Puerto Rico Banking License - Finlaw

Puerto Rico

International Financial Entity

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Secure A Puerto Rico Banking License

Are you in need of offshore banking expertise? FinLaw’s team of legal experts is here to help! Here are some of the licenses we can help you with:

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Vanuatu Banking License

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Saint Vincent & the Grenadines Banking License

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Puerto Rico International Financial Entity

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Dominica International Bank License

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Antigua Bank License

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Wyoming Cryptocurrency Banking

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Advantages of a Puerto Rico Banking License

In recent years, increasingly complex regulations and erosion of financial privacy rights in major financial centers such as the United States and the European Union have continued to drive the offshore banking industry. Billions of dollars are kept on deposit in offshore banks, even as certain jurisdiction have increased their focus on Anti-Money Laundering controls – which has only enhanced the legitimacy of offshore banking. However, with this industry push towards great transparency has come to a tremendous market opportunity to start an offshore bank as the majority of banks have stopped accepting international and/or traditional high-risk banking clients.

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Puerto Rico Banking License Cost & Set Up Fees

License International Financial Entity
Time to License  4 to 5 Months
Capital Requirement $550,000
Tax Structure Approx. 4% Percent Tax on Offshore Profits
Economic Substance Yes
Local Director No
AML/KYC Yes
Audit Yes

Instant Access To Our Flat Rate Pricing, Includes All Setup Fees.

 

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Representative Clients

As a leader in the fintech professional services field, FinLaw has had the opportunity to collaborate with thought-leading organizations and has had its work published in leading publications.

Why a Puerto Rico Banking License?

Puerto Rico is a non-incorporated territory of the United States. While all citizens of Puerto Rico are deemed citizens of the United States, the island nation is far from a smooth extension of the United States. Puerto Rico is a self-governing, democratic nation with – among other government entities – its own independent taxing authority.

Given its location in the Caribbean and recent economic challenges, Puerto Rican government has sought to enact legislation to encourage the development of an offshore financial services center. This includes certain tax benefits, including rates as low as four percent on corporate taxes and tax holidays for certain expatriates. 

Most recently, Puerto Rico passed Act 273, which established international financial entities and an associated international banking license.

While not technically “offshore”, Puerto Rico is an ideal jurisdiction for the establishment of an international offshore bank. Puerto Rico’s International Financial Entity license grants the holder broad banking powers at a competitive tax rate of four percent of profits, as well as easy access to the United States banking system. 

The licensure, while only recently passed, spurred the growth of offshore banking in Puerto Rico, with over 25 offshore banks established in 2018.

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What Do Our Services Include?

  • Formation of Puerto Rican subsidiary business corporation.

  • Preparation and drafting of shareholder and officer agreements, narrative business plan, current financial statements, and personal financial statements (for owners).

  • Gather five-year financial projections.

  • Identification and draft letters naming principal representative and auditor.

  • Prepare and draft the required bank charter and prospectus, as well as application with the Puerto Rico Commissioner of Financial Institutions.

  • Develop responses to OCIF application inquiries.

  • Facilitate and consummate a bank-card relationship with Visa and Mastercard.

  • Draft policy agreements and related documents.

  • Facilitate and consummate IBAN/SWIFT and correspondent bank relationships.

  • Organize required physical presence and a local director.

  • Preparation and review of bank deposits, loans, and related agreements.

Finlaw will help you secure a puerto rico banking license

We have over 50 years of combined experience helping clients solve their challenges when it comes to offshore banking. Contact our experts to begin the process of obtaining your Puerto Rico banking license today! Our skilled professionals would love to answer your questions.

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