Bank account in Puerto Rico

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.

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

*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.