• Creimerman Product Team

How can a non-resident benefit from opening an offshore private account in Puerto Rico?



Puerto Rico banking institutions operate in a peculiar context, as this island country is an unincorporated territory of the United States of America. Puerto Rico is a tax haven offering attractive tax incentives for citizens of many countries. But this is only one of the reasons why offshore banking in Puerto Rico is very popular with High Net Worth Individuals.


Other benefits refer to the competitive banking fees, the utmost financial confidentiality, high-quality customer service, and asset protection provided by Puerto Rico banks.


Opening a bank account in Puerto Rico is one of the best options in terms of confidentiality. Being a US territory, Puerto Rico is not part of the Automatic Exchange of Information in place by the OECD, there is no common reporting standard. Banks are subject to the rules relevant to U.S. financial institutions. Most importantly, they are insured by the FDIC. This means that deposits in the amounts of up to 100,000 USD are guaranteed safety and security.


A foreign private bank account in Puerto Rico can be easily opened by individuals with Caribbean citizenship, tax residents of the EU, and those who develop their business in Europe and economically advanced countries, except for the CIS states. Latin American clients are also given priority by Puerto Rico banks.


Features/ Advantages:

· No automatic exchange of information

· No CRS

· No personal visit required.

· Absolute confidentiality

· Excellent internet banking (bank transfer online possible)

· Multi-currency facility (EUR, USD, GBP, and more)

· Types of accounts available: private/ fiduciary/ corporate/ trading.

· Gold and Silver Backed Bank Accounts

· MT4 (Metatrader 4) FX brokerage platform

· SWIFT

· Visa/Mastercard cards

· Minimum opening deposit requirements of 500 USD

· No minimum balance for the account


What documents do I require?


For a personal account you will need: Passport copy, Proof of address (within 3 months), Bank reference letter or two bank statements (one is recent within 3 months and one is older than 6 months), Proof of funds. You will need notarized copies of all documents. The bank account opening takes about 7 days depending on the bank and documents collection from you.


For a business account: For each director and shareholder you need passport copy, proof of address (within 3 months), Bank reference letter or two bank statements (one is recent within 3 months and one is older than 6 months). You are also going to need company documents such as: Certificate of incorporation, MNA/ Articles of association, Resolution of the subscribers, Resolution of director, Register of directors and shareholders and share certificate. If the company is older than 6 months, a certificate a good standing is required. Proof of origin of your funds: You will need to indicate the amount of income for the past five years, the source of wealth, and the country of origin of the funds. You will need notarized copies of all company documents.


How to open an offshore private account with a Puerto Rico bank?

Since Puerto Rico banks are selective in their approach to cooperation with clients from certain countries, a preliminary consultation is required. You should contact a professional expert to find out if you can qualify for opening a private bank account with a Puerto Rican bank.


If you are sure that there are restrictions for opening your account, you will be offered alternative options. For example, you can obtain second citizenship or start a business in some other country to comply with the requirements and achieve the desired result.


Our team of executives can assess your case and guide you through the process of opening an account. Contact us to schedule a meeting.

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