Puerto Rico is a great jurisdiction for applying to an offshore banking license. Your bank will be part U.S. banking system and your clients will be free from CRS 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.
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