Puerto Rican offshore bank offer services to U.S persons

[Dubsize]

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]

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]

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]

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 .

 

[fanban]

I think the U.S person ban comes from the time they were in St Vincent and because of Fatca.

To take on US citizens is asking for trouble, why would they want to do that?

 

[Dubsize]

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]

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

 

[TurnedToRobot]

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!?

 

[Samuel Newman]

Something useful I would like to know too. Someone has any suggestion!?

it's possible
https://facebank.pr/en/fees will be high here

a lot of Americans move to PR for now because of new tax benefits
US government supports investments to Puerto

 

[TurnedToRobot]

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]

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

 

[TurnedToRobot]

okay, and how to open an account with them then, any suggestion?

 

[Martin Everson]

You can try Elite International bank. It is what it is when it comes to PR though.

http://eliteinternationalbank.com/

 

[andres33]

You can try Elite International bank. It is what it is when it comes to PR though.

http://eliteinternationalbank.com/

I was triying with this bank but they reply me that is only presencial opening. No remote posibilities

 

[daxbr]

I have contacted them about 5 months ago
According to the reply:
(...)
- Openning fee was 5000 USD

Please confirm you mean initial deposit.

 

[Samuel Newman]

Please confirm you mean initial deposit.

no, they have mentioned it as fee