Puerto Rican offshore bank offer services to U.S persons

Dubsize

Building Trust
Entrepreneur
Hi All,

I have been spending quite some time on the web trying to find if an offshore licensed bank in Puerto Rico could offer services to U.S residents/citizens.

I see for example EPB is not accepting to deal with U.S citizens/residents, However, I could not find any law preventing them to do so.

Can anyone show me the reverse ?

Thanks !
 

negon

hannibal the cannibal
BANNED MEMBER
Entrepreneur
There is a lot involved for the bank that accept US citizens and that's why most smaller banks decided to not take on US citizens.

So the bank has to be in Puerto Rico not somewhere else?
 

Dubsize

Building Trust
Entrepreneur
Well nothing has to be anywhere. I was just talking with a friend, and he was saying that EPB couldn't onboard US persons and I am sure they can.
I think the U.S person ban comes from the time they were in St Vincent and because of Fatca.
He says PR is the U.S so an offshore licensed bank can't deal with U.S persons.
I could not find anything in this sense online - I think a PR offshore bank can't deal with PR citizen but can with U.S persons
 

Martin Everson

Offshore Consultant
Business Angel
I could not find anything in this sense online - I think a PR offshore bank can't deal with PR citizen but can with U.S persons
I think you are correct. A Puerto Rico International Banking license does not allow offering commercial banking services to "Domestic persons" i.e PR persons under Article 10(1) in regulation 5653 otherwise known as the Regulation of the International Banking Center Regulatory Act.

However no such prevention that I can see exists for mainland US Persons not resident in PR. There maybe legislation buried somewhere or it comes down to the same reason US Persons get turned away from other small international banks......compliance costs :(.
 

Dubsize

Building Trust
Entrepreneur
To take on US citizens is asking for trouble, why would they want to do that?
This was not my question.
I was wondering if it was legally possible for a PR offshore bank to on board US mainland resident and/or resident.
 

bastard

Building Trust
Entrepreneur
What bank open account in Puerto Rico of local companies without personal visit?
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
What bank open account in Puerto Rico of local companies without personal visit?
Something useful I would like to know too. Someone has any suggestion!?
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
Thank you very much @Samuel Newman this is a good starting point. Do you know if this is only a bank for PR companies or they also accept foreigners? Do you know if it's possible for remote account opening or if there is an introducer service that will allow us to open account remote?
 

Samuel Newman

Offshore Desk expert
Business Angel
Mentor Group
I have contacted them about 5 months ago
According to the reply:
- They accept offshore companies (Seychelles, Belize, St. Vincent etc.)
- Remote opening is not allowed
- Nominees are not allowed, only direct ownership
- Openning fee was 5000 USD
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
okay, and how to open an account with them then, any suggestion?
 
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