You can be a bank not dealing with USD, yes it sucks and yes customers will be unhappy... but it is still possible. Some banks lose access to USD for weeks, months or even years.A huge factor of starting a bank today is getting direct access to at least one of the major currencies. This requires obtaining the banking license in a country or, in the case of EUR, the region which controls the currency. As you have noticed, a Puerto Rico banking license is effectively worthless because you end up relying on correspondent banks, which are all derisking and shutting out all but the most reputable and stable offshore banks.
All things considered, the 5 million EUR capital requirement in EU is quite modest. It is (much) higher in places like Singapore, Hong Kong, Switzerland, and even several smaller jurisdictions like Serbia and Mauritius.
Absolutely, having direct access to USD is not as easy or attractive as before. But most people forming a bank today want access to at least one major currency, whether it's EUR, USD, GBP, CHF, or other important internationally used currencies.You can be a bank not dealing with USD, yes it sucks and yes customers will be unhappy... but it is still possible. Some banks lose access to USD for weeks, months or even years.
I understand your problem. But this is normal in the offshore industry I can tell you. Even in the onshore i.e BOV has LOST its last USD correspondence account (USD relationship ends December 2019) and that is the biggest bank in Malta....lol. I don't think using a sledgehammer to crack a walnut is a good idea in your case.Basically opening correspondent relationships it is been impossible for our bank. When they open one, they start limiting an end up closing it. So best bet is to just create our own bank which will serve as correspondent. This is the real reason why we are looking fir a permanent and definitive solution! Any suggestions on what route to take!?