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Mundo’s banking picks for the second half of 2024: bank in Puerto Rico, bank in Panama, bank in St Lucia

6/28/2024 8:00:00 AM
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A reliable bank account becomes essential for businesses and individuals. There may be certain tendencies toward finding more innovative ways for generating and storing currency, but at the end of the day, banking remains a service we can’t put aside. 

Last year, we published our favorite candidates for best Banking 2023, and now it’s time to review those options. Which countries does Mundo still choose? Which jurisdictions were added to the list and which ones were removed?

Let's delve into the advantages of a bank in St Lucia, a bank in Panama, or any of the financial institutions that can make a difference in your plan.

Mundo’s banking choices for the second half of the year

Bank in St Lucia for easy management and reliability

In a post-offshore era, finding reliable banking with strategic advantages is like finding a bottle of water in the desert. Luckily, a good bank in St Lucia can make a difference when it comes to the best banking options out there. The island provides a robust framework that serves both corporations and individuals catering to separate financial needs.

If you're banking abroad, you want to choose a reliable jurisdiction because, let's face it, banking in a new country is to find solutions and not problems. A politically stable environment makes this country ideal for any bank in St Lucia to thrive and provide top-notch services. 

Here there is everything a business person needs combining straightforwardness, flexibility, and compliance. By choosing a bank in St Lucia you'll be in a country that adheres to international standards.

Offshore Panama bank account

Panama was one of the five countries featured in our article on best banking 2023 last year. You'll also see that there's a reason for this jurisdiction to stay on the list. When choosing a bank in Panama you're choosing a solid system that works perfectly well for foreign account holders.

If you're worried about having an offshore bank account, that is, if you travel much or you're living elsewhere, you can rely on secure online banking and excellent remote support. In our article last year, we've pointed out that banking in Panama is one of the best in Latin America, and we haven't changed our position.

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The perfect combination: Puerto Rico Offshore Banking

During 2024, we've been focusing strongly on Puerto Rico. Simply we know that a bank in Puerto Rico can cover various needs for non-us persons. Being a free associated state belonging to the United States, this island has more than enchantment: it provides solid banking. Puerto Rico presents a unique feature being one of the only jurisdictions in the world not subscribed to CRS.

When you analyze whether to bank in Puerto Rico think about the outstanding combination of solidity, trustworthiness, and financial advantages. By choosing Puerto Rico Offshore Banking you're accessing a politically stable country, a dollarized economy with multi-currency options, and advanced services like ample e-commerce possibilities, a debit card, international payroll systems, and SEPA payments.

Belize: one of the newest jewels

Services for foreign account holders are relatively new in Belize as the corresponding regulation was approved only in 1996. Belize stands out for its impressive privacy and asset protection features.

Here you'll find higher interests than the average which makes the country an excellent field for savings and deposit accounts. One of Belize's main representatives of solidity is that the banks are required to keep a 24% liquidity ratio by law. This is higher than in many first-world countries.

What has changed since our article on the best Banking 2023: our top choices this year

It takes only one quick peek into our article last year to see that some jurisdictions didn't make it to this list. When compared to a bank in St Lucia or a bank in Puerto Rico, some places lack essential features.

Nevis, for example, is not on this list because it has presented difficulties at the time of opening, which is something you don’t want when opening a foreign bank account. 

But if one Caribbean country has left another one has joined. We recommend choosing a bank in St Lucia because it offers easy processes and management. Belize, on the other hand, was added because of its impressive stability and confidentiality even though is one of the newest players.

Finally, Panama and Puerto Rico remain two of Mundo's top pics, both offering high-end services and excellent advantages. While a bank in Panama enjoys a good position thanks to the country's territorial taxation system, a bank in Puerto Rico is not subscribed to CRS, i.e., it's not obliged to report.

Disclaimer: this article contains general information about opening foreign accounts. Any bank in Puerto Rico, any bank in St Lucia, or any other jurisdiction has its own requirements, conditions, and fees. However, the objective of this article is not to provide accurate information but a general overview. Therefore, this article should not be taken as legal advice.

Choose the best bank in Panama or your favorite jurisdiction with Mundo

If you want to open an offshore Panama bank account or simply bank in a reliable jurisdiction abroad, Mundo has your back. We have experts and lawyers who can help you establish your account in your favorite country.

With a bank in Puerto Rico, you will enjoy multicurrency accounts with no CRS, with a bank in St Lucia you’ll access flexible opening and management, and with a bank in Panama you will enjoy a system especially geared for travelers and foreigners.

To complement your bank account, you may need a company, a trust, or a solid investment. Luckily, Mundo can help you cover all these fronts combining separate jurisdictions and tools. Contact us now and book a consultation.

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