Why Puerto Rico banking is one of the best options in the modern world

How do you decide which one is the best banking in the world? The question is quite interesting, particularly in our times. While Switzerland is famous for its solidity and confidentiality, countries like Seychelles or the Cayman Islands are known for having low fees and friendly policies.

But how about we visit Puerto Rico? While looking for the best banking in the world this jurisdiction cannot be overlooked and here we explain why. 

Finding the best banking in the world in 2024

The offshore days are long gone. The image of a multimillionaire having drinks on his yacht and with a crazy amount of money in tax havens is a thing of the past. The last two decades have represented a huge change in the financial world and this includes banking.

Mundo firmly believes in financial freedom and in people's right to choose where to invest, where to open accounts, and where to live, independently of the country where they’ve been born. We also believe in a person's right to go where they're treated best and, in this context, this means the place with the lowest tax rates.

A few years ago, the lack of regulations allowed people to abuse zero-tax policies and banking secrecy, giving way to shady businesses and illegal activities.

Luckily, international regulations like the CRS, the BEPS, and initiatives like substance requirements helped avoid these bad practices, but there's the other side of the coin. Now processes have become much more complicated especially when it comes to compliance and reporting. In this context, Puerto Rico banking offers a unique position. As a US territory, Puerto Rico is not subject to the CRS thus constituting an unrepeatable option nowadays.

All about Puerto Rico banking

We have partnered with one of the best institutions on the island, which is a member of Union Pay, SWIFT, ABA, and cross-border RMB clearing, among others.

You only need to visit Puerto Rico to realize the richness of this land and an account in this bank represents the spirit of the island. Being part of the United States, this jurisdiction offers reliability and several opportunities. Through this provider, you can make both SWIFT and SEPA transactions, manage multiple currencies, conduct a trading business, and use a business card through Union Pay.

If Mundo has to choose the best banking in the world we will surely think of the following features: wide business scope, remote opening, easy KYC processes, and a high level of expertise. Fortunately, this bank meets all these requirements providing a solid solution that ensures safety.

An interesting plus for Puerto Rico banking is that this institution has a qualified support team that speaks several languages. This includes Cantonese, Mandarin, Spanish, English and Hindi. 

Visit Puerto Rico and access the best banking in the world: the process

How to open an account? Luckily this country offers more than beautiful landscapes for a nice vacation, Puerto Rico allows you to open an account straightforwardly. Next, we share the steps to follow:

Puerto Rico banking step by step

Contact your Mundo Expert: This is the most important step as here you start building your relationship with your Mundo expert. In your consultation, you'll find out why go to Puerto Rico when it comes to banking, and if necessary your expert will recommend another jurisdiction. This is where we analyze your case and present possible solutions. Your expert will also send you the specific requirements fees and submission documents.

Contact your expert

Process payment and documents: at this stage, you must send your company documents so that the bank can assess your entity’s status. All in all, this doesn't take more than five business days.

Online Know Your Customer process: this step requires 3 sub-steps in which you need to sign the KYC documents, send a video verification, and then have a call with the compliance team.

Your company can enjoy the best banking in the world: now that your account is set up you can conduct international transactions and develop your business projects.

Why go to Puerto Rico: benefits of banking in the Island of Enchantment

Probably the jurisdiction's best advantage is the absence of CRS since it's a US territory. So, what does this mean? Does this mean that you can avoid tax? Not at all. In simple words, the bank is not obliged to report your financial status to your country of origin. Nevertheless, this doesn't exempt you from your responsibility to faithfully report according to the law all your assets in the country or countries where you have tax residency.

Another advantage is the possibility to conduct virtually any type of business including advisory and consulting, trading, services, shipping and logistics, holding companies, jewelry businesses, healthcare and medical industry in general, and e-learning services. Two activities are prohibited and these are gambling businesses and blockchain initiatives.

Beyond a vacation: Puerto Rico offers top banking features

Conduct SEPA payments

Through your bank account, you can make payments in the Single Euro Payment Area in real time and with a transaction fee of €16.

Debit card for your business

Thanks to the bank's debit card you can withdraw cash and make payments through Union Pay both in online and offline stores. Moreover, it doesn't require foreign exchange. The fee framework is quite attractive: cash withdrawal ($2.00 + 1.5%), online or POS payment ($0.01 plus 1%), ATM inquiry ($1.00), and shipping fee ($60.00).

Currency exchange

Nowadays the best banking in the world is the one that offers us wider opportunities and multi-currency is vital in a globalized economy. If you're wondering why go to Puerto Rico when it comes to banking the possibility of operating in several currencies is a plus. Furthermore, the exchange rate is based on Union Pay International. 

You can operate with the following pairs:

USD/HKD, USD/SGD, USD/CNH, USD/EUR

E-commerce services

Your company can run an e-commerce business or else purchase and sell online thanks to the bank’s compatibility with several popular online stores. Google Play, App Store, eBay, Amazon, TikTok, Shopify, Payoneer, PayPal, and Airbnb are some of the available platforms.

Set up a personal account with Puerto Rico banking

With a personal account, you can transfer money to and from your business account with the possibility of issuing a debit card.

International payroll

Puerto Rico banking allows you to easily set up international payroll systems, an advantage that can come in handy for companies operating globally. Two possibilities are allowed: inter-payroll or intra-payroll. The former allows you to transfer from your business account to the employee's personal account in any bank, while the latter requires the employee to have a personal account in the same bank.

Disclaimer: This article is merely informative and it's the product of editorial research. Therefore, this article should not be considered as legal, financial, or banking advice. If you're interested in Puerto Rico banking, contact a certified expert and ask for updated information, requirements, fees, and costs. Before making any important financial decisions make sure to assess the risk-benefit ratio together with a professional.

Why go to Puerto Rico with Mundo

We have experts in different jurisdictions and we're proud to present Puerto Rico banking as one of our options. A jurisdiction without CRS but with the allure of the Caribbean continues the legacy of business-friendly policies.

For foreigners, Puerto Rico banking is an excellent solution as it provides the opportunity to reach more markets and currencies while simplifying transactions and all kinds of processes.

The Mundo team is ready to help you design the best solution for you combining banking, company incorporation, trusts, investments, and a second citizenship or residency.

Book a consultation with only one click and start your journey toward discovering the best banking in the world through your favorite jurisdictions.

Contact your expert now