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 persistence.


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 several international and local banks scattered throughout the island. Bank branches are generally open Monday to Friday, with some opening on Saturdays. There are ATMs all over the island, but they 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 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 the island.

Puerto Rico has a reputation for 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 those looking to start a business.

Expat Health Insurance

Cigna Health Insurance

Cigna Global Health Insurance. 20% off premiums booked before 31st March

Medical insurance specifically designed for expats. With Cigna, you won't have to rely on foreign public health care systems, which may not meet your needs. Cigna allows you to speak to a doctor on demand, for consultations or instant advice, wherever you are in the world. They also offer full cancer care across all levels of cover, and settle the cost of treatments directly with the provider.

Get a quote from Cigna Global - 20% off

Moving Internationally?

Sirelo logo

International Movers. Get Quotes. Compare Prices.

Sirelo has a network of more than 500 international removal companies that can move your furniture and possessions to your new home. By filling in a form, you’ll get up to 5 quotes from recommended movers. This service is free of charge and will help you select an international moving company that suits your needs and budget.

Get your free no-obligation quotes from select removal companies now!