Eternity Law International News The advantages of bank formation in Puerto Rico

The advantages of bank formation in Puerto Rico

May 25, 2021

Puerto Rico has established itself as one of the leading financial and banking centers within the Caribbean. According to the official documentation, Puerto Rico belongs to the United States, but there are some degrees of independence that give the island some advantages over the mainland.

Over the past few years, the substantial funds from the States have been deposited to the island and were used to open accounts so that took some advantages of the government initiatives in the area of ​​development and the involvement of investment programs. Largely, such investments have been successful. A huge flow of capital and foreign investment has been attracted through new Laws 20 and 22 of Puerto Rico, which the government has passed in order to stimulate the local economy by attracting international investors. These are two pieces of legislation related to tax incentives adopted in Puerto Rico and high return investment opportunities for foreign capital in selected business areas.

The island has many advantages and offers exciting opportunities not found on the mainland, although it is very close to the United States.

Reasons why it is beneficial to open an offshore bank in Puerto Rico

  1. Confidentiality of financial information.
  2. Benefits of the tax field
  3. Language and location.
  4. Having access to some of the best investment opportunities.
  5. Strong infrastructure and economy.
  6. A large number of different service offers.
  7. Convenient conditions.
  8. Complete and reliable asset protection and security.
  9. Availability of access to multicurrency accounts.

Confidentiality of financial information

For bank accounts opened in Puerto Rico, a high level of confidentiality of information about the owners is ensured. The first thing that has to do with this is the fact that Puerto Rico is not a party to any agreements regarding the automatic exchange of information. In addition, Puerto Rico is not regulated by the General Reporting Standard, which serves as the reporting standard adopted by over 100 states. The standard was created to ensure that there is no tax variance.

If an individual has an account that was opened with one of Puerto Rico’s offshore banks,  financial information and personal data will not be shared with other banking institutions. Private Puerto Rican banks take the privacy issue of their customers responsibly and seriously and are extremely reluctant to disclose this information only when absolutely necessary, that is, as part of a criminal investigation.

Benefits of the tax field

As an offshore jurisdiction, Puerto Rico provides extremely pleasant tax benefits. The easiest and most profitable way to get the opportunity to take advantage of these benefits is to open your own banking institution in Puerto Rico. Puerto Rico also allows you to do business with just one person, who can also act as the owner, making the whole journey much easier.

Language and location

Puerto Rico’s location is unique – between North and South America. This area is located only about 1 thousand miles from the coast of Miami, Florida. This makes it easily accessible to those who live in the United States. In addition, Puerto Rico is the business link between the States and Latin America, providing access to new investment opportunities.

The potential language barriers that offshore account holders can face are eliminated by the fact that one of the official languages ​​of Puerto Rico is English.

Strong infrastructure and economy

Puerto Rico’s economy is characterized by a high level of stability and profitability. In addition, Puerto Rico has a high-quality infrastructure, excellent education, first-class healthcare, transportation, and public services.

Having access to some of the best investment opportunities

Having an offshore bank in the jurisdiction of Puerto Rico provides unlimited access to some of the best investment opportunities with high profitability. Since you will be the owner of an offshore bank, you will have access to various types of trading and investment tools. Moreover, the banking institution in Puerto Rico is not restricted to onboard individuals and companies all over the world.

A large number of different service offers

Private offshore banking institutions registered and operating in Puerto Rico offer their consumers a wide range of high-quality services, in particular, sophisticated banking services, including online banking, multicurrency accounts, foreign exchange trading, and more.

Convenient conditions

Banking institutions in Puerto Rico have minimum requirements. Because FATCA was introduced in the United States, many of the offshore banks have closed their doors to US residents because the costs and efforts to maintain FATCA compliance are too high. However, for the reason that Puerto Rico is an associated state, this problem does not arise there.

Access to multicurrency accounts

Offshore Puerto Rican banking institutions provide account holders with the ability to open a multi-currency account and simultaneously own and operate in different currencies. Due to this, currency risks are effectively hedged and Forex trading opportunities are actively used.

Complete and reliable asset protection and security

The fact that assets are stored outside of your home provides you with a reliable level of security and protection. The presence of a bank account in a foreign jurisdiction increases the level of confidentiality, which ensures the safety and security of investments through the diversification of currencies and accounts.

Our legal company has a unique opportunity and sources to establish your bank in Puerto Rico.

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