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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

$1055

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
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    with online banking 24/7 included
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    in the name of the physical person or company
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    in English, Spanish and French
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    to any part of the world
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    certified by a notary
  •  
    certified by a notary
  •  
    electricity, water, gas, telephone or bank statement
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    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"

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