Offshore Bank Account Formation – Puerto Rico
Banking System in Puerto Rico
It is a very important point to note that the banking system of Puerto Rico is a part of banking system of United States of America. The only difference among both the systems lies in some exceptions in the tax laws of Puerto Rico.
The office of the Commissioner of Financial Institutions of Puerto Rico controls and regulates the entire financial sector of Puerto Rico. The entire purpose of this authority remains in ensuring the safety and security of the financial sector in Puerto Rico. This authority also ensures that the banks and other financial institutions abide by the laws, rules and regulations of Puerto Rico.
Top Most Banks in Puerto Rico
- First Bank This top bank was established in Puerto Rico, in the year 1948 and is a subsidiary of First Bancorp. The total asset of this bank was US$ 12 billion in 2016 and the net profit was US$ 93 million.
- Oriental Financial Group This was established in the year 1964. The total asset of this group was US$ 6.5 billion in 2016 with net profit of US$ 45 million.
- Banco Popular This is top bank in Puerto Rico and was founded in the year 1893 Total asset acquired by the bank was US$38 billion in 2016 and net profit was US$358 million. It focuses on retail and commercial banking.
- Scotia bank of Puerto Rico This top bank in Puerto Rico was founded in the year 1910. The total asset of the bank was US$896 billion in 2016 and the total profit is US$7368 million. This bank focuses on commercial banking and foreign exchange service and in corporate banking.
- Banco Santander This bank was established in 1976 and is a subsidiary of Santander Bancorp, with total asset of US$ 5 billion and Nett profit of US$ 15 million.
The other leading banks in Puerto Rico are Caribe Federal Credit Union, Citibank NA Puerto Rico, FEMBi Mortgage, Pentagon Federal Credit Union and Jetstream Federal Credit Union, for providing banking and financial services in Puerto Rico.
Puerto Rico has one of the best confidentiality laws in place as it is not part of the Automatic Exchange of Information. You do not require minimum balance for sustaining your account, get credit/debit card options and total security of your bank account.
Banks Available at Puerto Rico
You can open your bank account within 3 days here once all the required documents have been submitted. You do not require a minimum balance, have access to online transactions, deal in multicurrency and get high security banking. You can open your bank via video or skype chat. No need of physical presence to open an account.
You do not need client presence to open a bank account. It is local to this region only but does provide excellent service when it comes to confidentiality and security. You can receive and make payments online and avail other services related to investment as well.
It provides online transaction and facilitates multi currency transactions. The owners of bank account holders get full privacy when it comes to safeguarding their money. Other services include retail banking, commercial banking, investment and securities.
It is one of the smaller banks in Puerto Rico but does provide full confidentiality to the owners of the account. Clients also get access to credit card, online banking, multicurrency trading and total security of their assets.
Documents Required For Opening Bank Account
Banking Benefits in Puerto Rico
- Full confidentiality given to account holder
- No personal visit to the bank or country required
- Transactions in multi-currency is available
- 24x7 online banking available
- Higher interest rates
- Credit/debit card available
- Good region to start investing
- Stable politically and economically
Why form an offshore bank account with DNS?
We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.