One of the pillars of Puerto Rico’s 5-Point Business Star Proposition is the island’s status as a United States jurisdiction. Financially, this means all of the federal laws and regulations related to business apply here.
Puerto Rico has the necessary banking and insurance resources to ensure your business has a solid base. The local government has worked with the Federal Deposit Insurance Corporation (FDIC) to strengthen the financial system, which is vital for local financial evolution. Funding programs have been restructured to provide greater choices and support for small and mid-sized businesses.
With commercial bank deposits exceeding $48 billion, brokerage firms managing $31.8 billion in assets and deposits for Credit Unions at over $5 billion, it’s easy to understand why Puerto Rico is such a solid market. There are 15 international banking entities in Puerto Rico. In addition, the island boasts the 3rd largest insurance sector in Latin America.
Moving your banking or financial operations to Puerto Rico under the International Financial Center Regulatory Act (Act 273) means higher profits and a significant competitive advantage for your business. Featuring easy access to the United States and all of the legal, financial, regulatory and intellectual property protections of United State law, Puerto Rico is an ideal location for financial institutions serving clients outside of Puerto Rico. Moreover, the island offers a highly skilled, educated workforce that features a pool of SEC-qualified professionals with capital market experience.
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As an international insurance center, Puerto Rico offers a flexible yet prudent and structured regulatory environment, with competitive tax incentives specifically designed to benefit international insurers, reinsurers and holding companies.
Puerto Rico has cultural access to Latin America and a tradition of insurance business with United States and European markets. With all the of the legal, financial, regulatory and intellectual property protections of United States law, it is a great place for the insurance business.
Most importantly, insurers have considerable flexibility to organize and operate while they qualify for long-term tax incentives. Puerto Rico also offers state-of-the-art connectivity and infrastructure, as well as a highly qualified and educated workforce, many of which of extensive insurance industry experience.
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Puerto Rico has a sophisticated, diversified, and highly developed financial services industry ready to address you needs. Listed below are the primary local and foreign commercial banks and brokerage firms.Local Banks
The Commissioner of Financial Institutions of Puerto Rico is responsible of supervising and regulating Puerto Rico’s financial sector to ensure its safety and soundness, as well as to oversee a strict adherence to all applicable laws and regulations.
Puerto Rico also has a strong insurance sector that is able to assist you in your insurance coverage needs. Triple-S, MCS, MMM, COSVI, Humana, MAPFRE, and AON are the principal insurers.
The Government Development Bank for Puerto Rico (GDB) acts as Fiscal Agent and Financial Advisor to the Central Government and its instrumentalities. It’s a Central Bank of sorts. The GDB’s chief mission is to safeguard the fiscal stability of Puerto Rico and to promote its competitiveness. Though the GDB caters primarily to the Government of Puerto Rico, its subsidiaries and affiliates offer valuable services to the private sector
For more information about the Government Development Bank and its subsidiaries and affiliates, click here.
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