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Puerto Rico is emerging as a leading jurisdiction for establishing offshore banking businesses. It boasts several advantages over traditional offshore banking hubs:
An international financial entity license in Puerto Rico requires a minimum capital of $550,000. Offshore banks in Puerto Rico cannot do business with local individuals or companies but can work with the Development Bank of Puerto Rico.
The process involves submitting passports, CVs, financial licenses, proof of funds, a letter of intent, a detailed business plan, anti-money laundering policy, approval policy, and a five-year financial analysis. The application takes about two months to prepare and four months to review. While the bank can start operating in about a year, the entire process, including opening a Federal Reserve account, takes two years.
Puerto Rico presents a compelling and cost-effective option for those seeking an offshore banking license. In a landscape where traditional offshore jurisdictions are dwindling, Puerto Rico’s advantages make it a highly attractive alternative. International Fintech Business (IFB) provides extensive professional help in getting offshore permits for banking institutions, including jurisdictions like Puerto Rico. We’ve been present in this field for a long period and operate all over the world. Our experts can also offer you a wide list of ready-made banking licenses for sale. Contact us right now.