COREDO > Corporate Services > Bank Account for Individuals > Opening a Bank Account in Puerto Rico

Opening a Bank Account in Puerto Rico

Puerto Rico is a USD-based jurisdiction within the United States with an integrated banking system, deposit protection at FDIC-insured banks, and an attractive tax framework for international business. Banks and financial institutions on the territory provide access to a stable US dollar infrastructure and international payments under US regulatory standards.

Since 2016, COREDO has been assisting clients with opening bank accounts in Puerto Rico, providing full support at every stage of the process.

Get a Consultation

Cost of the service
from EUR 700

Banking System of Puerto Rico

Dual oversight

OCIF (Oficina del Comisionado de Instituciones Financieras) supervises banks at the territorial level; the primary federal regulator of Puerto Rico’s FDIC-insured banks is the Federal Reserve or the FDIC, depending on the bank.

US AML rules

As a US territory, Puerto Rico applies the Bank Secrecy Act (BSA) and the USA PATRIOT Act; FinCEN supervises AML compliance.

US dollar infrastructure

The US dollar is the base currency; banks connected to the Federal Reserve’s Fedwire and ACH services make payments through them.

FDIC deposit insurance

Deposits at FDIC-insured banks are protected up to the standard limit of USD 250,000 per depositor at each insured bank for each account ownership category.

Types of Bank Accounts

Banks in Puerto Rico offer various types of accounts depending on client needs:

A corporate bank account

is designed for legal entities and enables settlement operations as part of commercial activities. The base currency of operations is the US dollar; payments run through Fedwire and ACH where the bank is connected to these Federal Reserve services.

A payment institution (PI) account

is an alternative for companies that require access to payment services without full banking facilities.

A personal bank account

is provided to individuals for managing personal finances, savings, and investments.

Foreign-currency transactions

depend on the selected bank; the base currency of accounts is the US dollar.

Client Requirements

As a US territory, Puerto Rico is subject to federal anti-money laundering legislation. The primary regulatory act is the Bank Secrecy Act (BSA), supplemented by the provisions of the USA PATRIOT Act. Supervision of AML compliance at the federal level is carried out by the Financial Crimes Enforcement Network (FinCEN), and at the territorial level by OCIF.

Banks in Puerto Rico are required to identify clients and beneficial owners when an account is opened and to verify their identity. As part of the KYC procedure, banks ask for identification documents, proof of residential address and, depending on their risk assessment, documents confirming the source of funds. Clients who are not US persons must additionally provide an identification number: a tax identification number, or the number and country of issuance of a passport or another government-issued identity document.

For corporate clients, banks also check the company itself; COREDO’s basic package includes its articles and certificate of incorporation, an extended commercial register extract and a document showing its tax ID.

Account Opening Process and Timelines

The procedure for opening a bank account in Puerto Rico with COREDO support includes the following stages:

Preliminary client analysis (Client Analysis).

COREDO specialists assess the client’s profile, analyse the business structure, and determine the optimal bank and account type based on the specifics of the business activity and the objectives for fund placement.

01

Document preparation.

A complete set of documents is compiled in accordance with the requirements of the selected bank and BSA/AML regulations. Where necessary, apostille certification and notarisation of documents are arranged.

02

Application submission.

Documents are submitted to the bank, and if necessary, a remote or in-person meeting between the client and bank representatives is arranged.

03

Compliance review.

The bank conducts KYC/AML procedures, including document verification and sanctions screening.

04

Account opening and funding.

Upon successful completion of the review, the account is activated, and the client receives account details and access to online banking. The minimum initial deposit varies depending on the bank.

05

Verification and account opening timelines depend on the completeness of the documents provided and the internal procedures of the selected bank.

COREDO Service Fees

Legal Entities

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Non-refundable deposit (Stage 2)	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Non-refundable deposit (Stage 2)	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The fee includes full support throughout the process, from preliminary analysis to receipt of account details. A non-refundable deposit — EUR 1,000 for legal entities and EUR 400 for individuals — is required upon commencement of Stage 2.

Required Documents

For a corporate account in Puerto Rico, COREDO’s basic package includes the articles of association and certificate of incorporation and an extended commercial register extract, apostilled or legalised where official online resources cannot confirm them. It also includes identity documents of directors, shareholders, beneficial owners and signatories, the beneficial owners’ source of funds, the company’s financial statements, tax ID document, business description and the bank’s forms.

For individuals, COREDO’s basic package includes a valid passport, proof of residential address (a utility bill or bank statement not older than three months) and information on the source of funds. The bank may also request a tax identification number.

The specific list of documents varies depending on the bank, account type, and client profile.

Advantages of Working with COREDO

COREDO provides clients with a number of significant advantages when opening a bank account in Puerto Rico. Professional experience since 2016 enables effective interaction with banks across various jurisdictions and minimises the risk of rejection. COREDO specialists provide full support at every stage — from initial analysis to obtaining account access. Each stage has its own fee set in advance; bank and payment institution fees are not included, and the final price may vary with the complexity of the case. An individual approach to each client enables the selection of the optimal bank and account type, taking into account the specifics of the business and payment infrastructure requirements.

Contact us

Our Experts

The COREDO team has been operating since 2016 and supports clients in opening accounts with banks and payment institutions.

Nikita Veremeev

Founder & NED of COREDO. Founded the company in 2016 and personally oversees the strategic development of the business across dozens of jurisdictions.

Pavel Kos

Head of Legal. Has been with the COREDO team since June 2017, responsible for legal support of corporate projects and company registration.

Alena Mach

Executive Director

Daniil Saprykin

Head of Customer Success

Annet Abdurzakova

Senior Customer Success Manager

Frequently Asked Questions

Can non-residents open a bank account in Puerto Rico?

Yes, non-residents can apply to banks in Puerto Rico; each bank decides whom it accepts. Banks may apply additional checks to non-residents depending on their risk assessment. Non-residents must provide an identification number — a tax identification number or a passport number. COREDO assists in preparing a complete set of documents for successful verification.

In what currency are accounts opened in Puerto Rico?

The base currency for bank accounts in Puerto Rico is the US dollar. Puerto Rico belongs to the Second Federal Reserve District, and banks connected to the Federal Reserve’s Fedwire and ACH services make payments through them. Whether transactions in foreign currencies are available depends on the selected bank.

Are deposits in Puerto Rico banks protected?

Deposits are protected at banks insured by the Federal Deposit Insurance Corporation (FDIC); not every financial institution in Puerto Rico is FDIC-insured. The standard insurance limit is USD 250,000 per depositor at each insured bank for each account ownership category.

How long does it take to open an account?

The timeline is set by the bank. It depends on the completeness of the documents, the results of the compliance review, and the internal procedures of the bank.

Which regulator oversees banking activities in Puerto Rico?

The banking system of Puerto Rico is subject to dual oversight. At the territorial level, supervision is carried out by OCIF (Oficina del Comisionado de Instituciones Financieras). At the federal level, the primary regulator of FDIC-insured banks is the Federal Reserve or the FDIC, depending on the bank. AML compliance is supervised by FinCEN.

Submit Application

For an individual consultation on opening a bank account in Puerto Rico, contact COREDO specialists. We will analyse your profile and propose the optimal solution.

Related Services

Bank Account for Individuals

Company Formation

Financial Licences in the EU

Legal outsourcing