Puerto Rico corporate bank accounts in 2024

pay fee by instalmentsbusiness setup without travelGuaranteed solutions

Since 2003, Healy Consultants Group helps multinational Clients open multicurrency corporate bank accounts in Puerto Rico for both local and overseas companies.

Without the bank signatory travelling, our team will project manage the multicurrency corporate bank account opening process including preparing a quality business plan for our Client’s business.

We recommend our multinational Clients read this web page to avoid bank surprises later!

  • Puerto Rico banking problems and solutions

    No Puerto Rico banking problem Healy Consultants Group solution

    A Puerto Rico corporate bank account does not look good to international banks, governments, customers and suppliers. Consequently, third parties may feel uncomfortable receiving or sending funds to a Puerto Rico bank account.

    For your Puerto Rico LLC, Healy Consultants Group will open a multicurrency corporate bank account in the USA or EU.


    Puerto Rico multicurrency corporate bank account opening is difficult. Local banks request an excessive amount of Know Your Customer due diligence documents.


    Bank insists that the bank signatory travel to Puerto Rico for a one hour bank interview.

    Healy Consultants Group’s Client travel policy will apply. Our staff will organise the bank meeting in our Puerto Rico affiliates’ office and assist our Client during the bank interview(s).


    Global banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of Clients. Consequently, our Clients should expect Puerto Rico bank account approval to take up to two months.

    If our Client requires a bank account at short notice, we recommend an immediate Puerto Rico solution plus already-approved international corporate bank account.


    Like most international banks, it is common for Puerto Rico banks to close corporate bank accounts without giving an open, transparent reason to their customers. To close a customer bank account without giving the bank signatory an opportunity to explain the ‘unusual transactions in the corporate bank account’ is an unfair, unreasonable action which places our multinational Clients’ businesses under stress.

    We recommend our multinational Clients open multiple multicurrency corporate bank accounts for their entity. It is unwise to open one corporate bank account and have their business be dependent on one bank.


    As we advance deeper into a global depression, it will become more common for banks to experience financial difficulties. Consequently, multinational Clients should expect i) small banks to go bankrupt and ii) small to medium-sized banks to be bought over by top-tier banks. The number of banks operating in each country will get smaller, exposing our multinational Clients to financial risk.

    For each of their entities, we recommend our multinational Clients open multiple multicurrency corporate bank accounts across multiple countries. Spread your funds across multiple corporate bank accounts in several top-tier banks in different countries. Avoid small banks including PSPs, FSPs and digital banks. Ensure each bank offers customer deposit insurance.

  • The Puerto Rico banking sector

    Healy Consultants Group summary view

    Overall, we advise our Clients to spread risk by opening multicurrency corporate bank accounts with top-tier banks in major financial centres, and not just in Puerto Rico. We recommend multinational Clients minimise funds held in Puerto Rican banks because:

    • Puerto Rico is effectively bankrupt, with debt at approximately 70% of GDP. The country has been in an economic recession for seven years with an escalating debt. The country suffered a credit rating downgrade in 2014 to non-investment grade with a negative outlook. As a result, Puerto Rico banks are vulnerable to bad debts and even collapse.
    • The island suffers devastating natural disasters such as hurricanes, which destroy properties and critical infrastructure and cause massive disruption to businesses and people’s lives. This has the effect of i) hurting local businesses ii) job losses and lower household incomes iii) reduced demand for financing products, such as loans and wealth management services and iv) lower interest rates. These all have the potential to hurt bank revenues and profits, and limit the ability of the government to support the banking system.
    • The Puerto Rican economy was previously heavily reliant on tech- and service-oriented companies headquartered on the island to take advantage of the favourable tax environment. However, the US tax code stipulated these tax advantages to expire over a period of time. Many companies pulled their headquarters out of Puerto Rico, negatively impacting the economy and local bank clientele.
    • Positively, Puerto Rico is not on the Financial Action Task Force (FATF) blacklist of countries with strategic AML deficiencies. In 2020, its AML/CFT standards were deemed FATF-compliant. Consequently, funds held in Puerto Rican banks do not face any additional scrutiny.
    • Puerto Rico is neither a signatory to the Common Reporting Standard (CRS) global information exchange system, nor the Foreign Account Tax Compliance Act (FATCA) reporting protocols. However, government regulators in Puerto Rico follow US FDIC guidelines and impose very strict Know Your Client and anti-money laundering rules and the US federal government audits international financial entities every couple of years.
    • Furthermore, Puerto Rico is not perceived as an offshore tax neutral jurisdiction. Clients, suppliers, international banks and governments will likely be comfortable receiving money from, or making transfers to, a Puerto Rico bank account.
    • There are no limits on the inflow or outflow of funds for remittances of profits, debt service, capital, capital gains etc.
  • Key information on the Puerto Rico banking sector

    • The Puerto Rico banking and financial system is regulated and supervised by the US Federal Reserve System (the Fed) – the US central bank – and therefore does not maintain its own reserves. There are i) ten commercial banks and ii) four financial services companies licensed in Puerto Rico.
    • Our preferred banks in Puerto Rico are i) Euro Pacific ii) Nodus Bank iii) Scotiabank and iv) 1 First Bank. These banks offer multicurrency accounts with full account services (e g i) checking and saving accounts ii) debit and credit cards iii) fixed-term deposit iv) wealth management services and v) better customer service and online banking (all available in English) than local Puerto Rico banks. Local banks are better suited to resident Puerto Rican companies.
    • Opening an international bank account for a newly incorporated Puerto Rico company is challenging. For example i) most banks will require the company to demonstrate proof of business and ii) most banks are reluctant to open corporate bank accounts for companies with complex structures involving multiple foreign beneficial owners. To increase the chance of account opening success, we recommend our Client to keep the corporate structure simple.
    • Fortunately, Healy Consultants Group can open a Puerto Rican corporate bank account without our Client needing to travel to Puerto Rico.
    • Healy Consultants Group can assist our Clients to secure finances for their Puerto Rican company. This includes trade finance, such as i) bank guarantees ii) letters of credit iii) finance against trust receipts and iv) documents against payment and acceptance.
    • If our Client prefers that we open an international bank account for them, we recommend London, New York, Germany, Bulgaria, South Africa, Australia or Dubai. Our fee for this service is US$5,950 without travel, or US$5,000 with travel. All banks are top-tier banks in these countries with excellent internet banking services.
  • Healy Consultants Group fees to help open a corporate bank account in Puerto Rico

    Healy Consultants Group guarantees Puerto Rico corporate bank account approval. Our fees for different banking services include:

    Puerto Rico banking task Our Client travels US$
    Puerto Rico bank account for a foreign company No 5,950
    Puerto Rico bank account for a resident Puerto Rico company No 4,950
    Puerto Rico personal bank account No 4,950
  • Puerto Rico business banking options at a glance

    Summary at a glance Euro Pacific Nodus Bank Scotiabank 1 First Bank
    Does our Client need to visit the bank? No No No No
    Initial deposit for local currency corporate bank account N/A N/A N/A 0
    Initial deposit for a US$ currency corporate bank account US$5,000 US$10,000 N/A US$20
    Time to open corporate bank account 10 days 10 days 10 days 10 days
    Bank facilities Euro Pacific Nodus Bank Scotiabank 1 First Bank
    Our rating of the bank’s customer service Average Good Good Good
    Internet banking available Yes Yes Yes Yes
    Corporate cheque book No No Yes Yes
    Corporate ATM card Yes Yes Yes Yes
    Corporate debit card (visa) Yes Yes Yes Yes
    Corporate credit card No No Yes Yes
    Internet banking Euro Pacific Nodus Bank Scotiabank 1 First Bank
    How long to receive password and login name 2 weeks 5 days Immediately Immediately
    Daily online transaction limit No limit No limit No limit No limit
    Can local currency transactions be viewed N/A N/A N/A N/A
    Can USD transactions be viewed Yes Yes Yes Yes
    Online local currency payments to third parties allowed N/A N/A N/A N/A
    Online USD payments to third parties allowed Yes Yes Yes Yes
    Our rating of local currency internet banking facility N/A N/A N/A N/A
    Our rating of the USD internet banking facility Fair Fair Good Good
    Bank logistics Euro Pacific Nodus Bank Scotiabank 1 First Bank
    International branch locations Click here Click here Click here Click here


Puerto Rico multicurrency corporate bank account opening is easy if you know how. Contact Healy Consultants Group if your firm needs assistance navigating through the different banking solutions.

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For additional information on our incorporation services, please contact our in-house country expert, Mr. Petar Chakarov, directly:
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