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Tax Engineering

Bank account in Puerto Rico

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Puerto Rico is one of the few offshore jurisdictions in the world that did not sign a CRS tax information treaty. Our company will guide you through  the process of opening a current account in this North American associated state without the obligation of reporting your financial data to the authorities of your fiscal residence.

Reference: PR800233BK


CRS free offshore account

Puerto Rico is an American associated State since July 25, 1952, located in the Caribbean. San Juan, is the capital and is where the bustle and economic activity are concentrated. The country is characterized by North American economic greatness and Spanish colonial style in its colorful buildings with large hotels, casinos and restaurants.

Puerto Rico has become one of the best offshore financial centers in the Caribbean under the support and influence of the United States. It claims to be one of the few countries in the world that does not report tax information to other countries. As a CRS-free country, many tax experts consider the US as the new tax haven and it is expected that all investments destined for the US and Latin America must pass through Puerto Rico to avoid being audited in the country where the investor is obliged to pay tax.

In Puerto Rico a physical person or company that wants to develop an international business or transfer its money to offshore in order to save on taxes will not be committing any crime, the condition that must be given is that you cannot be a US tax resident.

As we mentioned earlier, Puerto Rico has not signed any bilateral CRS automatic information exchange agreement. What does this mean? On October 29, 2014, the automatic information exchange agreement for bank accounts opened by non-residents in other countries was signed in Berlin. The CRS is signed by 100 countries that does not include the US (countries that have signed the information exchange treaty). As you can see in the following table, the US and Puerto Rico have not signed any bilateral agreement and do not plan to do so in the future.

Year 2017None CRS agreement signed with any country.
Year 2018None CRS agreement signed with any country.

Advantages of opening an account in Puerto Rico

The main advantages of opening an offshore bank account in Puerto Rico are the following:

  • Bank account with bank secrecy guaranteed without CRS.
  • Tax free jurisdiction for non-residents.
  • Strong financial system regulated and guaranteed by the US.
  • Professional banks with online banking to perform any transaction and the possibility of requesting any type of banking service: Multi-currency accounts, credit cards, letters of credit, accounts to invest in the stock market, payment gateways and consumer loans.
  • Low fees for bank account maintenance.
  • Few requirements for the opening of personal and business current accounts and fast opening time frames. Generally an account can be opened in 10-14 days, as long as the client correctly facilitates the required requirements.

Bank commissions in Puerto Rico

Approximate bank commissions and minimum deposit
Maintenance of bank account
200 Euros/year
Wire Transfer IBAN/SEPA
60 Euros
Wire Transfer SWIFT
60 Euros
Debit or Credit card
85 Euros/card
Customer support in following languages
English, Spanish, French
Minimum deposit
500 USD

*The customer can open a bank account in any international legal currency they want, (Euro, Dollar, Canadian Dollar, Australian Dollar, British Pound, Japanese Yen, Swiss Franc etc)

*All the management at the opening of bank account do not need a physical presence in the country, all efforts will be made through e-mail and / or registered mail.

    in Puerto Rico
    with or without physical presence
    with online banking 24/7 included
    in the name of the physical person or company
    in English, Spanish and French
    to any part of the world
    certified by a notary
    certified by a notary
    electricity, water, gas, telephone or bank statement
    in English or Spanish
    Articles of incorporation of the company, memorandum of association, register of directors, registered shares certificates and for companies registered more than one calendar 1 year ago "Certificate of good standing"
Luc Verhanneman
Hi I want to open a personal bank account in Peurto Rico in $ . I don t have a problem to pay a fee however which assurance you can provide me that they will not refuse to open an account. I am from Belgium

Dear Luc, Thank you for reaching out our company. 

We would like to inform you that in case one of the banks refuses to provide you with a bank account we will reach another bank in Puerto Rico. 

The success of our services is 99% and only in some specific cases we don't manage to provide the client with the desired service. In this case we refund the client with 75% of what he had paid since other 25% are used to cover administrative management of applications. 

For more information please get familiar with our terms and conditions

Please don't hesitate to contact us in case you have more questions. Regards

Hi Team My company is a registered as a transport company in Canada and the US. I'm a Canadian citizen. I’m interested in opening a Multi-currency business chequing account in US $ and CAD $, where I can deposit my US and Canadian cheques. Please suggest me the offshore Bank in Belize and any other Jurisdictions. Thank You Harry

Dear Harry, 

You can open a bank account in Belize for your American or Canadian company without your physical presence. However, please keep in mind that in order to deposit the cheques you will have to travel to this jurisdiction and do it personally. 

In case of Puerto Rico you can only open a bank account for your Canadian company. 

Don't hesitate to contact us if you have more questions. Regards

Hi, our company is a registered trust company in Hong Kong, we would like to open a bank account in Puerto Rico. Would you please provide more information e.g. how many banks available, time taken etc

Dear Tracy, 

Thank you for your interest in our services. 

First of all we will need to know the nationality of shareholders and also to have some more information about commercial activity of your company. It will help us to choose a bank that will accept your business. 

Here you can find the list of the requirements that all the shareholders and directors will have to fulfill in order to apply for a bank account. Keep in mind that we always try to get the pre-approvement before sending the application. 

Usually once the bank has all the documents, it takes 3-4 weeks to have a bank account activated and debit card sent to your business address. The order can be made through our website but if you have more questions, please, don't hesitate to contact us via e-mail, Skype or WhatsApp. Kind regards


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