Banking, Money and Taxes in Puerto Rico

Dealing with banking, money and taxes in Puerto Rico is no simple matter. Expats may find that things don't run as smoothly on the island, so it is recommended to approach banking with a bit of patience and perseverance.


Money in Puerto Rico

As a territory of the United States, Puerto Rico's currency is the United States Dollar (USD) subdivided into 100 cents.  

  • Notes: 1 USD, 2 USD, 5 USD, 10 USD, 20 USD, 50 USD and 100 USD

  • Coins: 1, 5, 10, 25 and 50 cents, and 1 USD 


Banking in Puerto Rico

Puerto Rico has a number of international and local banks scattered throughout the island. Bank branches are generally open Monday to Friday, with some opening on Saturdays. There are ATMS throughout the island, but may be harder to find in smaller towns.

Requirements to open a bank account include identification, proof of address and a minimum deposit. Expats do not need a social security number to open a bank account, although a bank may ask for one. 


Taxes in Puerto Rico

The taxes paid by expats in Puerto Rico will differ according to their tax residency status. Expats who are in Puerto Rico for 183 days or more of the tax year are considered residents for tax purposes and must pay income tax on global earnings as well as income generated locally. Those who aren't tax residents only pay income tax on their earnings in Puerto Rico and aren't liable to pay tax on income generated outside of the island.

Puerto Rico has a reputation as being a "tax haven" but the generous incentives apply to businesses rather than individuals.That said, this does make Puerto Rico an excellent candidate for starting a business.

Expat Health Insurance Partners

Aetna International

Aetna is an award-winning insurance business that provides health benefits to more than 650,000 members worldwide. Their high quality health insurance plans are tailored to meet the individual needs of expats living and working abroad.

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Cigna Global

With 86 million customer relationships in over 200 countries, Cigna Global has unrivalled experience in dealing with varied and unique medical situations and delivering high standards of service wherever you live in the world.

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