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How To Get A Puerto Rico Banking License And The Benefits


A Puerto Rico banking license is the most common entry point for any American or international individual who wishes to own and operate their financial institution in Puerto Rico. It sounds simple on paper, but applying for this type of license can be extremely complicated. Any applicant should work with a legal professional to ensure that all documents are filed properly and that all requirements are met completely before taking their application to the regulatory agency.


The Puerto Rico Department of Banking and Securities has the sole authority to grant or deny a Puerto Rico banking license. They make these decisions based on safeguards to ensure that only competent individuals are given rights. It is their responsibility to implement these safeguards. 


5 Top Reasons To Get A Puerto Rico Banking License.

  1. Lowering Monthly Expenses: 


The biggest reason most people get a Puerto Rico Banking License is to reduce their monthly expenses and save money. The manufacturing sector in Puerto Rico has substantially declined over the last decade, and many former employees are now struggling to make a living. 


  1. Professional Development:


Many business owners choose to move their establishment to Puerto Rico to participate in the expanding opportunities available there. Obtaining a offshore banking license provides them with a valuable opportunity to further develop their professional skills and move up the economic ladder. 


  1. Tax Benefits: 


Those who obtain a Puerto Rico banking license also enjoy favorable tax benefits offered by the local government. As long as 50% or more of revenue is generated from services rather than products.


  1. Low Cost Of Living: 

Puerto Rico is an extremely affordable place to live, and the cost of living in the country is one of the lowest in North America. You can enjoy a high quality of life for a fraction of what you would pay for the same standard of living in most major cities in the US. 


  1. Safe Business Environment: 


The Puerto Rico banking license also provides you with increased safety and security. It allows you to take advantage of more established resources and infrastructure that are not available to individual entrepreneurs who do not have a local presence.


Documents And Procedure To Get A Puerto Rico Banking License.


To start the procedure, we need the following documents:


  • Passports and CV of the final beneficiaries.
  • Passports and CV of the directors.
  • Copies of other financial licenses the company has (if applicable).
  • Proof of the necessary funds and their legitimacy.
  • The letter indicates the intention of obtaining financial support.
  • Detailed business plan.
  • Anti-money laundering policy.
  • Approval policy.
  • Financial analysis for the next five years


The application preparation takes around two months, and the application evaluation takes about four months. The bank can begin operations in approximately a year, but the entire procedure takes two years, including creating a bank account with the Federal Reserve.




The puerto rico banking license most people choose to obtain is to save money. However, the low cost of living and tax benefits also play a significant role in this decision. As long as you spend time researching the best financial institution for your needs, you should be able to make a wise decision that will ultimately increase your profitability and improve your quality of life.


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