LLC non-resident and personal account in Puerto Rico

[Tranceup]

Hi,

For a non-resident LLC, is it convenient to transfer the profits to a personal bank account in Puerto Rico (No CRS).?

 

[Tranceup]

Anyone know?

 

[clemens]

Why would you do that? Anyway, you can without big problems depending on which bank you have an account with and if you can produce supporting documents i.e. invoice etc.

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[mok]

Yea, this is a setup many people are running to avoid CRS, currently. Most of them use Mercury or Wise for the LLC account and banks like Zenus or Amerant for personal.

I myself have been using Amerant for a year now and the experience has been very good. They do require a $50k minimum though but anyone interested can have me introduce.

It's also possible to open with Chase if you're willing to fly to the US, but Chase sometimes asks you to visit the branch so not that convenient.

It's a pretty solid setup and all these US banks don't really ask many questions regarding the source of funds.

 

[koohl]

mok said:
It's a pretty solid setup and all these US banks don't really ask many questions regarding the source of funds.
Click to expand...

You mean for non US citizens?

Why would reporting be avoided if you transfer to a personal account in Puerto Rica?

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[mok]

koohl said:
You mean for non US citizens?

Why would reporting be avoided if you transfer to a personal account in Puerto Rica?
Click to expand...

Yes, for non-US persons. As far as I am aware, both the continental US and Puerto Rico are not CRS reporting. As such, when you transfer to your personal account in Puerto Rico, nothing will be reported back to your home country.

 

[Onassis]

mok said:
Yea, this is a setup many people are running to avoid CRS, currently. Most of them use Mercury or Wise for the LLC account and banks like Zenus or Amerant for personal.
Click to expand...

Why not open a Kraken account for the LLC and take out the profits as crypto?