Banking, Money and Taxes in Puerto Rico

Puerto Rico has several international and local banks scattered throughout the island, with American banks being particularly common. Cooperatives, also known as credit unions, are also common and frequently used by locals.

Opening a bank account

Requirements to open a bank account include identification, proof of address and a minimum deposit. You don’t need a social security number to open a bank account, although some banks may ask for one.

ATMs and credit cards 

Bank branches are generally open Monday to Friday, with some opening on Saturdays. You can find ATMs all over the island, but they may be harder to find in small towns. Credit cards are widely accepted, but carrying some cash is a good idea, particularly in rural areas.

Taxes in Puerto Rico

The taxes you need to pay in Puerto Rico depend on your tax residency status. Expats in Puerto Rico for 183 days or more of the 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 if you’re looking to register a business abroad.

Doing Business in Puerto Rico