Puerto Rico is a great location for applying to an offshore banking license. Your bank will be part U.S. banking system and your clients will be free from CRE reporting.
The PR Office of the Commissioner of Financial Institutions (OCFI) is the entity responsible for licensing IFEs to conduct specified financial transactions.
A licensed IFE entity is authorized to:
Engage in traditional banking & financial transactions with non-residents of PR.
Request a Tax Grant from the PR Department of Economic Development of Commerce.
1) Articles of Incorporation and by-laws. 2) Rent an office space. 3) Hire at least 4 employees. 4) Authorized capital $5,000,000. Start at capital at least $1,500,000. 5) $300,000 financial guarantees acceptable to OCFI. 6) Application to the OCFI for a permit to organize an IFE. 7) $5,000 non-refundable fee and same annual fee if approved. 8) Personal statements for 10% or more shareholders. 9) Comply with US Bank Secrecy Act, US Patriot Act and Office of Foreign Asset Control (OFAC). 10) After these requirements are completed, the Tax Grant will be authorized for 3 consecutive 15-year period for a total of 45 years.
The application to establish an IFE is divided in two stages and takes up to 180 days to be approved: 1st stage encompasses the organization of the IFE. 2nd stage begins after the permit to organize the IFE is issued.
$400K
Filing Fee
$500K
Filing Fee
Accounting Firm providing Accounting & Bookkeeping, Tax Planning and Offshore Strategies to grow your business and protect your assets.
Entrepreneur
My experience with FAS CPA & Consultants has been incredible, their professionalism is impeccable. I highly recommend them.
Manager
I highly recommend FAS CPA & Consultants, they are responsible, efficient and very dedicated.
Manager
9000 SW 137 Av Suite 224 Miami FL 33186
Accounting Firm providing Accounting & Bookkeeping, Tax Planning and Offshore Strategies to grow your business and protect your assets.
We Are Just An Email Away From You. Suscribe and get the latest tax news.
FAS CPA & Consultants Copyright © 2022. All rights reserved.
Thanks to FAS & CPA Consultants and Fulton Abraham Sanchez, CPA, I was able to resolve a debt of $479,677.71 that I had with the IRS.