COREDO > Opening bank accounts > PUERTO RICO

PUERTO RICO

Puerto Rico is a small island state in the Caribbean near the USA, also known as the ‘51st state’, and is a haven for those who want to secure their assets and avoid high taxation rates. The banking system in this country is by chance one of the most undervalued in the world.

Currently, the banks in this country are well capitalized as well as have good liquidity and funding. The top 10 banks in Puerto Rico include FirstBank, Banco Popular Scotiabank, Banco Santander, Caribe Federal Credit Union, Citibank NA, FEMBi Mortgage Asia, Pentagon Federal Credit Union and JetStream Federal Credit Union.

Today, many financial market experts believe that Puerto Rico is a truly fantastic place to keep your financial assets in complete safety and in a legal jurisdiction in the West.

ADVANTAGES OF OPENING A BANK ACCOUNT IN PUERTO RICO

Among the advantages of opening a bank account in Puerto Rico the following are worth mentioning:

friendly tax regime, namely: there are no capital gains tax on dividends and a large number of tax incentives are applied;
ideal location between the USA and Latin America, which makes it a great place to start a business;
low minimum deposits and account balances.

ACCOUNT OPENING PROCEDURE IN PUERTO RICO

Our company is ready to provide you with effective assistance in the matter of opening an account in Puerto Rico. We provide this service in a comprehensive manner, starting with advice and preparation of a complete set of documents and ending with obtaining the supporting documents for the account opening and handing them over to the applicant.

The standard set of documents includes director, company owners and other attorneys-in-fact ID cards as well as the original statutes (apostilled).

The verification process by a bank institution and direct opening of an account usually takes 14 days or more. It depends on the requirements of the chosen bank.

Please contact us if you ever need to open an account in Puerto Rico Our specialists have extensive experience in working with local banks and are ready to help in choosing the proper bank for your business as well as assist in preparing the necessary documents.

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