benefits from different aspects of the United States’ economy:
As a territory of the US, An offshore bank account in Puerto Rico will allow its offshore banking clients to benefit from the stable system that many US banks enjoy, but are often out of reach to international customers.
For investors that are not familiar with Puerto Rico’s offshore banking structure, the country’s close similarity with the United States’ banking system will offer reassurance.
The country’s secure and transparent regulatory framework for offshore banking operations is clearly laid out, leaving no room for uncertainty or ambiguity.
Strategic Geographic Location:
Uniquely located in the Caribbean, right in the middle of North and South America, is where Puerto Rico offshore banks are located which makes the region an ideal choice for international trade.
Offshore banks in Puerto Rico also offers various financial options for those interested in international trade such as documentary credit, import and export credit facilities.
The time zone also makes it easy for most countries around the world to contact their offshore bank in Puerto Rico during a part of their business day.
Currency Stability:
While USD is the official currency of country, many offshore banks Puerto Rican also offer additional currencies that are often requested by international companies that require offshore business bank account in Puerto Rico.
All offshore banks in Puerto Rico offers transaction and storage in USD and EUR currencies.
Certain banks also allow transactions in additional currencies in AED, GBP, HKD, JPY, CAD, CNH.
Similarities to US banks
Offshore banking in Puerto Rico provides similar options to those offered in brick-and- mortar U.S. banks and Electronic Money Institutions (EMIs).
Being a territory of the United States essentially allows Puerto Rico to clone the U.S. banking system. Thus, allowing the financial institutions to mimic and copy what made The US banking system so successful.
Puerto Rico is an extremely friendly and welcoming country that makes it easy for clients that are looking to open an international offshore bank account in Puerto Rico.
Where Puerto Rico’s banking system differs from the United States is that in the US, there are additional financial institutions other than banks, that services the country’s residents and citizens.
The main difference is that residents and citizens in the United States are able to open an offshore account with different Electronic Money Institution (EMI) account, which is similar to an offshore bank account in the United States.
EMIs do not physically hold your funds and rely on major custodian banks (such as JP Morgan, Goldman Sach, HSBC, Citibank) to safeguard your finances and assets.
While it is possible to obtain an account with various Electronic Money Intuition (EMI) in the US, they are not the same as a full-fledged traditional bank account. Currently, the financial system in Puerto Rico is not designed to support Electronic Money Institutions
Since only a handful of US banks offer offshore bank accounts, the ability to open an offshore bank account is Puerto Rico is essentially the same as opening an offshore account in the US.
The opportunity to have access to the US banking system while not being subject to the same set of regulations imposed by banks within the US’s 52 states provides a truly one-of-a-kind opportunity.
Where can I open an offshore bank account in Puerto Rico
Which bank in Puerto Rico opens offshore accounts?
Puerto Rico offers multiple banks where clients can open an offshore bank account completely online, removing the requirement to visit the country for their business or personal offshore bank account opening in PR.
Our team will work with you closely determine the most suitable option.
Gather required documents for bank account opening in Puerto Rico
Offshore Puerto Rico bank accounts Rico can be opened completely online or by mailing in the necessary documents.
Once the banks have received your documentation a decision can be expected in 30 days.
Documents required for offshore account in Puerto Rico?
- Business Plan
- Bank Reference Letter
- Certificate of Good Standing
- Articles of Incorporation
- Certificate of Incorporation
- Certificate of Shareholder
- Curriculum Vitae (Shareholders and Authorized Signature)
- Financial Statement/6 Month Bank Statement
- Valid Passport – (Authorized Signature)
- Valid Passport – Ultimate Beneficial Owner (UBO)
- Utility Bill – (UBO and Company)
Documents required to open an offshore personal account in Puerto Rico?
- Bank Reference Letter
- Curriculum Vitae (Shareholders and Authorized Signature)
- Financial Statement/6 Month Bank Statement
- Valid Passport – (Authorized Signature)
- Address proof with utility bill such as power, water, credit card
Application Process
You will be in constant communication with our bank account opening team to ensure the application is optimized for success.
We work closely with relationship managers at your bank of interest to increase the likelihood of success to open your new offshore bank account in Puerto Rico.
Eligibility
To open an offshore personal bank account or corporate business offshore account in Puerto Rico, clients must meet the requirements set by the banks.
Each bank their own list of preferred nationalities and business jurisdiction where a company is located, that they will open an offshore bank account for.
Starting balance for opening an offshore bank account in the Puerto Rico starts from $25,000 USD
