Puerto Rico, a U.S. territory, offers a unique blend of benefits for individuals and businesses seeking offshore banking solutions. Its robust banking sector, coupled with attractive tax incentives and confidentiality provisions, make it a compelling choice.
Advantages of Banking in Puerto Rico
- Puerto Rico does not participate in the Common Reporting Standards or Automatic Information Exchange, ensuring the privacy of account holders’ information.
- Many banks in Puerto Rico offer online banking services, allowing you to open an account from anywhere in the world.
- High Net Worth Individuals (HNWIs) can benefit from personalized private banking services.
- Puerto Rico boasts a low income tax rate of 4% for offshore banking activities and does not impose dividends or capital gains taxes. Foreign companies also enjoy a territorial corporate tax rate, paying taxes only on their Puerto Rican income.
Opening a Bank Account in Puerto Rico
While the overall process is similar to opening a bank account elsewhere, there are specific requirements:
- Typically require two valid IDs, a driver’s license, passport, social security number, and additional documents for minors.
- Require a Merchant’s Registration Certificate, social security number, employer identification number, photo ID, and Ultimate Beneficial Owner Certification.
- Require a Certificate of Incorporation, Certificate of Registration, and Bylaws. Limited Liability Companies (LLCs) need additional documents such as an Operating Agreement.
Leading Banks in Puerto Rico
- FirstBank: A subsidiary of First BanCorp, it is a commercial bank specializing in corporate accounts.
- Caribe Federal Credit Union: A not-for-profit financial institution primarily serving federal employees in Puerto Rico.
- Pentagon Federal Credit Union: A major U.S. credit union with branches across the country, serving military personnel and government employees.
- Oriental Financial Group: A San Juan-based financial institution with subsidiaries in banking and insurance, managing assets worth nearly $10 billion.
- Banco Popular: One of the oldest banks in Puerto Rico, with a significant presence in the U.S., the Caribbean, and Latin America, offering a wide range of services.
Conclusion
Puerto Rico presents a compelling and cost-effective option for those seeking an offshore banking license. Puerto Rico’s advantages make it a highly attractive alternative in a landscape where traditional offshore jurisdictions are dwindling. 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.