Why Puerto Rico Banking?
Puerto Rico banking offers the unique combination of US banking infrastructure with territorial tax advantages. For Act 60 participants, a Puerto Rico bank account is essential for demonstrating bona fide residency and receiving tax-advantaged income locally.
Note for U.S. citizens: Puerto Rico bank accounts are US accounts. No FBAR or FATCA foreign account reporting required, but Act 60 has specific compliance requirements.
Open your Puerto Rico bank account with full support.
US Banking - FDIC insured, ACH, wire transfers, all US capabilities
Act 60 Integration - Essential for tax incentive compliance
No FBAR Required - Puerto Rico accounts are not foreign for reporting
Residency Support - Demonstrates Puerto Rico presence
Full Services - Personal and business accounts available
US Dollar - USD accounts with no currency conversion
Who Is This For
Act 60 participants needing Puerto Rico banking
US citizens relocating to Puerto Rico
Business owners with Puerto Rico export services companies
Investors taking advantage of Act 60 capital gains exemption
Anyone establishing bona fide Puerto Rico residency
Entrepreneurs with Puerto Rico Act 60 businesses
The Process
Step 1: Submit Your Documents
Provide passport or US ID, Puerto Rico address documentation, and proof of income.
Step 2: Bank Selection and Application
We match you with appropriate Puerto Rico banks and submit your application.
Step 3: Account Opening
Open your account during your Puerto Rico visit and receive full US banking access.
Requirements
Valid US ID or Passport - Government-issued identification
Puerto Rico Address - Local address for account statements
Social Security Number - Required for US banking
Proof of Income - Employment letter or financial statements
Initial Deposit - Typically $100-500
In-Person Visit - Most banks require in-person opening
What's Included
Bank selection - Match with appropriate Puerto Rico banks
Document preparation - Organize required paperwork
Application support - Guide through the process
Appointment coordination - Schedule bank visits
Account activation - Ensure full setup
Online banking setup - Configure digital access
Timeline
| Milestone | Timeframe |
|---|---|
| Document preparation | Before your trip |
| Bank appointment | During Puerto Rico visit |
| Account opened | Same day |
| Debit card | Mailed within 1-2 weeks |
| Online access | Immediate |
Important Notes
In-person required - Most Puerto Rico banks require in-person opening.
Puerto Rico address needed - You need a local address for the account.
SSN required - As US territory, Social Security Number is mandatory.
Act 60 compliance - Banking is one element of demonstrating bona fide residency.
Open your Puerto Rico bank account. US banking with territorial tax advantages.