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There is an international bank in Puerto Rico. Everything is functioning, the shareholders are fully interested in the sale. No Fedwire, MasterCard or Visa, but eligible for these funds. There are SWIFT, Fedlink and two correspondent partners.
It is possible to open an account with the Federal Reserve System in the United States, which is allowed in international banks in Puerto Rico, after which the Fed becomes your correspondent bank, managing your transfers.
In fact, Puerto Rico is the only territory that, unlike the rest, is constantly evolving, despite the fact that the rest are losing money. This is why it is the leading offshore banking jurisdiction.
In this area, many countries have admitted defeat by losing their banks. For example, the Cayman Islands, the Dominican Republic, Saint Vincent, Belize, Luxembourg, Switzerland – all of them went into bank losses.
At the moment, growth is observed only in the United States in the field of offshore banking. There are about 50 license requests in Puerto Rico and there is a high demand for bank trades.
Reasons for the rapid growth in Puerto Rico:
• Better reputation than competitors in the Caribbean;
• Protection of correspondent banks is easier than that of competitors;
• Low cost of FATCA USA;
• Can join US bank using Fedwire, SWIFT, ACH, MasterCard and Visa, e-commerce acquiring, etc.;
• The rules of the US bank holding company rules do not apply.
Assessment of these international banks in 2020:
Initially, you need to remember that more than 50 applications have been submitted for consideration, the wait will take at least 12 months, at least 6 months for building a bank and a work permit.
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