In this post, I’ll consider the risks of buying an existing bank. All of these issues must be considered before buying a bank in Puerto Rico or elsewhere. The primary risk areas when buying an operating bank
I’m often asked to compare a US banking license and an international banking license from the US territory of Puerto Rico. In my mind, these are not competing products because their target audiences are so different. But,
Puerto Rico's Governor Pedro Pierluisi and Financial Institutions Commissioner Natalia Zequeira have announced a proposal to amend the International Financial Center Regulatory Act (Act 273-2012) and the International Banking Center Regulatory Act (Act 52-1989). These changes aim
The Office of the Commissioner of Financial Institutions (OCIF) has taken significant action against international banks in Puerto Rico, leading to multiple closures due to non-compliance with regulatory standards. The most recent cease-and-desist order, marking the eighth
Puerto Rico’s Act 60 is an excellent tax program for US citizens or residents that are willing to relocate to Puerto Rico. Here’s what you need to know about Puerto Rico’s Act 60 if you’re setting up
Banks in Puerto Rico are exempt from US tax treaty information exchange agreements. They are also exempted from the Common Reporting Standards and FATCA. Thus, banks in Puerto Rico, are one of the last bastions of privacy
In this post, we’ll look at how many international banks are there in Puerto Rico as of October 2021. I’ll also cover how many new licenses have been issued in recent years and your probability of being
In this post, I’ll consider the employee requirements for banks in Puerto Rico. How many and which employees must be based in Puerto Rico? What are the recommended employee numbers or ratios for an international bank operating
In this article, I’ll look at the Puerto Rico tax incentives for bank owners. These are the personal tax benefits of living in and owning a bank in the US territory of Puerto Rico. You’ll find that
In this post, I’ll outline the process to purchase a bank in the US territory of Puerto Rico. Once you/we have identified a target bank, these are the steps I recommend to ensure the highest probability of