Why should I open a business bank account in Puerto Rico?

Access to multi-currency accounts: Puerto Rico banks offer the option of opening multi-currency accounts, which allow you to hold different currencies in one account. This can help you diversify your portfolio, reduce exchange rate risks, and save on conversion fees.

Tax advantages: As an offshore jurisdiction, Puerto Rico offers tax advantages for certain services, including banking services. The best way to access these benefits is through Puerto Rico's Act 20 and Act 22 (now Act 60) which offer tax exemptions for qualifying individuals and businesses.

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Asset protection and safety: Puerto Rico banks offer high levels of asset protection and safety for their clients. They are regulated by the Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF) and are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor per bank.

Low minimum balance and deposit requirements: Puerto Rico banks have low minimum balance and deposit requirements for opening and maintaining an account.

Access to top investment opportunities: Puerto Rico offers access to some of the best investment opportunities in the region, especially in real estate, renewable energy, agriculture, and technology.

Wide variety of service offerings: Puerto Rico banks offer a wide range of services for personal and corporate clients, such as checking and savings accounts, debit and credit cards, loans and mortgages, wealth management and advisory, online banking and mobile apps.

Financial privacy: Puerto Rico has not signed any Automatic Exchange of Information agreements and is not subject to the Common Reporting Standard (CRS), which means your identity and financial information will not be disclosed to banks in other countries.

Convenience: Puerto Rico banks allow remote account opening for non-resident foreigners, which means you don't have to travel to the island to open an account. You can also access your account online or through phone or email.

Strong economy and infrastructure: Puerto Rico has a stable and diversified economy, with a strong presence of manufacturing, tourism, pharmaceuticals, and financial services sectors. It also has a modern infrastructure, with reliable telecommunications, transportation, and energy systems.

How can I open a it remotely?

Opening a bank account in Puerto Rico remotely may be possible with some banks, but it may also require some steps and documents, such as:

Contacting a professional advisor or service provider: You may want to seek advice and assistance from experts who can help you choose the right bank and guide you through the application process.

Answering some questions: You may need to provide some information about yourself, your source of funds, your banking needs and preferences, and your tax residency status.

Paying for the service fee: You may need to pay a fee for the service of assistance in opening an account online, which may vary depending on the provider and the bank.

Providing a complete set of documents: You may need to submit some documents to verify your identity and address, such as a passport copy, a utility bill, a bank reference letter, and a tax identification number.

Waiting for the bank review: You may need to wait for the bank to review your application and conduct due diligence checks, which may take from a few days to a few weeks.