In one of the many paradoxes of the offshore world, it turns out that old-fashioned offshore banking secrecy is alive and well in a territory of the United States. Banks in Puerto Rico are not required to report any information to foreign tax authorities, since neither Puerto Rico nor the USA have signed up for CRS.
Puerto Rico is a territory of the United States located in the northeast Caribbean Sea. It’s a popular travel destination due to the tropical climate, nature, cuisine, and — of course — the tax incentives. Puerto Rico is not part of the USA for tax purposes and offers a wide range of foreign investment incentives.
Offshore banks in Puerto Rico have been able to open accounts with the Federal Reserve. That gives them a competitive advantage over other offshore banking, which have to access the U.S. financial system through expensive third-party correspondent banks. It also gives them solid protection against de-risking.
In recent years many offshore banks have opened their doors in Puerto Rico. Accounts can be opened over the internet, with no need to travel. We work with a variety of banks who have special niches in terms of their preferred clients: European, Latin American, Russian etc.
Offshore Pro Group offers:
For further information on Offshore Pro Group services in Puerto Rico, please contact us today.
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