A foreigner can open a bank account in Puerto Rico. The service is available for both onshore and offshore bank account setup and it covers all types of clients, such as commercial enterprises or individuals. When opening the account, banks will apply different procedures based on the nature of the client (natural person or legal entity).
Our consultantshave extensive experience in representing all types of clients and can assist in preparing the application file required by the bank. Although banks generally require the same documentation for a category of clients, variation may appear in practice and this is why it is advisable to address a specialist if you want to open an offshore bank account.
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Documents necessary for opening a bank account in Puerto Rico
There are 2 main categories of clients for which banks can open bank accounts. They are corporate clients and natural persons and for each there are different documents that have to be presented to the bank’s representatives, in accordance with the local law. Individuals need to present the following:
- their identity document;
- documents attesting their residency;
- documents attesting their income.
For companies, investors must prepare the documentation presented below:
- the company’s bylaws (the memorandum and the articles of incorporation);
- the certificate of incorporation;
- the certificate of good standing;
- the documentation presenting personal details of the shareholders and directors;
- the share certificate.
Depending on the bank, companies may need to submit their latest audited financial statements, a business plan, documentation which attests the company’s available funds, etc. Our consultants can present more details on other obligations that can arise in this situation.
Please mind that investors who opt for offshore company formation in Puerto Rico must also present incorporation papers when setting up the bank account. Although it is rather simple to open an account at a local bank, banking institutions are obligated under the local legislation to verify the documentation with the utmost attention. This is why the entire procedure may take up to 3 weeks.
Main eligibility criteria for opening an offshore account in Puerto Rico
According to local laws, the possibility ofopening an offshore bank account as a foreigner is available for any individual who is at least 18 years old and who provides the minimum documentation required by the bank of choice.
However, banks can refuse certain clients as long as they are citizens of countries that are under international sanctions at the moment when the applications are made.
Currency options
International clients can open an offshore account in various currencies in Puerto Rico. It is possible to set up the account in any of the international, reputable currencies such as the US dollar, the Canadian dollar, the British pound, the Euro, the Australian dollar, etc.
Responsible banking authority in Puerto Rico
Puerto Rico does not have its own Central Bank, as it can be the case of other offshore jurisdictions. Instead, the US Federal Reserve Bank acts as the main authority supervising and regulating the banking sector.
Main services provided by banks in Puerto Rico
Individuals and companies interested in setting up an offshore bank account in Puerto Rico can benefit from a variety of banking services. These are created in line with the general trends and needs of clients, therefore when opting for this country, foreigners can access:
- electronic banking services;
- credit/debit cards;
- ATMs;
- services tailored for commercial clients.
Ways in which clients can use their accounts
The holder of an offshore bank accountcan perform a variety of actions after the activation of the account. Most of those who open offshore accounts live overseas, which is why they mostly rely on internet banking services to complete various actions, some of which are:
- view bank statements;
- verify the account balance;
- make payments;
- make deposits;
- exchange currencies, etc.
Privacy policies
In general, foreigners who want to open an offshore bank account benefit from privacy, as privacy rules apply in offshore jurisdictions. However, disclosure obligations vary from one country to another and in Puerto Rico it must be noted that the clients of offshore banks benefit from high confidentiality levels.
This right is granted because Puerto Rico has not signed international agreements through which banking institutions are obligated to provide information on their account holders to specific third parties. Puerto Rico has not signed any Automatic Exchange of Information documents and it is also not required to comply with the Common Reporting Standard.
However, it must be noted that clients can’t set up anonymous accounts, as Puerto Rico follows strict Know Your Customer policies, therefore banks must obtain from their future clients specific information, which will not be disclosed to any other third party.
The banking sector in Puerto Rico
The banking industry in Puerto Rico is a reliable one, as the latest analysis on the sector shows positive trends. With regards to this, we present the following:
- the market volume for 2025 is estimated at US$17.73 billion;
- the majority of the industry is represented by traditional banking, which accounts for US$15.77 billion in 2025;
- for the period of 2025-2029, the Puerto Rico banking industry is set to grow by 2.8% per year;
- in 2029, the industry may reach US$19.8 billion.
Please know that foreign clients have the possibility to open an overseas bank account in Puerto Rico, as more and more banks align to the current needs and trends of society. Thus, some of them offer the option of opening the account online. Our consultants can offer step-to-step assistance to those who will set up an offshore bank account online.
Clients can also rely on us if they plan to open an offshore merchant account, which is a compulsory financial system for e-commerce companies selling goods across the world. The merchant account is designed to immediately accept credit and debit cards issued by various banking institutions across the world. Please contact us and we can help you select the most suitable service providers.