Puerto Rico
Banking and Accounts

Unlocking your financial potential: a deep dive into Puerto Rico's banking advantages

7/19/2023 8:00:00 AM
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Mundo is on the hunt for every banking opportunity that might help our readers and that may provide interesting information about the world that we love so much: the global finance industry. Safe banking is a must if you're looking to expand your business beyond your borders and naturally, you'll want the jurisdiction that brings you the best advantages. 

Secure banking: Why global banking market opportunities have changed in the recent decades

The offshore scenario has shifted whether we like it or not. For better or worse, since 2017, the CRS changed privacy-oriented banking and established a new era. While transparency is a quality that we all benefit from, it is true that processes became more complicated. If you're interested in avoiding CRS with offshore banking, there's bad news for you: most countries across the world have signed up to this standard. However, not everything is lost as there are a few players that don't fall under the CRS list yet, and, if you don't know which ones, you'll be quite surprised.

Bank in Puerto Rico: avoiding CRS with offshore banking

One of the few jurisdictions in the world that are not obliged to report to your tax residency country is the United States. You've read this right. Since they have established the FATCA regime for their own citizens’ banking abroad, The United States decided that they don't need the Common Reporting Standard within their banking system. Thus, this becomes one of the best chances, if not the only one, to bank without CRS.

This brings us to this article’s star jurisdiction: the beautiful mixture of banking in the Caribbean, diversification, and asset protection avoiding CRS with offshore banking. So, what does this jurisdiction bring us? Keep reading to find out.

Bank without CRS, bank in Puerto Rico

Mundo can help you open an account in a secure institution regulated by the OCIF and the Federal Reserve System of the United States. It's a member of important treaties like Union Pay, SWIFT, and ABA. 

Although each account by default will be in U.S. dollars, you can access multiple currencies. You can also conduct transactions through SWIFT or SEPA and get a Union Pay card.

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Banking opportunity: fast and easy

The whole opening process can take from 1 to 14 days depending on how accurate are the documents that you present. One of the most important characteristics is that the onboarding process is simple allowing you to go through KYC 100% online. Thus, in only 14 days, you can get an account for your business even for sectors and players like holding entities and ecommerce enterprises. You'll be able to access multiple currencies besides the US dollar: CNH, HKD, SDG, and EUR. 

How to open an account

  • Contact us to get a consultation with your Mundo expert. 
  • Gather the documents and send them to your representative. At this stage, you have to pay the fee and go through the compliance verification process.
  • The third step is KYC. This can be done 100% online by submitting the documents signed by you, undergoing a video verification, and finally, verifying your identity via phone call.
  • The fourth step consists simply in enjoying your corporate account and safe banking in the Caribbean.

Prohibited activities and jurisdictions

The bank doesn't provide services to citizens of certain countries like Russia, Belarus, and North Korea. Finally, all activities are allowed except for cryptocurrency and blockchain businesses and businesses in the gambling industry.

Bank in Puerto Rico: cool perks

  • Wide amount of activities allowed
  • SEPA payments
  • Business debit card with a cash withdrawal fee of $2 + 1.5%
  • Real-time currency exchange based on Union Pay
  • eCommerce friendly with access to top online shopping platforms around the world including eBay, Walmart, Google Pay, Airbnb, PayPal, Amazon, Payoneer, and Shopify.
  • Corporate and personal accounts
  • Personal debit card with a withdrawal cost of $2 + 1.5%
  • International payroll systems available
  • Private banking available

Disclaimer: this article presents general information to bank in Puerto Rico. Book a consultation with a professional for accurate and updated details.

Get to know your global banking market opportunities with Mundo

Quite a safe conclusion for this article is that avoiding CRS with offshore banking legally is still possible in the jurisdiction that you least expected: Puerto Rico. Being part of the United States, here you will be banking in the Caribbean while getting the privacy-oriented banking that you always wanted. Get in touch to know the details.

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