Puerto Rico Business Law Firm

25/11/2025

What should I know before opening a bank account in Puerto Rico?

Many entrepreneurs are surprised to learn that opening a bank account in Puerto Rico can be straightforward, but it does require some preparation. Unlike mainland U.S. banks, local banks often have specific requirements for foreign or non-resident account holders. Expect to provide proof of identity, such as a passport, and documentation showing your business activities or source of funds. Some banks may ask for a local address or a Puerto Rico-based business registration.

**Key points to consider:**
- **Bank selection matters.** Larger banks with international branches tend to have more streamlined processes for non-residents.
- **Documentation is king.** Having clear, organized paperwork can speed up the process.
- **Account types vary.** Choose between personal, business, or investment accounts based on your needs.
- **Timing can differ.** Some banks process applications quickly, while others may take several weeks.

**Pro tip:** Building a relationship with a local banker can make future transactions smoother. While the process may seem detailed, many entrepreneurs find that with proper preparation, opening a Puerto Rico bank account becomes a manageable step toward establishing a local presence.

**Remember:** Each bank has its own policies, so it’s wise to reach out directly or work with a focused local advisor to streamline your experience.

Read more: https://expatexpert.co/portal/space/invest-pr/post/what-should-i-know-before-opening-a-bank

29/12/2024

Corporate Transparency Act Filing Deadline Temporarily Halted by Court

The U.S. Court of Appeals for the Fifth Circuit has reinstated a nationwide injunction against enforcing the Corporate Transparency Act (CTA) and its beneficial ownership reporting rule. This decision puts the January 13, 2025 filing deadline on hold for now.

On December 26, 2024, the Fifth Circuit vacated an earlier stay of the injunction that had briefly allowed enforcement of the law. As a result, the original injunction, issued by a federal court in Texas, is back in effect and will remain so until the Fifth Circuit hears oral arguments in March 2025.

The court explained its decision as a way to “preserve the constitutional status quo” while it considers the significant legal arguments raised in the Department of Justice’s appeal. This means reporting companies likely will not need to submit beneficial ownership reports while the injunction is active.

For businesses formed or registered before 2024, January 13, 2025, will no longer serve as the deadline to file BOI reports. We are awaiting confirmation from FinCEN on this pause, but for now, compliance is not required until further notice.

Our firm is closely monitoring these developments and will provide updates as the case progresses. For now, businesses can take a wait-and-see approach until a final decision is made.

26/12/2024

Important Info for Company Owners: Deadline to File Has Been Extended

If you own an LLC or a Corporation, this is NOT something you want to miss...

Not filing before the deadline could lead to severe penalties—fines exceeding $500 per day—or even jail time.

On December 23, 2024, the 5th Circuit Court of Appeals has reinstated the CTA after a legal battle about its constitutionality. This decision impacts small businesses, especially LLCs and corporations, introducing mandatory Beneficial Ownership Information Report (BOIR) filing obligations.

Introduced in 2021, the CTA faced significant delays and legal challenges, but the appellate court's ruling enforces a new January 13, 2025 compliance deadline. The FinCEN, part of the U.S. Treasury, is offering a grace period to comply with these new regulations.

The time to act is NOW! ⏰

Check out the official order for all the detailed information. Safeguard your business by filing via the FinCEN website—prompt action will protect you. (Yes, this also applies to LLCs and Corporations in Puerto Rico!!) 🇵🇷

Not sure about how to proceed? Click here if you want USADefend Law Firm to help you avoid trouble: https://tinyurl.com/USAD-BOIR

26/12/2024

Our firm is seeking a Certified Public Accountant (CPA) with experience in Puerto Rico Act 60 incentives to work with us as an of-counsel under our branding.

We offer flexible collaboration options, fee-sharing opportunities, and access to advanced technological tools to support your work.

If interested, please email the attorney of record (me) at [email protected] for more information.

17/12/2024

Puerto Rico has an opportunity to strengthen its economy by adapting to the 15% Global Minimum Tax (GMT). As a leader in manufacturing, particularly biopharmaceuticals and medical devices, the island has long attracted multinational companies through competitive tax incentives, supporting jobs and economic growth. The GMT introduces challenges but also opens doors for modernization. By implementing updated incentives, such as refundable tax credits for research, development, and employment, Puerto Rico can align with international standards while remaining a top destination for investment. This proactive approach will help preserve economic growth, encourage technologic innovation, and ensure long-term growth for Puerto Rico's economy.

Take the next step toward securing your business’s future in Puerto Rico. We offer a free case evaluation to help you understand how tax incentives can benefit your operations. Simply click this link to get started: https://lawyerinpr.com/free-eval/. After submitting, you’ll receive details on booking your initial consultation. Our consultations include a 100% satisfaction guarantee—if you’re not completely satisfied, you’ll receive a full refund.

Source: https://www.investpr.org/puerto-rico-global-minimum-tax-economic-growth/

08/12/2024

Big Crypto Gains? Let’s Talk About Keeping More of What You Earned.

If your crypto portfolio has been on fire these past few weeks, you might already be dreading the tax bill headed your way. But what if you could pay 0% tax on capital gains instead?

Thanks to Puerto Rico's Act 60, savvy investors and traders are legally slashing their tax bills to virtually nothing. Here’s the deal:
✅ 0% Capital Gains Tax
✅ No Personal Income Tax
✅ No Dividend Taxes
✅ Same U.S. Financial Protections

At USADefend Law Firm, we help crypto investors like you leverage Puerto Rico’s unmatched tax benefits while staying compliant with both U.S. and Puerto Rico laws. Whether you’re cashing out or planning long-term, we’ll create a tax strategy that works for you.

💡 Want to learn how to make your gains go further?
Click here to get started:

👉 https://lawyerinpr.com/puerto-rico-tax-incentives/

🔒 Don’t just HODL your gains—protect them. Reach out today!

Puerto Rico Tax Benefits Home / Act 60 Tax Incentives Puerto Rico Tax Incentives (Act 60) Reduce Taxes, Maximize Savings, Secure Your Future Puerto Rico’s Act 60 offers one of the most attractive tax incentive programs available today, with benefits like a flat 4% corporate tax rate, 0% tax on ca...

15/10/2024

I found an article about a unique approach the FBI took to combat cryptocurrency fraud. The FBI created its own crypto token, "NexFundAI," to catch market manipulators engaging in wash trading. They charged 18 individuals and four companies, including Gotbit and ZM Quant, with fraud. This innovative step highlights the growing attention on cryptocurrency by regulators. The indictment reflects the wider legal trends shaping the future of blockchain, where regulatory agencies are paying more attention to practices once considered gray areas. Firms involved in cryptocurrency should brace for more regulations as enforcement actions increase. Blockchain technology might be decentralized, but the government is making it clear they will intervene if they see manipulative practices. As cryptocurrencies evolve, it’s becoming important for firms to focus on compliance strategies that will keep them safe in an environment where both innovation and law enforcement are advancing at a rapid pace.

For more, you can read the article here:
https://unchainedcrypto.com/fbi-created-crypto-token-nexfundai-to-lure-crypto-scammers/